Earlier this month, the crypto industry suffered a huge setback after Terra’s algorithmic stablecoin UST depegged from the US dollar and caused LUNA to lose 99.9% of its value.
Shortly after the crash, Terraform Labs’ CEO Do Kwon proposed a revival plan for the Terra ecosystem. It centered on forking the current chain, abandoning UST, and creating a new token that will be distributed to investors based on the losses they incurred during the catastrophic event.
Do Kwon Shares Burn Address
The proposal was met with skepticism from members of the crypto community who suggested that Terra should burn LUNA instead to reduce the circulating supply of the asset.
As the pressure from the community continued to mount, with the hashtag #LunaBurn trending on Twitter, Kwon decided to satisfy the wishes of the people on Saturday, May 21.
He shared a burn address for LUNA, which would automatically burn any LUNA token sent to it and effectively reduce the circulating supply in the market.
Do Kwo
We współpracy z: https://cryptopotato.com/do-kwon-advises-against-burning-luna-days-after-sharing-a-burn-address/
