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Do Kwon shares LUNA burn address but warns ‘LUNAtics’ against using it

Published 05/23/2022, 04:34 AM
Updated 05/23/2022, 08:20 PM
Do Kwon shares LUNA burn address but warns ‘LUNAtics’ against using it

The recent Terra revival plan announced by Do Kwon, the co-founder and CEO of Terraform Labs, received mixed reactions as many questioned the effectiveness of a hard fork in reviving the fallen prices of Terra (LUNA) and TerraUSD (UST) tokens. Instead, the part of the community recommended burning LUNA as the most plausible way to achieve a comeback.

Kwon’s proposal to preserve the Terra ecosystem involves hard forking the existing Terra blockchain without the algorithmic stablecoin and redistributing a new version of the LUNA tokens to investors based on a historical snapshot before the death spiral. However, several crypto entrepreneurs, including Changpeng “CZ” Zhao, opined that:

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