Provincial government advises not to use LUNA after sharing video address

The crypto industry suffered major setbacks earlier this month after Terra’s algorithmic stablecoin, UST, was pegged from the US dollar, causing LUNA to lose 99.9% of its value.

Immediately after the crash, CEO Kwon Do of Terraform Labs proposed a revival plan for the Terra ecosystem. We focus on forking the current chain, abandoning UST, and creating new tokens that will be distributed to investors based on losses incurred during catastrophic events.

Provincial share incineration address

The proposal met skepticism from members of the crypto community who suggested that Terra should burn LUNA instead to reduce the circulating supply of assets.

As community pressure continues to rise and the hashtag #LunaBurn popularized on Twitter, Mr. Kwon decided to grant your wishes on Saturday, May 21st.

he shared burn address For LUNA, it automatically burns all transferred LUNA tokens, effectively reducing the circulating supply in the market.

Dokwon making a U-turn

Interestingly, the Tweet After two days, sending LUNA tokens to the burn address he sent them before will do nothing to improve the health of the digital asset. Then he advised LUNAtics (the nickname of the LUNA investor) not to send them as they would only lose their tokens.

“To be clear, as mentioned several times, I don’t think it’s a good idea to send tokens to this address to burn them. Nothing happens other than losing tokens. I hope there is no confusion,” said Kwon.

Sharing the burn address publicly and advising not to send tokens to the burn address two days later, despite claiming that they don’t want to cause chaos, has already caused chaos. A netizen who pointed out this asked Kwon why he shared it in the first place, saying that the address for incineration was meaningless.

He replied:

MEXC promotes LUNA incineration plan

Meanwhile, Singapore-based cryptocurrency exchange MEXC Global plan LUNA redemption and subsequent incineration begins. The exchange will use the fees generated from the LUNA/USDT spot transaction to purchase and burn LUNA on the secondary market. However, the implementation of the plan will depend on the outcome of a community vote.

“MEXC is pleased to offer a special recovery plan dedicated to the LUNA community. Your decision is needed when deciding whether to buy back LUNA and proceed with LUNA burn in the market to reduce LUNA circulation,” the exchange said.

Special Offer (Sponsorship)
Binance Free $100 (Exclusive): Register Using This Link and Get $100 Free & 10% Off Fee on Your First Month of Binance Futures (hatchet).

PrimeXBT Special Offer: Use this link to register and enter your POTATO50 code to receive a deposit of up to $7,000.

Leave a Comment