The Terra (LUNA), price has seen a substantial price increase over the weekend. This is because holders burned millions of LUNA tokens. Do Kwon, founder of Terra Labs, sent a link address to burn the LUNA tokens.
Kwon explained that he wasn’t for the idea to burn LUNA tokens in a tweet.
There you go
— Do Kwon 🌕 (@stablekwon) May 21, 2022
Do Kwon clarified confusion caused by the address he shared earlier today, May 23rd. As more people rush to send tokens to the address, Do Kwon made it clear. To avoid losing tokens, he advised people not to send tokens via the link address.
To clarify, as I’ve noted multiple times i dont think sending tokens to this address to burn tokens is a good idea – nothing happens except that you lose your tokens
Do you want to see no confusion? https://t.co/GrzG9cclAr
— Do Kwon 🌕 (@stablekwon) May 23, 2022
He said that he didn’t share the link because people kept asking for it. He said that although people are free to continue sending LUNA tokens, he doesn’t see any benefit.
Do Kwon stated:
“People kept asking for the burn address – happy to provide for information purposes but want to clarify that you should not burn tokens unless you know what you are doing – i for one cannot understand.”
However, LUNA’s price has dropped since the announcement. It currently trades at $0.0001997, an 18.46% increase from its previous daily high of $0.0002165. Terra UST trades at $0.07407 as well, up 15.46% since it was de-pegged from its $1 peg on May 9th.
Terra continues to send LUNA via the link shared by Kwon. This is because they believe that if everyone works together, LUNA will be more affordable than $1.
Terraform Labs Revival Plan
Terraform Labs forked Terra, after 66% of those who voted for it. They believe that validators are more interested in the fork than in community opinion. This plan will create a Terra blockchain that does not use the UST stablecoin, while the existing Terra chain will still be known as Terra Classic (LUNC).
According to the proposal
“Luna to be airdropped across Luna Classic stakers, Luna Classic holders, residual UST holders, and essential app developers of Terra Classic. * TFL’s wallet