{"id":451406,"date":"2022-05-23T11:34:58","date_gmt":"2022-05-23T08:34:58","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/do-kwon-shares-luna-burn-address-but-warns-lunatics-against-using-it\/"},"modified":"2022-05-23T11:34:58","modified_gmt":"2022-05-23T08:34:58","slug":"do-kwon-shares-luna-burn-address-but-warns-lunatics-against-using-it","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/do-kwon-shares-luna-burn-address-but-warns-lunatics-against-using-it\/","title":{"rendered":"# Do Kwon shares LUNA burn address but warns &#8216;LUNAtics&#8217; against using it"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a39c833b778d\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a39c833b778d\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/do-kwon-shares-luna-burn-address-but-warns-lunatics-against-using-it\/#%E2%80%9D_Do_Kwon_shares_LUNA_burn_address_but_warns_%E2%80%98LUNAtics_against_using_it_%E2%80%9C\" >&#8221; Do Kwon shares LUNA burn address but warns &#8216;LUNAtics&#8217; against using it &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Do_Kwon_shares_LUNA_burn_address_but_warns_%E2%80%98LUNAtics_against_using_it_%E2%80%9C\"><\/span>&#8221; Do Kwon shares LUNA burn address but warns &#8216;LUNAtics&#8217; against using it &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvMTAwYjM5MmMtNDMxYy00Mjg2LTkzMDQtMjI1MGRjMzczYTUwLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>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 LUNA and UST tokens. Instead, the part of the community recommended burning LUNA tokens as the most plausible way to achieve a comeback.<\/p>\n<p>Kwon\u2019s <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/agora.terra.money\/t\/terra-ecosystem-revival-plan-2-amended\/18498\">proposal<\/a> 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 \u201cCZ\u201d Zhao, opined that:<\/p>\n<blockquote><p>\u201cReducing supply should be done via burn, not fork at an old date, and abandon everyone who tried to rescue the coin.\u201d<\/p><\/blockquote>\n<p>Upon a persistent request from the crypto community, Kwon went against his initial plan and publicly shared a burn address for LUNA on May 21. Every LUNA token sent to this address will be burned im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>tely, effectively reducing the circulating supply of LUNA tokens.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">To clarify, as I\u2019ve noted multiple times i dont think sending tokens to this address to burn tokens is a good idea &#8211; nothing h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ens except that you lose your tokens<\/p>\n<p>Want there to be no confusion whatsoever <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/GrzG9cclAr\">https:\/\/t.co\/GrzG9cclAr<\/a><\/p>\n<p>\u2014 Do Kwon  (@stablekwon) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/stablekwon\/status\/1528565146175475713?ref_src=twsrc%5Etfw\">May 23, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Two days after sharing the LUNA burn address, Kwon reiterated his point of view that reducing the circulating supply of LUNA tokens will have no impact on the market price, stating, \u201cnothing happens except that you lose your tokens.\u201d<\/p>\n<p>The Terra co-founder clarified that the burn address was shared with users only for information purposes and warned against using it:<\/p>\n<blockquote><p>\u201cHappy to provide for information purposes but want to clarify that you should not burn tokens unless you know what you are doing &#8211; I for one cannot understand.\u201d<\/p><\/blockquote>\n<p>However, the revelation resulted in more confusion among investors. As Cointelegraph previously reported, LUNA\u2019s insane volatility serves as a lucrative opportunity for investors as many try to recoup their losses and others eye profitable trades.<\/p>\n<p>Kwon has previously confirmed that Terra is no longer minting new LUNA tokens, which is one of the main reasons why investors believe a burning mechanism will improve LUNA price owing to scarcity. <\/p>\n<p>Amid an unclear roadmap for a resolution, investors are advised to refrain from making abrupt financial decisions as the master plan for Terra revival continues to be under public scrutiny.<\/p>\n<p><strong>Related: <\/strong><strong><em>Near Protocol picks up slack, onboards Tracer following Terra&#8217;s downfall<\/em><\/strong><\/p>\n<p>As a direct consequence of Terra\u2019s collapse, numerous projects sought to migrate to different blockchain ecosystems fighting for survival. Near Foundation, too, played its part by recently onboarding Tracer, a Web3 fitness and lifestyle app.<\/p>\n<p>Speaking to Cointelegraph, Near Foundation\u2019s (NEAR) Nicky Chalabi highlighted that projects like Tracer seek alignment with the ecosystem\u2019s core values and that:<\/p>\n<blockquote><p>\u201cProjects must watch the interests of their community and users because, in the end, that\u2019s the most valuable thing you have.\u201d<\/p><\/blockquote>\n<p>Chalabi further advised Terra projects to migrate only after considering the interests of their users and communities, stating &#8220;That can actually define your success.&#8221;<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/do-kwon-shares-luna-burn-address-but-warns-lunatics-against-using-it\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Do Kwon shares LUNA burn address but warns &#8216;LUNAtics&#8217; against using it &#8220; 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 LUNA and UST tokens. Instead, the part&#8230;<\/p>\n","protected":false},"author":1,"featured_media":451407,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvMTAwYjM5MmMtNDMxYy00Mjg2LTkzMDQtMjI1MGRjMzczYTUwLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74894,77672,75493,75864,122378,74892,117],"class_list":["post-451406","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-blockchain","tag-changpeng-zhao","tag-stablecoin","tag-supply","tag-terra","tag-tokens","tag-business"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/451406","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=451406"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/451406\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/451407"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=451406"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=451406"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=451406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}