CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$21,387.00
  • ethereum
    ETH$1,229.72
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Crypto Fund
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » Crypto News » Do Kwon Advises Against Burning LUNA Days After Sharing a Burn Address

    Do Kwon Advises Against Burning LUNA Days After Sharing a Burn Address

    Author: Mandy Williams

    Last Updated May 23, 2022 @ 14:33

    Two days after sharing a LUNA burn address, Do Kwon made a u-turn noting that burning LUNA will not improve the state of the Terra ecosystem.  

    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.

    ADVERTISEMENT

    Do Kwon Makes U-Turn

    Interestingly, Kwon tweeted two days later that sending LUNA tokens to the burn address he had sent earlier will do nothing to improve the state of the digital asset. He then advised LUNAtics (the nickname for LUNA investors) not to send their tokens as they will only lose them.

    “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. Want there to be no confusion whatsoever,” Kwon said.

    Despite claiming that he didn’t want to create confusion, publicly sharing a burn address and advising against sending tokens to the burn address two days later had already created confusion. Pointing this out, one user asked Kwon why he had shared the burn address in the first place since he claimed it was pointless.

    He replied, saying:

    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

    — Do Kwon 🌕 (@stablekwon) May 23, 2022

    MEXC Pushes Forward With LUNA Burn Plans

    Meanwhile, Singapore-based crypto exchange MEXC Global plans to initiate a LUNA buyback and subsequent burn. The exchange intends to use the fees generated from LUNA/USDT spot trades to purchase LUNA in the secondary market, which will then be burned. However, the execution of the plan will be determined by the outcome of community votes.

    “MEXC is delighted to offer a special recovery plan dedicated to the LUNA community. We need your decision in deciding whether we should buy back LUNA and proceed with LUNA burn in order to decrease LUNA circulation on the market,” the exchange said.

    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

    You Might Also Like:

    • dokwon
      Do Kwon Proposes Revival Plan for Terra Ecosystem
    • dokwon
      Do Kwon Officially Proposes Hard Forking Terra to Revive Ecosystem
    • Terra_Recovery
      Do Kwon Reveals Terra's Proposed Rescue Plan to Save LUNA and UST
    Tags: Terra (LUNA)
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Mandy Williams
    More posts by this author

    Mandy Williams is a full-time reporter at CryptoPotato. She joined the cryptocurrency space in early 2017 during her search for financial freedom and has remained devoted to the industry.
    Contact Mandy: Twitter

  • bitcoin
    BTC$21,387.00
  • ethereum
    ETH$1,229.72
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    Over 33% of NFT Volume is Wash Trading: bitsCrunch CEO Interview

    Over 33% of NFT Volume is Wash Trading: bitsCrunch CEO Interview

    What’s Going on With Celsius Network and Why Is It a Huge Risk for Crypto (Opinion)

    What’s Going on With Celsius Network and Why Is It a Huge Risk for Crypto (Opinion)

    Institutions Are Definitely Here: ConsenSys’ Harriet Browning (Interview)

    Institutions Are Definitely Here: ConsenSys’ Harriet Browning (Interview)

    Binance Visa Card Guide: Read Before You Order

    Binance Visa Card Guide: Read Before You Order

    Bitstamp CEO JB Graftieaux: We Are Still Early (Interview)

    Bitstamp CEO JB Graftieaux: We Are Still Early (Interview)

    Okay Bears NFT Collection: The Complete Guide

    Okay Bears NFT Collection: The Complete Guide

    Our Ambition is to Become the Amazon of Crypto: Interview with Coinbase’s Guillaume Chatain

    Our Ambition is to Become the Amazon of Crypto: Interview with Coinbase’s Guillaume Chatain

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers

    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Cannabis Stocks News | Market Analysis
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!