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Terraform’s founder, Do Kwon shared a burn address for Luna Tokens on May 21st contrary to his former plan. Two days later, he has added warnings that people who decide to use the address have nothing to gain, in his own opinion.
After the crash of the Terra ecosystem, Do Kwon had made several failed efforts to revive the continuous downward spiral. The most recent of those is the hard fork he proposed. He suggested that they fork away from Terra USD (UST) the depegged stable coin and airdrop a new token $LUNA. The airdrop would be for old investors based on an old snapshot, and Terra would not partake in it. This would make the ecosystem a community-owned one.
Crypto Entrepreneurs Prefer The “Burn” Route
Do Kwon’s plan was resoundingly rejected shortly after he proposed it. On top of that, crypto entrepreneurs and part of the Terra community are proposing an alternative route. Some Terra holders would rather burn LUNA in hopes that creating scarcity would help revive the prices of both UST and LUNA tokens. Many argue that burning LUNA is valid since Do Kwon already assured Terraform was no longer generating new LUNA. Also, hard fork detractors opine that forking out at a historical date would leave out people who tried to save Terra when it crashed.
On Saturday, the developer appeared to give in, dropping an address on Twitter, with a simple message: “There u go.” Kwon explained that those who want to burn their tokens only need to send them to the 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
Want there to be no confusion whatsoever https://t.co/GrzG9cclAr
— Do Kwon 🌕 (@stablekwon) May 23, 2022
Two days after Kwon’s “there u go” tweet, the executive has clarified that he sees no sense in burning tokens. A tweet some users have problems with, with a few insisting that Do Kwon acquiesces to community demands.
Regardless, the South Korean entrepreneur is adamant that he sees no reason to burn tokens. Do Kwon, for one, “cannot understand” the rationale behind it.
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
Migrations away from Terra
Going by recent developments, several projects previously based on the Terra protocol are finding new “Territories”.
With the Terra ecosystem on the verge of defunctness, previous Terra-based DApps are reasonably seeking refuge elsewhere. Of late, BNB Chain as well as The NEAR foundation have expressed interest in taking these displaced projects on.
For instance, the NEAR foundation recently onboarded Tracer, a web3 fitness and lifestyle app which previously made its home on the Terra ecosystem. Nicky Chalabi of Near Foundation explained that they are merely seeking to help, not take advantage of Terra’s misfortune since it affects everyone. Chalabi also encouraged projects seeking new homes to carefully consider their community’s interests, as that was the most important factor in their success.
Interestingly, the instability of Terra continues to attract short-term investors. In the past week, the LUNA coin has seen over 200% increase in trade volume.