Do Kwon, the founder of Terra, says that burning LUNA tokens is not a good idea. Kwon did give a burn address, but he warned me that destroying your tokens is pointless. β€œAll that happens is you lose your tokens,” he says.

Huge inflation

During the massive Terra crash, the circulating supply of Luna tokens skyrocketed from 340 million to 6.5 trillion tokens within a few days. This massive inflation was caused by the TerraUSD stablecoin losing its peg to the dollar. As a result, the price of the LUNA token dropped from $80 to $0.00005 in a matter of days.

Do Kwon has made a proposal to revive Terra. According to him, the blockchain must be split into Terra and Terra Classic for this. However, he changed the proposal halfway through the vote, sparking controversy.

LEAVE A REPLY

Please enter your comment!
Please enter your name here