Why Are People Burning LUNA?

The influential founder and CEO of Terraform Labs, creator of the Terra(LUNA) blockchain, on Saturday engaged in a de facto Twitter question and answer session. Topics ranged from whether he’s on the run from tax authorities in Seoul, and why the company’s lawyers have all quit, to his thoughts on the latest Terra “rebirth” proposal details.

Why Are People Burning Terra?

In the process, one respondent inquired about burning Terra — a mechanism by which LUNA holders can effectively send their tokens into a black hole to reduce the circulating supply.

After over 10,000 retweets and quote tweets, 280.67 million LUNA, spread among 2,500 transactions, has been lost – worth about $52,000 as of Monday at 12:30 p.m. ET.

Given the LUNA circulating supply of 6.5 trillion

Burning Terra

This is a drop in the bucket, but most participants appear to be influenced by memes and wishful thinking.

By burning tokens, LUNA holders forfeit any eligibility for new LUNA tokens following a planned May 27 snapshot and launch of the new network.

Do Kwon later attempted to clear up any confusion over the merits of the idea.

“To clarify, as I’ve noted multiple times, I don’t think sending tokens to this address to burn tokens is a good idea — nothing happens except that you lose your tokens,” he wrote on Twitter.

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Annie

CoinCu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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