Why Are People Burning Their LUNA? - Aliens: AI Crypto News & Markets Updates
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Why Are People Burning Their LUNA?

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Blockworks

Mon, May 23, 2022

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A tweet from Terra founder Do Kwon set off a community meme to “burn” LUNA The burn’s effect on the LUNA supply is negligible, and people are wasting whatever value they have left by opting out of the planned network relaunch The influential founder and CEO of Terraform Labs, creator of the Terra blockchain, on Saturday engaged in a de facto Twitter question and answer session.

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

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

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