Obviously, a huge number of the Terra community members are not pleased with the creation of a new chain proposed by Do Kwon and approved via a governance vote at Terra Station a couple of days ago.
Some members of the community clamored for the vast burn of Terra Classic (LUNC) to revive the embattled token, but their desire failed since the creation of Terra (LUNA 2.0) was Do Kwon’s master plan.
All seems to be calm since the new chain launched. However, a number of the community members are now coming together to do something different. They are devising a means to burn lots of the old LUNA, which is now known as Terra Classic (LUNC).
The team of developers wants to launch a community-driven decentralized exchange (DEX), codenamed Burning DEX, purposely designed to burn Luna Classic tokens effectively.
Effective Burning of Terra Classic (LUNC)
At the moment, about 7 trillion LUNC tokens are minted and the mammoth amount of tokens in circulation has certainly contributed to the drawback of the Terra ecosystem, which “Burning DEX” is designed by the concerned developers to fix.
Users who want to see the LUNC circulating supply reduced through token burns are required to send their tokens to the burning address shared by Do Kwon before the launch of the new blockchain.
Any LUNC token sent to the address will forever remain inaccessible. This is done to make the token become scarce, which would eventually boost its market value.
In a blog post published recently on Medium, the team of concerned developers shared the details related to the community-driven decentralized exchange, Burning DEX.
The blog post reads in part:
“Burning DEX is a community-driven protocol built to benefit all true Lunatics, via the burning of Luna Classic tokens — LUNC.
“By incorporating the burning of LUNC tokens into the exchange, the team believes that the memetic power of LUNC burning will propel the protocol to heights impossible to reach by centralised, capitalist protocols.
“The team has a history of delivering projects on both Terra and Ethereum. They were drawn to Terra 2 by the ongoing work and mission of the LUNC DAO team, whom they deeply admire.
“The protocol will utilize a decentralized fair launch for the benefit of the true believers in the ecosystem. The goal is to create markets on Terra in a truly decentralized and community led way; leveraging the power of network effects from the community in order to create free & permissionless markets, and of course burn LUNC in the process.”