LUNA Revival plans keep rolling in; but what is really working?

Sahana Kiran
Source – Unsplash

The entire globe is likely to remember the recent crypto crash that was ticked off by LUNA and UST. Terra garnered immense backlash after its native assets lost their value. Now, hoping to revive the network, Terra has been rolling out an array of proposals. From forks to burns the ecosystem is bombarded with recovery plans. However, Do Kwon, the founder of Terra intends to stick with a hard fork. But, the community seemed to be carrying out burns.

The initial recovery plan pitched by Kwon highlighted the importance of burning LUNA. Now, however, he seemed to be inclined towards starting Terra Classic and LUNA Classic [LUNC]. In the meantime, the community went on to burn a whopping 271.34 million LUNA. While the community continued sending LUNA tokens to the dead wallet address terra1sk06e3dyexuq4shw77y3dsv480xv42mq73anxu, Kwon took to Twitter to clarify that this process was no good.

Kwon tweeted,

The community was rather displeased with the confusion created by the Terra founder. Several individuals questioned Kwon on why he would tweet out the dead wallet address if burning LUNA didn’t do much for the network. He said,

“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”

This in turn stirred some more confusion in the market.

Here’s how MEXC Exchange plans to aid Terra

Despite its dramatic downfall, the entire crypto market seemed to be lending a helping hand to get Terra back on its feet. MEXC exchange was one among them. The crypto exchange rolled out a recovery plan that would employ the trading fees from LUNA/USDT spot trading pairs to carry out a secondary market buyback and proceed with LUNA burn.

This, however, depended on the community. MEXC announced that it would kickstart the process only if the voting rate reaches 50 percent.

The voting polls would reportedly be announced before the 26th of May.

The result of this poll is highly anticipated following Kwon’s recent comments. While the market has lost trust in the Terra founder, they are likely to vote in favor of the burn. However, with most LUNA holders voting for a fork, the community could witness a fork as well.

As chaos around revival plans takes the front stage, the price of the LUNA witnessed a daily surge of 15.57 percent and was trading for $0.0001929, at press time.