Twitter users call for burning Terra Luna instead of Hard Fork

After several crypto enthusiasts started pushing for burning the token, Kwon, the founder of Terraform Labs, proposed a plan to Hard fork the Terra network.

Hard fork is a procedure in which nodes of the most recent version of a block chain no longer accept older versions. This process results in a permanent split from the previous version of the network.

Kwon had proposed forking the previous Terra chain into a new chain that did not include the algorithmic stable coin TerraUSD. Tokens from Terra Classic LUNC would be assigned to the old chain, while tokens from Terra LUNA would be assigned to the new chain.

After Kwon's proposal, Twitterati called for Burning the token instead. Burning refers to the process of removing token from circulation permanently. This is the most common way to send the token to a burn address, which is a wallet from which the token can't be retrieved. This could be referred to as token destruction.

Inflation of the economy is reduced if a token is burned. The most prominent Twitterati who favoured Burning Terra Luna token over Hardfork was Binance CEO Changpeng Zhao.

Other Twitter users also called for burning the token instead of going for the Hard Fork.

BurnLuna, it's the only way to repair this! Say NO to LUNA 2.0 - Cryptomamabear May 19, 2022 Another user talked about the suicide reports related to Terra Luna crash and suggested to burn the token instead of going for a Hard fork. Another user talked about the suicide reports related to Terra Luna crash and suggested burning the token instead of going for a Hard Fork.