The recently launched Save The Moon token was introduced to amplify Luna Classic’s burn rate.
The crash of Luna, one of the largest cryptocurrencies by market cap, caused concern all over the globe. The Luna Foundation Guard (LFG) reported that the non-profit organization’s Bitcoin reserves decreased drastically from approximately 80,000 to 300. Multiple investors were consequently exposed to erratic market conditions. To help users who were impacted by the crash, Save the Moon came to fruition.
Due to the crash, the community has been divided into two factions, Luna 2.0 and Luna Classic. Terraform Labs co-founder Do Kwon suggested a hard fork of the Terra blockchain, which garnered mixed responses from the community. But regardless of the criticism, Kwon went forward with this decision, and Luna 2.0 launched on May 28, 2022. Luna 2.0 is an undertaking by Terraform Labs to offer indemnity to disgruntled Luna Classic holders.
However, Luna 2.0 failed to gain investors’ confidence or traction. The Luna Classic community’s stance is that a mass burn of Luna Classic must be achieved for significant progress.
Save the Moon is supported by amplifying the burn rate of Luna Classic tokens and helping to decrease its circulating supply. Several separate protocols are involved in the burning process. However, the burning process of Save The Moon is different yet logical. In the protocol, Luna Classic tokens are not burned blindly but instead swapped for the Moon token. When users purchase Moon tokens, a total tax of 4% will be charged, out of which 2% will be converted to Luna Classic and burned on the Terra Chain, while the remaining 2% will be distributed among Moon holders periodically, actively lowering the circulating supply of both tokens.
Save The Moon is an initiative by the LUNAtics, a group of individuals that were exposed to the crash. They aim to revive the current Luna Classic economy and give hope to the millions of Luna Classic holders around the world.
A sentiment echoed by the spokesperson for the Save The Moon initiative was, ” The situation has grown a lot now, and we are at a crossroads. Instead of giving up, we understand that there is a need to execute a move that will lead to a more sustainable ecosystem. We need to first control and bring its token economy back to a more sustainable model. Moon has developed the first step of its ecosystem. When $MOON is bought, $LUNC is burnt, and when $MOON is sold, $MOON is burnt. This is beneficial for Luna Classic holders as, with the help of the dual burning mechanism of both tokens, it ultimately leads to a lower circulating supply and that is what we are trying to achieve. “
Each Moon token purchased results in a portion of Luna Classic tokens being sent to burn on the Terra Chain, which plenty of other protocols are trying to accomplish through other means, while another portion is distributed to holders of Moon periodically according to the weightage of the Moon tokens they hold. Holders of both Luna Classic and Moon tokens are poised to expect lower supply and increased demand dynamics due to the rhythmic burning mechanism Save the Moon offers.
The intriguing aspect of the protocol is that the token economies of Luna Classic and Moon will both develop at a point where users holding Luna Classic and Moon tokens stand to achieve an advantageous equilibrium. Both token economies seek to develop robust ecosystems that bring utility that revolve around the Luna Classic and Moon token.
With the help of Save The Moon, a more sustainable burning mechanism has been introduced, which offers renewed hope for holders of Luna Classic.
For more details, visit https://savethemoon.io
Whitepaper: bit.ly/3mFouzo
Telegram: https://t.me/savethemoon_io
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