New DEX To Burn LUNC, Fix Terra Ecosystem

New DEX To Burn LUNC, Fix Terra Ecosystem
  • Burning DEX aims to ultimately fix the Terra ecosystem.
  • The trading platform will streamline the burning of LUNC tokens.
  • There is no launching date announced yet, as well as the team that is behind the platform.

It appears the Terra ecosystem is not entirely satisfied with Do Kwon’s LUNA 2.0 solution, as a new group of developers has come up with an alternative. Specifically, they have launched a new decentralized exchange (DEX) that vows to burn LUNC and ultimately fix the Terra ecosystem.

Appropriately named Burning DEX, this decentralized trading platform will add a burning mechanism for LUNC token. For the sake of crypto newbies, the term ‘burning’ in the crypto space means to permanently remove a cryptocurrency coin or token’s existence.

The official announcement read:

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 centralized, capitalist protocols.

In detail, Burning DEX has four objectives. Firstly, the platform will streamline the burning of LUNC tokens. Users will only need to send their LUNC tokens to the burning address provided by Do Kwon last month: terra1sk06e3dyexuq4shw77y3dsv480xv42mq73anxu

Secondly, Burning DEX aims to provide the “highest possible” APYs to liquidity providers. Thirdly, the developers seek to enable full decentralization by awarding the platform’s complete ownership to Lunatics.

Finally, the platform will have a “fair and egalitarian” protocol launch. This includes a 50 megaton airdrop, giving power to the people to direct the exchange moving forward. 

The DEX will launch on the Terra 2.0 blockchain, according to its official Twitter account. It is also not clear who is developing or deploying Burning DEX, not to mention its official launching date.

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Jesus covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.