Why is #BurnLuna trending? How will it help the Terra ecosystem? 

Do Kwon, the founder of Terraform Labs proposed a plan to Hard fork the Terra network, after which several crypto enthusiasts on Twitter started pushing for burning the token instead. 

Hard fork is the procedure in which nodes of the most recent version of a blockchain 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 stablecoin TerraUSD. Tokens from Terra Classic (LUNC) would be assigned to the old chain, while tokens from Terra LUNA will be assigned to the new chain. 

After Kwon’s proposal, Twitterati called for Burning the token instead. The term Burning in the case of cryptocurrencies refers to the process of removing tokens from circulation permanently. This is typically achieved by sending the tokens to a burn address, which is a crypto wallet from which the tokens cannot be retrieved. This could be understood as token destruction. 

Burning a token reduces the supply of the currency, in turn bringing inflation of the economy down. The most prominent Twitterati who favoured Burning Terra Luna tokens over Hardfork was Binance CEO Changpeng Zhao.  

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