- Get Galois Capital to the boardroom regarding any new chain.
- Figure out how to make the new chain more robust to derailing, death spirals, and attacks.
- Consider this proposal here: The only solution for a fair fork
Motivation and Proposal
Regarding Galois Capital, the co-founder correctly assessed the risk and had a detailed play-by-play of how the derailing of Luna would go. He had this interview a month ago, and it was precisely what happened: Here’s Why USDN De-Pegged From the Dollar – And Why UST Might Too - Ep.339 - YouTube. Given that he can accurately assess the risks (more accurately than anyone on the Luna team has been able to), he can give better guidance as to the design and risks of the new chain so that Terra Labs and Do Kwon can better understand how their proposals would impact markets, stabilize, etc.
Before any distribution of new Luna can happen, Terra Labs needs to make sure that the same outcome won’t happen. If this was indeed a calculated attack (such as the ones proposed on Twitter last year), then the attacker now has more capital than they did prior to the attack from shorting Luna and Bitcoin. With more funding, they would be able to launch the same attack with more intensity on any new chain, making any Luna 2.0 worthless immediately unless there is a plan to counter this. Even in the absence of an attacker, the last few days showed that Luna was not resilient to de-pegging. This has to be addressed before any distribution of new Luna can occur.
Regarding the third proposal (here: The only solution for a fair fork), a modified form of that seems to be the fairest way to do things. If we go with the current Terra Labs proposal of looking at a particular snap in time, that will just encourage people buying right now to try to game the system. I would recommend modifying the proposal linked, since it’s not likely that everyone can be made 100% whole. But the idea of that proposal could be used to form a feasible and fair distribution scheme.