This is my first post here but please consider the idea nonetheless. I was a bit disappointed to see the proposal from Do to completely remove UST from the new ecosystem. I mean, if you do this, you are giving up on decentralized stablecoins and just showing the world that they will never work. I always get upset when someone calls the LUNA/UST concept a ponzi. Sure, anchor was a ponzi but it was something that could have been fixed quickly by lowering yield rates. However, that is not the case of LUNA/UST. It was a solid idea for a self sustainable stablecoin. You had around 50B USD during a non bull market in value at some point from people that really believed in this project. I personally think this is already too big to fail. The money may be gone but, rise up and people will join you, with or without Do Kwon.
Correct me if I’m wrong, as we all know this was an attack on the chain, what followed seems to be the result of others buying/dumping coins not letting the peg go back to normal leading LUNA into a death spiral. At this point it’s impossible to save this chain but a new one can be created where all the flaws of the old one are fixed.
I could be missing something technically but hear me out. You use the snapshot just before the attack happened, remove the wallets that lead to the attack out of the equation and airdrop the snapshot of UST and LUNA onto a new chain. Of course all the parameters that keep the peg need to be revised beforehand and maybe the algo needs to change also.
We need decentralized stablecoins, this needs to work or crypto will not work. So I would like to know, was the peg not restored because of not halting the chain on time? Would the attack not happen if parameters had been adjusted in a different way? Would it be possible to have the algorithm self adjust parameters for burning/minting when stablecoin looses its peg after certain value?
If you consider the concept at all flawed then I agree with your decision. But if you come back with another stablecoin at some point, no one will believe you, even if it’s backed up by the top 10 crypto assets out there. At least, don’t count with me.