I want to share my thought about “How to rescue community with code”.
First, It looks like we have no method to achieve re-peg.
So, yes. Our “stable” challenge goes to failure.
But what I want to say now is not about “Stable“ but about “Rescue protocol”.
We should protect our community and all cryptos.
Because our failure make more effect on the entire crypto scene.
So, as a community rescue protocol, I thinking about a community(including TFL) fork with burn UST.
And need to think about compensation schemas. Can you guys share your thought about it?
We do have not much time.
How we can manage VC or Whale dump?
How much compensation we can use with TFL’s luna.
This think almost the same as Sunny,
I also shared my opinion to TFL.
Me also don’t want to exclude them.
Don’t worry & Stay safe.
Jiyun, rollback does not sound like a good idea. You will never be free from judgement that people say handful number of validators picked a block which is the most favorable (stake wise) for them.
Most people who hold chunks since May 11-12 are lunatics, who had belief on Terra and were continuously dip buying (which turned out not to be a dip) for multiple days. If you rollback to some point on May 10, you will never be able to compensate the money people lost during the extreme downturn.
From my perspective, UST holders are mercenary users. Most of them were in for deposit in Anchor. The users we really should take and protect are Luna holders, so screw UST holders, no reason to compensate them. Stop the madness of issuance, we should delink UST and Luna first, so that we can stop the dilution now.
Understand given current validators’ voting power is extremely low now from total circulation due to massive issuance, you guys do have incentive to roll back. However, that’s just wrong. I recommend you guys to buy in market, accumulate your stake, and then do the fork.
If you really would like to do that, you should start with new Layer 1 with Cosmos SDK, rather than roll back.
It’s not ‘clean ledger’, it is where ‘people who had a lot of stake but did not buy in dip whole the way down’ wins. We need to protect community who have been buying infinitely down the road.
Again, you can buy your stake now at very cheap price. Luna market cap only USD 200M, even there’s slippage, I think you guys can aggregate enough stake to do this. Doing this with only 3~4% staking ratio, looks very bad. People will remember.
i think we still should respect leadership from terra team. personally i don’t value any opinion to execute controversal action without terra team’s direction.
at this point, sunny’s tweet or any other validator’s opinion to significantly change the system without endorsement of terra team is meaningless. i don’t think it matches with repspective validator behavior.
two days are too short to decide the failure of leadership imo.
Another idea is to use a snapshot from before the crash to determine the luna amount on the fork chain pro-rata to the old chain. People who are still holding UST at the time of the chain halt can redeem them for new Luna (please lets rebrand, lol) on the fork chain. I would suggest an x day cooldown time before the halt. This is because people and protocols can use this period to get their UST back from, for example, lockdrops. I think everyone who sold their UST is better of in the current situation then on the fork chain. That’s why I would choice to compensate only the UST holders who are holding it at the time of the halt and to use a snapshot of Luna before the crash because the current Luna holders list is to inflated and people did panic sell or unstake everything.
Luna should sever the tie to UST, but to fork or take a snapshot that excludes true believers who have been buying Luna all the way down to current levels doesn’t make sense.
Any plans moving forward should reward those who haven’t unstaked, those who are still in liquidity pools. This proposal seems to do the opposite and reward those who may have already gotten some redemption value out of their Luna holdings.