This is just a summary as otherwise it would be too long to post, read, as well as to protect my bid to lead the LUNA Classic team. Giving away certain trade secrets would allow someone else to take my plan could inhibit my chances of success.
As stated I intend to make a bid to Lead LUNAC & UST moving forward (post fork).
This is my plan which can be accomplished without Forking our community. But unfortunently Do Kwon is set to do that. So like what happened to Coke, the Classic shall be victorious. (Though seriously I hope both can succeed).
We need to maintain the current chains of LUNC (LUNAC) & UST, as well as maintain as many brokerage listings as possible. So time is of the essence.
That is why I am launching my bid to lead the new team of the Classic Ecosystem. Together with a strong Dev team, and strong community support we can make it a success. Lunatics becomming Lunacie’s (LUNAC?)
I want to rebuild Luna (Classic), rebuild UST but things need to change so that this WILL NEVER happen again. UST will stay decentralized and backed by crypto assets but not necessarily with LUNA or at least just with LUNAC. A new relationship will be forged to help both grow and prevent UST from becomming depegged ever again.
Step 1 repeg UST and start to burn LUNAC. This is how I propose we do that!
Set up one way transfers of Luna to UST dollar for dollar. Then resell (not burn) Luna and put proceeds into other top coins like BTC/ETH/BNB as well as other stable coins.
Monitize assets for future profits including lending and selling on bull runs.
Put a 1%-3% “Tax” on transactions on LUNA. Funds go to UST to help bolster it’s assets.
Once UST is Pegged, then tax gets split between funding UST, burning, and Staking/Validators.
Burn as much UST as possible to bring it’s circulating supply down by buying at low distressed levels, then once repegged begin to sell new UST at $1 again.
Work with investors like CZ from Binance (and others) to invest in the project. Using funds for burns to increase value organically unlike how the current system works (and failed to do).
The incentive to exchange LUNA to UST here is a potential 5-10 times profit and safer bet.
Once UST is repegged then we can start to work faster on burning Luna to bring it’s supply down significantly by using UST. (In a new way).
Continue limited swap runs (number depending on market conditions), to burn 10 percent, hold 10 percent and sell 80 percent of swapped coins. Any profits from UST, including found BTC, (A fund set up to hold an additional X% asset value of UST in addition to $1.00 to hold), are further used to purchase from market Luna for the purposes of holding and burning with a 50 to 90 percent burn rate. This increases LUNA value and helps UST.
With a market recovery UST can thrive with quality backed assets purchased at today’s rate.
Uses will include the following:
- Crypto payment processor via UST
- Gaming token
- NFT integration
- Social Media
- And more
This section will be better updated soon.
Discontinuing the current algorithmic relationship between LUNA & UST is of high importance.
We are willing to look at alternative algorythmic options but in the interm this will remain turned off. There will be a bridge so to speak set up to aid in the repegging of UST & burning of LUNA classsic and vis versa.
Until the UST is repegged and LUNA Classic is stabilized this process will remain.
I am hopeful we can fix the algorithmic deficiencies and create gate keepers to prevent future attacks. However this will be heavily tested before attempting and if we are not confident in its abilities then we will discontinue the whole algorythmic idea. It’s a great idea in theory which is why we want to make it work, but not at the expense of UST or LUNA Classic.
Staking in the interm will be paid via tax (as described above). This could be a permanent feature or a different solution may end up taking over once the ecosystem is stabilized.
Governance and chain of command.
I think this ecosystem needs to be run in a similar fashion with how it is now, with much better governance and good leadership who puts the community first.
I want to create a structure that has a proven track record. The corporate structure is a good example and can work very well in the decentralized world.
Parent company which is the ecosystem itself.
CEO/CFO/PRES etc. Leadership group.
Board of directors includes large stakehodlers. People who invested, and support the fair governance sustem but will not have extra voting power above their holdings. For example if CZ invested to help support the project, he could become a board member. That would be the kind of people we want. Community focused board members. Board members are also voted in, not assigned, with certain exceptions.
Validators this is part of the plan that needs to be addressed and fixed along with the algorythmic nature of UST. If it makes sense to the ecosystem, then we will find a way to keep them as they do play a very important role in the ecosystem. However I will not risk another event like what has happened so we will replace these with other options if need be. Eitherway the rights to vote will be with the number of governance tokens they hold, (LUNA Classic Tokens), not their position as a validator.
LUNA Classic tokens WILL be the governance token and will get to vote on major changes that will affect the community and LUNA token itself. Also there will be an annual baord member vote as well. This is how we will ensure Board members work for the community.
UST holders. No voting rights currently but researching other ideas to keep them more involved with the community. This is not set in stone and may change.
Future Tokens. Tbd
Dev team will be set up similarly to what is in place. In fact if I am successful I would move forward with attempting to retain at least some of the current core dev team members. Do Kwon himself could also remain a part of this new path forward, just not in a leadership position. He is going to be very busy running new LUNA. Though I believe he does not want to see Old Luna fail, and in his heart he wants to see a successful LUNA Classic however it happens.
Dev team will have to be compenstated of course and while I will do everything to prevent it there may be some dilution in the beginning with plans to reduce the overall circulating supply ASAP afterwards. Our goal is to get down to 1 Billion coins and ultimate goal down to 300 to 500 million coin range.
As an alternate option we will consider outside funding to help cover the initial Dev costs but for obvious reasons I cannot start that conversation when not in a position to do so yet.
Name change ideas:
We will also look at changing the name but would include the community in this decision.
So far Luna Classic - I prefer LUNAC (Lumacy) over CLUNA but also like Dark Luna DLUNA.
I would look to companies like Binance for some help at least in the short term. Exchanging UST/LUNA for BNB as well as additional unsecured debt issued by companies like Binance, Coinbase etc.
Plan B Update:
In the event that Do Kwon Forks, we NEED to ensure that the current chain is maintained and we control it’s future. Tentatively called “LUNA Classic” we then work towards building our ecosystem with monitization, partnerships, and dev team building a bright future. Tbh my goal would be to see this surpass and new rendition of LUNA in value. More to come on this latest development.
In anticipation of the Fork, if you are a developer or have experience in blockchain technology and think you can help, message me as I am looking to build a solid Dev team if need be to save this phoenix.
I will need the help of the community, and the votes of the hodlers to make this happen. Feel free to comment or message me here.
Also head over to my poll on Twitter @Deathstardaddy to vote on to fork or not to fork.