New UST/LUNAC Revival plan & Leadership Bid

Updated!

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!

  1. 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.

  2. Monitize assets for future profits including lending and selling on bull runs.

  3. Put a 1%-3% “Tax” on transactions on LUNA. Funds go to UST to help bolster it’s assets.

  4. Once UST is Pegged, then tax gets split between funding UST, burning, and Staking/Validators.

  5. 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.

  6. 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
  • Metaverse
  • Social Media
  • And more

Staking /Validators

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.

  1. Parent company which is the ecosystem itself.

  2. CEO/CFO/PRES etc. Leadership group.

  3. 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.

  4. 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.

  5. 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.

  6. 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.

  7. 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.

Financing info:

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.

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With a minimum investment in the market
this can be achieved without any problem, we know it is possible.
Just work on it without taking your finger off the line.

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Yes exactly we just need some patience and leadership to accomplish this. It needs the community of Lunatics to succeed but it willl of we ALL work together.

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And to add IF, Do Kwon is successful in his plan to move Luna to a new chain, I hope he not only, does not turn this one off, but give us the keys and let us fix it. Luna Classic & USTC as it would be. It would be a lot harder of a process, and take a lot longer given his team would not likley be involved.

That said I hope he sees what his community members are saying, and it feels unanimous that we DO NOT want his plan to mocve forward. At least not as it currently has been presented.

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New addition to this plan

To help start reducing the circulating LUNA coins, there could also be a burn tax added on all transa tions of say 0.005%. Based on the previous 24hr volume of $4.7 Billion or approximately 19 Trillian LUNA coins, that could yeild about 1 Billion burned LUNA per day.

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Update

To help pre attack Hodlers.

Still take the snapshots as Do Kwon said but instead we will create a fund called recovery fund.

Between 0.1% to 0.5% of All transactions go to a fund. Once both UST &LUNA have been restabilized, we will look to see the difference and based on recovery or lack thereof, funds will be distributed to those that did not recover.

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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.

Also head over to my poll on Twitter @Deathstardaddy to vote on to fork or not to fork.

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There have been so many votes and like almost 95% do NOT WANT TO FORK. Why is Do Kwon moving forward with LUNA 2.0? It will loose ALL support and fail. He is going to be remembered as turning his back on the community, and his reputation will take a major hit, and for what?

What is his motivation? Or who?

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I have updated the plan to focus more on the reality of a hard fork.

I am also looking to make a leadership bid so anyone interested in helping me lead the best blockchain dev team on the planet message me here, or go to my twitter @Deathstardaddy

Thank you for this proposal I would vote for leadership change and revival of original chain. I would never put trust in DO-KON ever again. I would love nothing more than for the community to support the original chain and ditch DO-KON’s fractured idea. He has done this 2 times now…Basic Cash and now LUNA. He’s done in my book. How many disasters do you wanna end up in with guy? It might take 5 years to resurrect the original L…we really need to go from a new moon to a full LUNA! Please just back up UST with real assets though like dollars etc as crypto has shown to be too volatile to be used as security. There are a lot of good plans on here submitted from bankers and corporate re-structuring. Those are the people’s proposals you should look at. DO KON doesn’t seem to own LUNA anymore because he diluted the shares so much that you and I are now the new owners of LUNA O. That’s why he wants to fork…

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The dude still calls himself “stablekwon” LOL what a joke of a leader. Can’t even take 2 seconds to change his name.

P.S. If there’s any salvation for LUNA holders please help by burning a few coins right now…since Do’s share is worth 6 bucks now we should start with his.

Found the link from this banker…

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Sure, leadership is necessary. However, LUNA should remain LUNA.

The forked chain should take on a new ticker and label.

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done! i will vote and support you!

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It’s an ironic and hillarious name for sure. He can add un in front of it maybe?

I appreciate the community stepping up to burn their hard earned coins, we would not have to do this if we had proper leadership who quickly implemented a burn cycle.

I would hold off until after the fork to do this btw. It may be costing you new coins in the final forking plan.

Also if I am successful in implementing my plan and leadership bid by then, you will have no need to do this. Imo any project needing this done IS a failure of it’s leadership.

I agree but Terra owns the code technically so it’s up to them.

If I was Do Kwon, I would change the name anyways but that’s just me lol. I know the name LUNA is special to him however.

I agree we need a new leader, but don’t you need to at least present yourself, tell us about who you are? We need to find a leader who really understands blockchains and is capable of raising funds.

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Of course I understand that I do. I am working on a profile page, but unfortunently this group does not have the capabilities of doing much more than adding a photo and email address.

I am working on setting up my Discord Group, which will have more info. Also while the plan presented is a summary and not a full Whitepaper, it does show that there is a good amount of understanding on what needs to be done with this ecosystem which is more than just a blockchain. Kwon has a team of what 200 developers working around the clock, so it takes more that just knowledge. It takes leadership, people management, and so much more.

Also the ability to raise funds requires an investable asset which LUNAC/UST is. There is already interest in that happening.

That said I appreciate the time you have taken to read the plan. What are your thoughts on the plan?

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I’d trust you as a leader to save Luna after the fork. Thanks for stepping forward! Great plan!

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Thank you.

I have updated the plan with more details on staking/validators as well as my position on the algorythmic relationship of LUNA/UST.

Keep coming back as there is more on the way as I build out my full Whitepaper.

@Deathstar_Daddy your proposal still not show on station right , i dont see it