[Proposal] Tiered repayment: 1:1 USDC refund to all UST holders up to a certain cap per-wallet using LFG funds, favouring small wallets

I agree to this proposal in its edited form:

  1. Take the snapshot at the time of the depeg.
  2. Divide the relief funds by the number of wallets. This will set the minimum cap to be reimbursed to each wallet.
  3. Start paying small wallets first. As most will had less than the minimum cap, there will be an surpluss to pay more to larger holders too.
  4. When the small holders at the top of the cap are paid, a new cap is calculated with the remaining funds and for the larger holders.
  5. These process is repeated until everyone gets some.

Sorry guys, it was a false alarm. It looks like two of the default VPNs I was using are banned from the forum… I turned off all my firewalls and I was able to log in just fine.

3 Likes

Does the snapshot include UST that where in anchor on Avalanche?

100% agree

Mate, fully agreed on your proposal. @dokwon please consider, this might change the prospective for future radically

I see that a lot of discussion has gone on, but the general consensus is that the proposal is sound. After the 3 major amendments I don’t think any other changes are necessary in terms of getting across an initial litepaper for the plan. Of course, minor changes and tweaks will always be happening along the way, largely dependent on how TFL decides to execute the specifics of the plan.

I think at this point internal discussion ad nauseum regarding the finer details probably won’t get us anywhere. We now need Do Kwon/LFG/TFL to come on and acknowledge/accept the plan. That’s when we can start moving forward.

@dokwon Where are you? I know you’re reading this :wink:

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mate those founds were to protect the UST peg, so it should be used to pay the UST community, if the launch Luna V2, the luna holders would get their part on the ecosystem

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Where is the compensation for LUNA Hodler at this plan? I will be happier if this is split between 50% LUNA 50% UST as both runs the chain

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Agree 100% this is the best way. How do we get LFG to make a decision on it?

In my opinion the only reasonable way forward

Now, The Calculator Guy (@phtevenstrong) who has 63K followers support our proposal!!! Guys let’s keep sharing about this thread everywhere and let’s make it happen for real!

Proposal for full refund for all < $250,000 aUST wallets.

“With $1.46B, we will be able to refund 99.6% of all Anchor wallets, which is probably over 95% of all Anchor users.”

I support this even though I would not benefit from this.

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That is the only realistic proposal. If it does turn out that there is to be reimbursement, the idea that we can simply ignore the price at which the UST sold was will be a non-starter. Not only is it grossly unfair but it would almost certainly lead to more abuse than working with the exchanges.

Many people got out while UST was still relatively high. If we follow the procedure outlined in this proposal, they can all simply buy UST at any price below their exit price and make a profit. That would surely lead to a much greater loss than some supposed theft by the exchanges. Fatman’s example, above, of an exchange employee writing a $50,000 check(!!) to a friend and it going unnoticed is ludicrous.

If UST holders are to be reimbursed then the whole process will be minutely audited. All that is necessary is to track each transaction to an exchange and then work with the exchange to confirm whether or not that UST was subsequently. It’s likely that in the vast majority of cases, the track of the UST, once it arrived at the exchange, will be very straightforward.

agree

@FatMan @dokwon any good news? i cant live anymore i dont have money all my money is anchor.i have small wallet save us…

Terra has enough fund to reimburse a large amount of the community.
@dokwon @FatMan

Agree. Should including aUST in short farming on Mirror Procotol and UST in long farming on Mirror.

100% agree.im destroyed i dont have any money to live.pay back us .all my money is anchor i have small wallet… @FatMan @dokwon any body hear our voices? all my money is in anchor

1 Like

Please don’t do anything rash, Farzam. Please wait a few days for everything to play out. Hopefully you will get most of your life savings back if this plan is enacted. Try to get through the next few days. Take it one day at a time. We’re all in this together.

6 Likes

But speculators will buy UST just to sell for higher prices. I think redeemed USTs should be sold to open market for USDC and this USDC should be added to the treasury to compansate more people. This way there will not be any buy pressure from speculators as they will know redeemed USTs will be sold to the market. Also, people who sold their UST for 10 cents will have a chance ro buy back again at lower prices. So, the redemption process can take a while and people who already hold UST will get their USDC and their UST will be sold to market. Price will start to drop and panic sellers below 10-15 cents will have a chance to buy back.