Do Kwon’s proposal, can I understand it this way?
About 6.9 trillion OLD LUNA will be exchanged for 100 million NEW LUNA, which is roughly 69000 OLD LUNA for 1 NEW LUNA.
About 12 billion UST will also be exchanged for 400 million NEW LUNA instead of NEW UST, which is 30 UST for 1 NEW LUNA.
There are still a lot of LUNA and UST trading on the exchange. Are those LUNA and UST counted, or only those on the Terra Chain?
Can anyone explain in a way like I don’t go to school? Thanks.
Validators should reset the network ownership to 1B tokens, distributed among:
- 400M (40%) to Luna holders before the depegging event (last $1 tick before the depeg on Binance should be reasonable), bLuna, LunaX and Luna held in contracts should also be recipients, minus the Terraform Labs account at terra1dp0taj85ruc299rkdvzp4z5pfg6z6swaed74e6. The new chain should be community owned. Preserving decent ownership of the network in its strongest believers and builders is important.
- 400M (40%) to UST holders pro-rata at the time of the new network upgrade. UST holders need to be made whole as much as possible
- 100M (10%) to Luna holders at the final moment of the chain halt – last minute marginal luna buyers should be compensated for their role in attempting to provide stability for the network
- 100M (10%) to the Community Pool to fund future development.
- All Luna besides the third tranche should be staked at the network genesis state.
- The network should incentivize its security with a reasonable inflation rate, say 7%, as fees will no longer be enough to pay for security without the swap fees.