I would like to propose that we scrap Luna, and UST, but fork the chain keeping the main infrastructure, and protocols that have been built.
I think the tech is amazing, and the user experience even better. This is something that crypto needs, as it really helps noobies enter the space.
In my vision the Terra blockchain will be turned into a layer 2 network for BTC (possibly ETH as well), and the new luna token will just be a DAO token, used for staking, governance, and fees.
We could add multi-collateral staking with BTC / LunaDAO / ETH and allow users to pay fees in these three assets.
We then tack on a collateralized or partially collateralized stable coin in place of UST. At this point, the reputation of algorithmic stablecoins is ruined anyways.
We consider everyone on the first chains crypto as lost forever, but, we airdrop LunaDAO to people still holding / staking LUNA, UST, and Derivatives at a certain ratio.
We must decide a supply cap for LunaDao, and then the Ratio can be decided based on a snapshot of the price of LUNA and UST. Ex. 1 Luna = .0001
This time around I think it is crucial that there is no CEO type figure, but instead an anonymous figure who could be a group of people, or still just one person. In crypto there is too much at stake to have a head of operations. They can be easily targeted or exploited. In the crypto space even a hit piece on this individual can significantly drop the price (Andre Cronje).
I would like to hear why this suggestion is stupid or won’t work, or how we could improve upon this model.
Good idea? Bad Idea? Please leave some suggestions.
Thanks for your time.