Premise/reason for plan:
Since @dokwon released his plan for terra’s recovery, several adversaries have taken to twitter and agora stating that the plan he described heavily favours professional funds and insiders, which in all honesty it does. In order to make everyone whole (or somewhat whole), I believe all current holders of both UST and LUNA should be snapshotted on a future date, and they receive a new redenominated LUNA token based on their snapshotted holdings.
I would suggest as follows:
Pick a block, coordinate with exchanges to halt trading at this block, and halt the chain at the same time.
Redenominate LUNA as follows:
- 1 LUNA v2 = 10,000 LUNA v1
- Effectively reducing the LUNA supply from 6.91 trillion to 691 million.
Assuming a blockspace valued at 8-10 billion dollars, this would give LUNA v2 tokens an approx. value of $11.5USD - $15.50USD:
- Provide LUNA v2 tokens to UST holders at approx. 0.115 – 0.155 LUNA v2 for every UST held at snapshot.
- 11.6BILLION * 0.115-0.155 = approx. 1.5 billion more LUNA v2
- Bringing total LUNA v2 supply to just over 2 billion.
Obviously, this plan isn’t perfect – but at least no one is left behind. A future snapshot date/block gives users fair opportunity to accumulate more LUNA if they have been heavily diluted and gives those who want out a chance to sell.
Let me know what you think,