Prop #1623 is ignoring the top whales under the pretext of bailing out the bottom 99.7% of small aUST deposit holders.
In the case of the relief plan for small holders(initial proposal) that was previously proposed by ‘fatman’, if the LFG reserve was left, it was intended to repay the amount 1:1 with usdt or usdc.
After then, with the intention of being fair to all, the proposal has amended to set reward cap and compensate for all wallets.
However, in the case of Prop #1623, they misunderstood the purpose of the small holder relief plan and excluded aUST holders over 500K aUST from the New Token distribution.
For the Crypto ecosystem, the existence of Whale is very important. Money is like gravity, so where big money flows, more money tends to accumulate. Therefore, it can be said that the Whale is an important factor that caused the high TVL of the previous Terra ecosystem. However, all of these Whales have been ignored in the proposal.
It’s time for us to take action.
Let’s create 0.3% DAO for Ignored Whales
Let’s identify whales that had aUST of 500K or more at the time of “Pre-attack” through snapshots.
Give them a whitelist of where they can claim NFTs, and let them claim (free-minting).
The wallet can be Terra-station or Other chain with Metamask(connect again after authentication with Terra-station)
Create a Discord for 0.3% whales
Let’s create a community chat room where only whales with the NFT can enter.
After many people have gathered, let’s show the power of the whales.
Let’s create a DAO to do business, invest, or educate together.
After our existence is known to the world, let’s distribute 0.3DAO Token similar with ‘APE’ Token.
Token distribution will be
30% : DAO fund (Capital should be used by governance voting)
60% : NFT holders
10% : Tiered development allocation (Proposals and Claim should be reviewed by NFT holders)
I can make this offer, but I’m not a developer.
Early commitment from DAO members with development capabilities is required.
In return for that commitment, a later billing proposal may be placed on Tired development allocation.
Ya maybe or something similar. I’m not against somehow reimbursing ALL aUst holders, minus what (if) they sold off during the event else is a lot of “extra” money/profit. Understandable for some to sell some to hold, just want to avoid someone with one billion who sold for half a billion then gets recompense a full 1 billion that’s a half billion profit and waste of terra chain resources no? (Edit: I invest and stake LUNA so wise ecosystem fund use important)
Basically I’m personally for folks to be made whole/even as possible. And if can succeed then maybe even a small % bonus on top of that for injury/dmg/good will. What about a perpetual endowment fund like Angel protocol style and the interest gained pays back all aust holders at a flat rate? Whales would be slow to recover at first, but it would speed up as the lower account values get paid out and no longer recieve from the fund. One idea I imagine there are many ways to go about such. Tx fees collected. On chain community LP fees. Other creative way smarter than I am sure. Seems to me without panic a plan or several plans can and should be implemented. Maybe even one like yours. Thanks for the thought (note I am by no means a whale I just wanted to give my view as a retail investor, though I am more heavily LUNA side speculative/staker and not aust holder - view aust as product/customer of tech/blockchain I invested in)