I think Do Kwons new proposal is a step in the right direction, but still inadequate. However, considering it got support from the builders, I think we need to make a compromise.
At the moment, there are a few different group of stakeholders.
UST holders pre attack: Many of them do not believe in any value of Luna Terra, they want to get as much recovery as possible and leave the ship. However, any recovery to them will be at the expense of the remaining stakeholders.
Luna holders pre attack including whales and builders: Their holdings are diluted by so mucb that there is no way they can recover anything meaningful from the current chain, so they want a fork.
UST holders after attack: Many of this group still believes in potential value of Terra. However, they want a bigger share of the remaining equity, like senior debt holders who would get a large share if they swap debt to equity.
Luna holders after attack: Also believe in the value of Terra, and want a larger share of equity.
So, a compromise needs to be found among different groups. Note that if we do not find a compromise, we will all get close to 0 recovery.
Dos proposal is heavily pro-builders and many in the community are against it. However, Terra would have little value without builders. So, we need to make a compromise.
I agree the fork while keeping Luna Classic. However, we need a clear proposal from TFL and community how Luna Classic should go forward and make sure the builders continue contributing in fixing and building on the current chain.
In comparison to the last proposal, the share of the new chain for UST holders is cut from 40% to 25%, I woukd say UST holders should get 35% as a more fair deal. The extra 10% should come from the community pool and pre-attack Luna holders.
For UST holders who want exit with cash, the current LFG reserve is too small to make much compensation. However, many of pre-attack Luna holders are whales or VCs who do not have much value on the current chain. I would propose that instead of giving them airdrop for free, we should ask them to pay a small fee if they want the airdrop. I would propose any address with 10k or more Luna should pay 1 USD per new Luna.
As many UST holders just want cash and exit asap, I would propose 50% of their airdropped Luna to be unlocked instead of 10%.
Thank you for your thoughtful contribution.
But as a luna staker, I respectfully disagree about reducing the share of Luna stakers even further. Note that this isn’t really a compensation, this is an airdrop of the governance tokens of a new project. Luna was, is and always will be the governance token. As you UST holders have always been saying, you need to find a way to get TFL to pay you in USDT, not try to take over governance. No disrespect to people who lost money over UST but reading so many people asking ‘how to vote’ was pretty befuddling for me, to say the least.
Also I’m not too convinced about the pre-attack Luna holders thing. So, you sweep us under the rug and you want us to ‘pay’ for your governance airdrops too? Hmm.
All it takes is to attract enough people to participate in painting activities and attract a large number of current luna owners to bid for the NFT, and Luna can be burning in a short period of time,Without incurring too much external cost
and these features are not complicated and should be developed quickly,
by the way,if you think this is a good ideal, please retweet it and let community developers to see it,or let Do Kwon or CZ see it(my twitter was blocked),or Initiate a vote if you can,thanks