I invested in UST at around 0.94 believing it was a good investment since UST was a stable coin and Do Won claimed to be “deploying more capital” and announcing a recovery plan. Now I am devastated as my funds are gone and the LFG only has 330M left in reserves to reimburse holders, I know I’m still getting screwed as it will be LFG’s decision how much to pay out and how to do so. I want to recommend a mass burn proposal first and then reimbursements.
The LFG currently owns 1,847,079,725 UST
The Community Pool currently owns 1,388,233,195 UST
This is a total of 3,235,312,920 UST = 34.86% of total supply (if my math is correct)
I recommend this supply to be burnt immediately as the Community Pool Burn has been voted on for the past 4 days, the LFG is focusing on Reimbursements without burning excessive UST they own to help stability. I think it is pointless to reimburse holders now since there are still things the LFG can do to help UST recover a little prior to refunds. Eliminating a significant chunk of the excess UST supply at once will alleviate much of the peg pressure on UST. After tokens are burnt then we can discuss reimbursements.
Recently Tron’s Justin Son is offering a 10M pool of USDD to reimburse UST holders, CZ Binance has been commenting on UST, vitalik buterin has also been commenting on UST, and tons more. We have the attention of the masses and should be working together to help make smallholders right. This being said I have created a GoFundMe and a TallyCoin donation page for users to donate funds that will reimburse the worst affected holders. I hope to work with industry leaders and detail how every penny will be spent refunding users in the best way possible.
Go Fund Me
TallyCoin
If I had it my way LFG would donate all their BTC reserves so the public could be aware of every detail instead of waiting for them to announce it without any information detailing what happened.