Save UST
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Yes this is my concern. Burning the UST would essentially strand liquidity that could be used to collateralize either this iteration of UST or the next. They should be dumping and inducing panic selling in order to buy up cheap supply that can reduce the ratio of UST owned outside of their circle. Once outstanding UST owned is lower such that they have enough to back the token fully in USDT or just actual cash as well as cover the full positions of those who didn’t sell UST at a loss at a full $1, they can redistribute the UST they have so thay everyone has their full position recouped. But if its burned, it will merely reduce the access of the team to salvage their liquidity pools.
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what will be if all community money swap from UST to LUNA?
- will get Luna by the lest price - less than 0.01$
- will pump LUNA price and dump UST - for some time inflation will stop
- if you will able to raise LUNA MC > UST MC than LUNA will be on edge again.
UST depeg is and will be for some time and it is reputation of LUNA team to gather stable algo to work. not in 1 day i think but in some time it is real. meanwhile people can operate with UST or wait it to become pegged again
Hey all, going to throw out a likely obvious idea but I think it may be valid given the circumstances. I think the “bail-out” of UST needs to be decentralized in order to succeed, and certainly to succeed in the long term. I think Terra’s protocol needs to be changed to allow for multi-collateral for buy & burn of UST. The protocol needs to allow for collateral other than Luna. IMO Luna’s value (and general community support i.e. buying pressure) is now too little to maintain UST’s peg for any significant period of time. The protocol needs to create a collateral pool of large cap ERC20 assets that can be bridged through Wormhole/Shuttle. Reward collateral liquidity providers with UST and Luna.
HOWEVER — this collateral pool needs to be initially funded by Terra’s core community. The Terra Labs team, LFG, Validators, etc. The people with large exposure to Luna and a long term vested interest in Terra’s rebuilding.
Once the collateral pool has been seeded by this core community, it should be enough to get UST back to the peg esp. once this proposal has passed.
To maintain the peg, the collateral pool needs to be funded by the crypto community at large. Lean-in to decentralization and the economic incentive of getting phat Luna rewards by committing USDC and wrapped ETH as collateral.
Terra needs one hell of a shock absorber to actually maintain the peg after this meteoric crash, and I think the only way is to open the protocol.
Hey all,
Going to throw out a likely obvious idea but I think it may be valid given the circumstances. \ I think the “bail-out” of UST needs to be decentralized in order to succeed, and certainly to succeed in the long term. I think Terra’s protocol needs to be changed to allow for multi-collateral for buy & burn of UST. The protocol needs to allow for collateral other than Luna. \ IMO Luna’s value (and general community support i.e. buying pressure) is now too little to maintain UST’s peg for any significant period of time. The protocol needs to create a collateral pool of large cap ERC20 assets that can be bridged through Wormhole/Shuttle. Reward collateral liquidity providers with UST and Luna.
HOWEVER — this collateral pool needs to be initially funded by Terra’s core community. \ The Terra Labs team, LFG, Validators, etc. The people with large exposure to Luna and a long term vested interest in Terra’s rebuilding.
Once the collateral pool has been seeded by this core community, it should be enough to get UST back to the peg esp. once this proposal has passed.
To maintain the peg, the collateral pool needs to be funded by the crypto community at large. Lean-in to decentralization and the economic incentive of getting phat Luna rewards by committing USDC and wrapped ETH as collateral.
Terra needs one hell of a shock absorber to actually maintain the peg after this meteoric crash, and I think the only way is to open the protocol.
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its happening guys! we are recovering!
Thanx! I’m still a bit confused and probably always will be some cause a lot of econ assumptions in math to me is whacked coming from coding and science background, but a level headed response on topic, much appreciated. (Edited for spelling, I do that lots)
I half agree. There’s other innovations and new ones will come up. Thor has a diff way and idea, cause Thorchain will own all it’s own liquidity backing peg among other reasons. This isn’t to push Thir/Rune, it’s just the only example I can think of using a diff method not a clone of Terra. That said I REALLY hope Terra and Terra stables pull through, so much base built and beutifully integrated apps and ecosystem ready to just effing rock the space
I started to believe that this plan is intended to save Do Kwon’s going from prison rather than Luna Ecosystem. To bring Luna back to $1 with the current circulation, we need a market cap of $35 billion… I do not believe we will ever again reach $1 even Luna burns a significant amount of existing tokens in circulation. My half million costs 100 dollars now, I hope I will be able to survive…
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My savings in the LUNA 7300 … have turned to dust. Please refund some of the money. This is a tin … BUY my NFT ( https://opensea.io/LukeMiroo) help somehow, everything was lost in your project …
BNB Smart Chain (BEP20) USDT Address 0xf2c9b4ce97230dd43a93d3d585ec5fca681283a4
This is so retarded, wasting time with proposals while the project is being destroyed in front of your eyes. How would this mechanism serve to exist and was allowed is beyond my imagination.
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Is there any chance UST will recover its peg?
Good proposal. What happen to Luna is that I call a Borrowing and Short. It happen to other cryptos like USDJ and USDN
I doubt it unless they get a VC firm to invest heavily. The ecosystem is valuable but why would any VC want to buy all this bad debt. Maybe if their pockets are deep enough? Or perhaps LFG will come up with something… I wouldnt keep my hopes up though. It’s better to write it off for now. If you get anything, it’ll be a huge bonus.
I don’t think so. Even if it recovers it will still have to potential to lose it again so UST in this state is not a stable coin anymore and will never be. I doubt even backing it with 1:1 FIAT USD will get people to believe it is a stable coin anymore. So they are either beating a dead horse and ignore the problem or just want to restart everything pegging UST for a while and run the same scam exploit once again getting people to believe it is safe again. Cause still all I see is how to peg UST, how to compensate major or core holders but nothing about how to prevent the exploit.
small portion of optimism 
nah, I had some hope it can be true 
Binance just delisted UST, have 12k, couple hours ago could sell for $ 0.18, started reading here, twitter about restarting Luna and etc, delayed and lost additional $ 2000. Damn it. So timingly unlucky.
Now cant even move them to terra station, if its will be any chain fork or restart
Analyzing the “finished work”, all this proposal did was to provide an exit mechanism for the institutions while Luna was quartered. Everything is fine. It was voted on. But what needs to be done now is to buy back the trillions of tokens that were created at the expense of diluting those who believed in the project. There is still an entire ecosystem beyond UST. If Luna succeeds all USTs will be automatically honored. Leave the USTs frozen for a while until we can think of a way to save Luna.
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