This is Mr. GIVEAWAY validator team. We have been with Terra for a long time now (as investors) and lost lots of money back in may 2022. We now have decided to create our own validator because we have an idea that might work and it sounds like this:
Lots of our efforts are spot on LUNC which has a huge supply as we know but USTC has a relatively low supply of 9.8 billion. What if we would focus our attention in burning the USTC supply until the RE-PEG happens?
We could do that if top 5-10 validators decide to set their comision to 10-20% and swap their LUNC rewards to USTC then BURN. If those validators do not want to participate in this, then people could delegate to those validators that will do this. The validators should withdraw the rewards, swap and burn each day.
What do you guys think? We will start doing this and see how people will react
Could you imagine what would happen if REPEG happens? 9.8 bln supply its not that much compared to 6.8 trilion LUNC. I see no point in focusing on LUNC at the moment but on USTC which can save the entire ecosystem if it repegs
Converting validator fee (lunc to ustc) not much effect the lunc price, lunc price will not tank as much as you think, converting lunc to ustc creates additional volume on the chain (volume burn), ustc and lunc defines whole ecosystem and saving ustc much easier than lunc when we save ustc (ustc=1 usd), lunc burn rates increases (due to repeg and reopen the old algorthim), its a long road but worth trying, yes from me.
We started to do this already. Two validators have joined and burning about 10 usd per day. Please join our discord to see all the discussions and the burns if you want: USTC RePeg - MR GiveAway Initiative
My suggestion is this:
Hard-Fork USTC supply for 1/10 of the current one, then release a Lunc to USTC conversion line at the ratio 500lunc/1USTC until the supply of the latter stabilizes at 10Bi. Lunc’s supply would drop to 900Bi.
the idea of creating a stablecoin out of ustc at the expense of backing lunc is very bad.
just think about what this means: if the ustc rate drops less than a dollar after repeg, the algorithm will create new luncs, dropping the lunc rate.
which will give repeg:
the lunc rate will always fall, while the emission will increase;
we will give large holders of ustc the opportunity to exit the asset (yes, exit, because the dollar is the last point for a stablecoin)
interest in lunc will dry up, the project will be ended. not lunc, not ustc will not be needed by anyone.
gentlemen, repeg is unacceptable, it will put a gravestone on the whole project as a whole, deprive it of the future. this is only beneficial for dubious validators , who will come out for a dollar if successful and forget about the project.