BURN USTC for REPEG - Mr GIVEAWAY Validator thoughts


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

Thank you


If validators of their own free will burn half of their reward, then it will be very good.
No need to force anyone.Any investor or validator should have freedom of choice.


If people will stake with the validators supporting the REPEG then things will work. In addition LUNC price will fall because of the swaps which means more burn of LUNC

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

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People already stake with validators that have comision 5%+.

The cost should be supported by validators by using that comision to swap the LUNC to USTC then burn.

The output for the validator will be that lots of people will stake with them and can get higher in rank. Where are LUNC holders funds here?

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There are wallets holding billions of USTC, what if they dont want to sell it for less than $1?

Rabbi is right here, its not that easy.

Let me put it this way, if you have $98m and you want to buy all the USTC at $0.01, you cannot.

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The Oracle pool. It’s the chain’s communal property.

Shalom! :pray:

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I know that but those funds go to validators right? in comision. I’m talking about those rewards converted to USDC then burn. It makes lots of sense to me.

We will see how it goes. Would be nice to have you with us

Hes talking about the rewards isn’t he ?

I have to disagree @RabbiJebediah, for me this is a NO WITH VETO :smile:

its fine. Thank you anyway

selling LUNC means price will tank, so NO


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.


Agree on that. Yes from here


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.

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we should start by redirecting Lunc burn tax to buy and burn Ustc that would have more of effect because lower market cap and the Ustc would have to be bought putting buy pressure on rustic

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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:

  1. the lunc rate will always fall, while the emission will increase;
  2. 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)
  3. 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.

Yes, I think too. People were waiting ustc repeg actions. They did not happen, liquidity and price lunc will continue to fall without.


I dont understand why someone can think that ustc repeg is unacceptable…ustc repeg is needed to bring new investors to lunc