Summary
I’m not an expert whatsoever, regardless I’d like to drop my thoughts on the way forward.
This proposal is aimed at building back the terra ecosystem and reclaiming the lost glory. We should look beyond compensation and giving back what is lost, but how to build back the terra community.
Motivation
This proposal will be the best proposal for the long run and future development of terra.
Proposal
1 Buy back the excess supply of Luna and burn. The adverse effect of this that may harm the system is for holders to dump and sell their coin immediately it shows signs of rising.
2 Lock the coins: A mechanism should be put in place to lock all coins for a certain period of time approved by the community (probably 3-4yrs). The mechanism will be in such a way that as the price of Luna increases, you’ll only be able to buy but can’t sell. This will ensures holders hold their coin as long as necessary for Luna to survive. Then, selling can begin afterward.
Also, a burn mechanism can be put in place for every single Luna transaction. This will effectively reduce the total supply of Luna in the long run, and Luna will gain price and ground again.
Additionally, for those saying this mechanism will only favor the new holders(those that buy at a very very very cheap price), well, while that is true, I think a kind of compensation mechanism can be put in place to reward the old holders(holders before the crisis) including the UST holders. It should be done in such a way that those who sell part of their coins during the crisis won’t get 100% back.
With this proposal, those who bought Luna after the crisis won’t need any compensation whatsoever since the coin will eventually rise and they’ll make their profit in the long run.
Finally, on a personal note of concern to Do Kwon, in your last communication with the community, you express the fact that you’re “heartbroken over what your invention has caused”. To me, I feel that statement is a very big statement. I know how it feels to realize one’s invention has made a lot of people suffer. While I won’t want to go through how sincere those statements were or if they were just made up, regardless just take it easy on yourself. Don’t be too harsh. It can happen to anyone. We all have make mistakes at one point or the other in our lives. It’s even those mistakes that build and make us stronger. So, summon the courage and address the community. Be the leader and the fearless, courageous, egoistic Do Kwon we know.
Together, we stand. Divided, we fall.