Simple 4 step formula.
Build and lock reserves by storing it within the contract
Keep doing this till we reach a first target of our peak market cap of 40 Billion. If you need to add some transaction tax for this then so be it. Maybe we can even reach a market cap of 1 Trillion in the future.
What we need to do differently this time.
Luna is the base currency. UST is a project under the Terra Luna ecosystem. UST’s algorithm failed. We have to accept this and move forward. What we need is transparency as far as the reserves are concerned. After we are done with the burning we have to build and lock reserves by storing it within the contract for everyone to see, like how it is done with LP Tokens on defi exchanges such as UniSwap or PancakeSwap.
Any and every future usage of reserves should be authorized by voting on approved proposals rather than by way of some arbitrary decision by individuals or the dev team.
This makes more sense than anything. Simple Clean proposal! Get others on board.
Where are the leaders of Terra??? @dokwon
Tweet and post everywhere…
Where is the team guys ???
100% support. I think the only way forward is burning and keeping the terra network already built. We can create a fund to repay UST holders. We just need to capital to start executing buys, the alleged reserve. Can also add a small burn fee to every transaction.
Obviously the dev team is not bankrupt. There was a 7 Trillion Dollar Volume on the 13th of May at one point in time. Minting of such huge numbers of LUNA is not possible without the consent and knowledge of the dev team. To think the dev team does not have any money after this is really naive! The buying has to come from the Dev team’s own money and then once we see some sizeable burn the interest of the community and other short-term investors will be revived thereby pushing the price of LUNA up.
the point here escapes me !, what pro should they buy is burn LUNA ?, and how come investors should buy it after a part of it has been burned? what good would LUNA be without UST
UST was designed based on a rebase algorithm that was flawed. This has been established with a staggering amount of painful certainty and beyond any semblance of doubt, by the fiasco that happened. Create a new algorithm which will lock at least 80 to 90% of the USD that is used to mint UST within the contract. Dev team should use the balance to develop the project and create new applications and establish wider acceptance. Dev team should not use the money the investors have put in to speculate on BTC or other cryptos using your private addresses. Reduce the assured rewards to stakers to a manageable level from the 10 to 20 percent gap in the surplus which will create demand for luna and put upward pressure on the price of Luna. With this level of transparency more investment from new and existing investors is sure to flow in with the kind of publicity the project has received albeit in a notorious manner.
and then do you think the market would care to have another token without any function ?, there are already 3 million useless tokens on the market why should they buy LUNA? I don’t know how the UST algorithm works, but obviously it doesn’t work so the only way to proceed I see is not to print even 1 ust, is to start burning ust until the trust comes back is the 1: 1 peg, I don’t it seems impossible to solve this problem, the moon with time and the expansion of the ecosystem will return to shine (as to print new USTs must burn LUNA)
there have to use there bitcoins