I guess bcos i am a new user here , i cant create a new post. I agree the community is against Do new plan bcos all its trying to do is scrub the dust under the carpet as if nothing happened, let everyone else absorb/ take all the losses and favour the big players.
Bear with me my native lang is not Eng, so I might not properly convey the right msg. Hopefully it does and if someone sees it , please help post a new thread and let others see it too.
My plan favors no one, but to buy time , reset the system and help the system back on its feet, let ppl calm down and see the picture clearly that the system works, and that what caused its failure was bcos it wasnt executed properly. Like a patient who just got up from coma, if everyone is poking on him/her , will he make it ? But by giving time the patient to heal, eventually he/she will make it.
Allow me to elaborate.
1.Buy time. How do we buy time and not let everyone come back in the system and cash out? A lot of ppl have proposed a tier refund system, good for little acc, bad for big players. Someone said a vested system. Why not both ?
For UST holders , a vested + haircut system is proposed. The TFL will get the UST back to peg, and based on haircut, the UST holder gets back a percentage as follows:
80% haircut, immediate withdraw at peg, those who choose this get 20% .
70% haircut , wait 1 week before withdrawal allowed. The system should hopefully hold peg so 30% recv.
60% haircut , vest 2 wk… U get the idea.
This should ease the buyback , the more ppl are eager to leave early, the less is spent on them.
For LUNA holders, the TFL will burn the tokens so that LUNA goes back to 1 dollar ,10 cents , anything but the current price. The TFL for the first 2 weeks will halt supply of both UST and LUNA so there is no supply shock or sale pressure. This is the buying time that i mentioned, so that everyone can calm down and let the system run. Once everyone can come back to their senses and see they panicked for nothing, the TFL can slowly release supply and gradually let the system run full capacity. When all the ecosystem can run and get back to previous state, what is holding back ppl from seeing that LUNA is a great ecossytem as it was , and the future is also bright ?
If all goes well , great, the system is fully functional. But the problem that caused the death spiral is still here. Who on earth with a normal finance sense would allow a huge OTC of tokens, and not add clauses to protect themselves from a sell off ? Also why isnt there a 24x7 , 3 shift team setup to monitor liquidtiy across all CEX and DEX and have a squad setup in case of emergency ? Even worse, there was zero risk management, let alone a financial risk team to check adverse scenarios or test the whole system for different prices , collateral … u get what i mean . I dont know if DO is a programmer, if he is he should stick to his profession, TFL hire someone with a proper finance back ground who knows risk management to avoid the system from breaking.
That’s all i have to say, feel free to proof read, and make changes wherever is needed to convery the right msg out and may we all restore Terra to where it should be .