Confidence and hope are more important than gold, and non-professionals' advice on LUNA's reconstruction should seek foreign aid

Foreword: The LUNA incident has too much negative impact on digital currency, which is very unfavorable to the development of digital currency, because it will make digital currency look more like a scheme, which will cause the government’s disgust, investors’ concerns, and social unrest .

Confidence is more important than gold. The following is a non-professional’s suggestion for the reconstruction of LUNA. Because my native language is not English, the following text is attached with the original text and google’s automatic translation, which may be a little lame, so I try to make the narrative simple and clear. ([Prop 1691] Terra v2.2: A Fair 11-point Confidence Restoration Plan for the Terra Enterprise) etc. people’s suggestions.

To be clear, LUNA is valuable. Although it was created by DK, it is now insolvent. LUNA does not belong to Dk or those validators, but to all LUNA and UST holders. This is beyond doubt. The value of LUNA comes from innovation, ecology, and the consensus of the community, but if it forks, LUNA will become worthless, because the community will lose consensus, UST will dle, the ecological project will migrate to other chains, DK will be sued globally, and the project team will Everyone is in danger, which is the main reason for Binance CZ to oppose the fork.

The mechanism of LUNA is definitely flawed, (but not the whole reason for the collapse of LUNA and UST this time, due to insufficient reserves, improper disposal of the foundation and other self-serving behaviors that have not yet been identified) The immediate priority is to correct the flaws and introduce a feasible It is more important than gold, and it is more important than compensation for UST or LUNA debate (in fact, LUNA returns to zero, do you think you will get compensation), and at the same time, I think no matter how to rebuild, Neither LUNA nor UST holders should be treated differently before and after the crash. This is unfair and will only lead to more quarrels and internal friction.

The following are suggestions:

First, establish the LUNA Reconstruction Foundation (must be open and transparent), seek funding from the government, currency circle experts such as Binance CZ, Buterin, FTX exchanges, etc. comments, these people and exchanges I think are ethical and responsible);

Second, the foundation has changed to full community autonomy, receiving all reserves and debts of LUNA and UST, and accepting full community autonomy and supervision;

Third, freeze the free exchange of UST and LUNA on the chain;

Fourth, freeze the LUNA unlimited minting function, the LUNA upper limit is maintained at 6.5T in circulation, and the UST upper limit is maintained at 11 billion currently in circulation;

Fifth, issue UST compensation tokens on the chain (such as USTD, the name is not important, just like locking ETH gives you the meaning of BETH), promise to pay 1USTD at a reasonable time according to 1 US dollar, and use USDT to recover UST on the market, The recovered UST is fully locked (the lock-up time is set reasonably, and the interest can be reasonably paid to motivate the repurchase);

Sixth, open a comprehensive burning mechanism to deflate LUNA (the specific burning deflation scheme can be discussed in detail, for example, burning and burning like ETH, or like BNB, FTT, the foundation can buy back and burn through profits);

Finally, I want to make one point. I don’t make too many comments on DK, but this time LUNA is zeroed, the reserve fund is depleted, and the revival plan has caused disunity in the community. DK must be responsible. If DK fully turns to restoration and reconstruction, forgiveness, I think it can be forgiven. If DK goes his own way, his result will be 1. He will be expelled from the LUNA community; 2. He will be prosecuted around the world, and all his personal property will be frozen to compensate the victims of this incident. I don’t think either outcome is a bad thing for the community.

Please do not maliciously attack the above suggestions, and please suggest suggestions for corrections where the logic is unreasonable or unreasonable.