Here's how to get Terra back to its glory

Governance & Proposals
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Bear with me my native Lang is not Eng, so I might not properly use the right words, but wish to convey the right msg. Hopefully it does and if someone sees any issues , do reply and I hope to get the msg out before it’s too late.

I agree the community is not in favor of DO’s 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 favor the big players.

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 can be fixed, and remove possibilities for poor execution/ reaction that could bring the system down again. 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.

  1. Buy time. Allow me to elaborate.
    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 eager ppl who want to leave early, the less is spent on them. The longer period that ppl wait, the more uncertainties they face, but higher rewards for having faith.

  1. 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 new 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 ecosystem 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 don’t 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 convey the right msg out and may we all restore Terra to where it should be.

4 Likes
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What about this? Its a solution that doesn’t hurt anyone and unites community :smiley: No bad comment about this yet haha

7 Likes
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That is indeed a great starting point to save LUNA

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We don’t have to make compromises, add in everything that can help Terra back on its feet. But we have to balance everyone’s stake otherwise all we are doing is discussion and not come to an agreement, and DO’s plan will go ahead which is the worst outcome.

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valuable proposal, +vote … also i believe we can all agree with @HelloThere on the BURN

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exactly. this is not a “either u are with me or against me” situation. We bring in and consolidate every little bit that helps the system back on its feet. Heck , maybe my above proposal for LUNA can be changed as follows so that it is also a buy time solution;=> For everyweek that the system is online, the LFG will do an increased % of LUNA token burn everyday so that the more time that ppl allow the system to get back on its feet, the more tokens are burnt.

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ANd for this smart idea’s we are here !! good luck

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8

I’m going to throw out my noob suggestion.

If possible, could we create a new Luna? Here’s my idea that is hopefully feasible and would keep OG and new investors happy. Since we have 7 trillion tokens currently, create a V2 Luna that is 100 V1 Luna per V2. This way, OG can build their bag. I know you all lost a lot. But you can get 25k Luna for $10 right now.

So let’s say, in three months, V2 launches. By pricing the V2 at 100 per V1, that cuts our volume to 70 billion tokens. Not great, but 100 times better than 7 trillion. We give everyone 30 days to convert their tokens from V1 to V2 with no penalties. Once the month is up, we initiate a 10% tax on all Luna transactions, including conversions.

We keep that 10% tax going for a set time, maybe 1 to 2 years. That tax goes to a BB&B to get our token levels down to a much lower quantity. During that time, the devs will have time to try to get UST back to a stable coin. And have time to try to prevent this situation from happening again by implementing better protocols to protect UST and bring us back to the original idea that Luna and UST had before this last week.

Anyways. I have no clue if this is feasible or a good idea. But I wanted to throw out an idea that might help.