1) First proposal
We could use binance as a liquidity provider with LUNA/BUSD and UST/BUSD pairs and keep doing the arbitrages by ensuring a good profitable spread between TerraStation minting price and Binance sell price, this process should slowly burn UST supply until it’s easy to go back to peg.
Also, It’s important for this process to be slow because we must ensure a profitable spread between the two exchanges.
Then, when Luna supply reach critical levels we stop using Luna and we create a new native token LUNA2 with very low supply, we list it on binance and we start doing arbs again to keep burning UST supply.
Furthermore, to help accomplish this goal much easily we should limit the amount of UST an account can sell in a given time to decrease sell pressure on UST pairs, this should also decrease Luna minting speed as we approach the peg.
Once UST is back to peg we change the fee structure and redirect these arbitrage profits to Luna holders before the attack, if this is not enough we can also rise the price of transactions on terra network and use this commissions for refunds.
2)Second proposal
Use Do Know BTC and ask for a loan given in USDT as a host for liquidity providing. Then, start doing arbitrages as mentioned in the first proposal to slowly burn the UST supply until is easy to go back to peg. Surely, this must be done by the LFG privately on a centralised exchange maybe made exclusively for this purpose.