Look Luna just hit 1 satoshi . BTC was bought for this crash money now BTC will be getting sold peg restored and Luna price back to only up
1 Like
Roll back can’t work due to wormhole…
2 Likes
Disagree. Throwing UST holders under the bus will destroy terra luna forever and punish people who were simply using a stablecoin. Luna was the speculative token and investors made a lot more off it than anchor protocol users did with UST. UST is supposed to be low risk, while we know luna isn’t.
5 Likes
Hi folks,
There are a lot of interesting proposals here. But right now, everything is too complex to be deployed in the very short term.
IMO, the easiest way to rescue the protocol is to revert to its fundamental design. So we need to restore the original balance 1 UST equals 1 LUNA.
Due to the asymmetry in supply, balance can only be reached if the UST is allowed to fall below $0.41 if we consider the total supply including the reserve, or below of $0.29 without the reserve. Then, Luna will be able to grow above $2.40 with thr reserve or $3.40 without the reserve. The lower the UST drops, the faster the Luna will grow.
Once asymetric balance is reached, the UST-$US PEG will be reached smoothly and perhaps faster than we think.
Eventually, once the PEG recovers, the mechanism for keeping the PEG will have to be rebuilt from scratch. I suggest you to study the Obyte’s proposal based on bonding curves and its OStable implementation. When stupid or malicious actors dePEG the price, they have to pay for it. And the more they dePEG the price, the more they will have to pay. It is a powerful and educational model that deserves to be studied and known.
So, now, calm down, wait and everything will be back to normal in the next few weeks 
Have a nice day
MJDSO
5 Likes
I also disagree, throwing UST holders under the bus is unethical. The entire point of buying UST under 1$ is to arbitrage, providing peg to a dollar and profit to those who bought up. Killing UST would be a betrayal of those who recognize the opportunity UST brings during these hard times
7 Likes
how do you guys wanna handle snapshots of wallets when lots of ppl held their lunas / usts on exchanges? maybe its better to just allow 1:1 exchange if theres new token. Just it has to be done quickly to avoid late buyers of cheap lunas.
2 Likes
As the relation between UST and LUNA is a great solution that lost trust, backing every minted UST with a USDT at a price around 0.96/8 c - this would be clearly and easily accessible to all . Thus keeping the wolf full and the sheep whole, what do you guys think ?
1 Like
Throwing UST under the bus to save Luna sounds ridiculous. And I say that as someone who holds a shitload of Luna.
I expect some VCs to step in and buy up all the cheap Luna since the ecosystem is (used?) to be flourishing. But will they with all the bad press?
2 Likes
in V2 back every minted UST with USDT that could be no matter what traded at a discount thus favouring the UST LUNA peg mechanism
1 Like
hello guys. i wanna share my idea of rescue plan.
-
Current Snapshopt and chain stop.
cex as well.
-make announcement: luna v2 plan -
merge luna w the price as $1(example)
if current lina price 0.01
100luna = 1luna v2 -
only people who have UST on chain and cex can buy luna v2.
1UST = 0.25LUNA (example)
*currently u can buy 21luna with 1ust
- new TGE after swap
- BASE on Snapshop on 10th may b4 attack. "1 and "2 both
"1 For the people who sold UST and
luna in panic, let them purchase V2
with usd.
"2 we give the airdrop for UST and luna
holder on this snapshot.(1:2ratio)
(airdrop for UST equvalent luna v2
swap ratio)
** example 1000ust and 1000luna in
wallet
airdrap 250 v2 and 500 v2
*so UST and luna holders can bring the value together and luna will absorb all current UST
- no offensive comment please. its just
only idea and i spend whole day to
develop this idea. - Apologize for rough sentences just i
share this quick due to current situation.
hope we get through this. bless u guys.
we can discuss more.
Email: [email protected]
2 Likes
I think what Jiyun trying to say is how can we continue this vibrant community spirit with or without having a decentralized algo-stable money narrative. Because re-pegging seems to be impossible.
And the easiest workaround to achieve this goal was re-launching the chain with only one token. Not talking about throwing UST under the bus or not.
If re-launching only one token is unethical, I think we can only replace the algo part with backed or hybrid model and continue the story.
Since there is no chain that exists only for decentralized money except Terra, I think we still do have something to say to the crypto community.
wdyt?
Also, shout out to DSRV and Jiyun who are not stopping validation and finding a way to save the community.
Respect 
You can’t relaunch with roll back due to wormholes… This will put threat to all the other chains that are linked with Terra. Assets will be duplicated.
You’ll have to take snapshot of current holdings, is it like 500B Luna now?
If you are thinking of disconnecting all linkages between Terra and other chains including Cosmos ecosystem, go for it. Then what’s the point of using Cosmos SDK…
Gosh, I advised so many times to cut link between UST and Terra since supply was 2-3B. Now this, you guys killed Luna by doing nothing.
1 Like
Where did Jiyun go? Did he just throw random idea and then go away? This is quite depressing.
1 Like
I bought during the down turn of Luna, initially at $1.65, then $4 and then again at $0.09. Threw roughly $50k into the mix as I can’t see how a coin with so much positive news surrounding it can just die and not bounce back.
I was with the community and am still holding strong to hopefully see this project return to form!
Now if we roll back the block to May 10th before the fork, I walk away with nothing…
4 Likes
This is an important lesson - never try to catch a falling knife. Luna was in an inflationary death spiral. I’m not sure why anyone would put any money in at that point. I’m sorry you lost it all, we all did in some way or the other.
2 Likes
Shit happens, but I’m still standing by my decision and owning it. Just feel like it’s shady if the block is rolled back to a point where people who jumped in at the end are thrown aside like nothing.
Personally an Ethereum/Ethereum Classic styled fork would be best in my opinion, launching from the current state and if people put their tokens onto the new chain, they could issue new tokens proportionally to the new chains Max Token Supply.
4 Likes
The Bailout Protocol.
You need to understand the problem and the flawed tokenomics of terra and luna. Any currency plays three roles transaction liquidity and speculation. Both UST and LUNA have unlimited supply which means inflation can pop up any time due to market conditions due to market crash or attacks anything you all know what has led us here. Any stable coin must be backed with stable assets which means should be limited in supply what needs to be done is luna needs to staked with a asset that is limited in supply or the asset backing it should have stability . In traditional markets in a crash or a meltdown you get bailed out by external sources. No one cares about terra or the community and no one is going to bail us out. Through external funding unless some one wants to do charity. Luna needs to be staked to another asset token which will be both limited and revenue generating. So both the value of the asset and staked luna goes up in value. I am working on project which can disrupt the NFT market place which will owned by a dao ETHIX DAO. a ecosystem created to contribute more towards positive impact on people ,environment and growing the creators . Users can own part of the platform through staking of transaction tokens for asset tokens. Asset tokens are both governance tokens as well revenue generating the revenue from the NFT market place will be distributed to asset tokens. I will be more than happy to work with the community to sail through during these difficult times
1 Like
The Bailout Protocol.
You need to understand the problem and the flawed tokenomics of terra and luna. Any currency plays three roles transaction liquidity and speculation. Both UST and LUNA have unlimited supply which means inflation can pop up any time due to market conditions due to market crash or attacks anything you all know what has led us here. Any stable coin must be backed with stable assets which means should be limited in supply what needs to be done is luna needs to staked with a asset that is limited in supply or the asset backing it should have stability . In traditional markets in a crash or a meltdown you get bailed out by external sources. No one cares about terra or the community and no one is going to bail us out. Through external funding unless some one wants to do charity. Luna needs to be staked to another asset token which will be both limited and revenue generating. So both the value of the asset and staked luna goes up in value. I am working on project which can disrupt the NFT market place which will owned by a dao ETHIX DAO. a ecosystem created to contribute more towards positive impact on people ,environment and growing the creators . Users can own part of the platform through staking of transaction tokens for asset tokens. Asset tokens are both governance tokens as well revenue generating the revenue from the NFT market place will be distributed to asset tokens. I will be more than happy to work with the community to sail through during these difficult times
ok and why not make Luna v2 the chain default gas fee like solana bnb eth? no stables just a chain with robust environment. keep in mind in all this chaos the chain sustained its reliability. the SDK is very friendly and modern (RUST). why these stables have to be here. LUNAv2 can be just modern L1.
3 Likes