Summary
Luna and ust has been absolutely wrecked in the last few days. That said, the blockchain itself is still up and running. It’s one of the best experiences I’ve had with a blockchain, and outside of maybe a better wallet, it’s perfect. We should hence keep Luna as a blockchain alive and try to draw people in to Luna without the returns anchor offers.
Motivation
I’m a holder of a fair bit of Luna, not much compared to many out there but a fair amount. I started buying at around $40 last year and rode it till $120. I’ve lost 30% of my portfolio due to the crash but I bought in because of the great experience I had on it. Never touched anchor protocol even once, meaning to say I think the blockchain on its own is good enough to make it.
Proposal
So here’s the idea, find a way to lock up Luna to stop the dumping. I’m sure there are many who still believe in the Luna as a blockchain. The stablecoin expect can come in later when things are more settled. We need to bail out those desperate to get out so we have no unwilling participants. Then we should introduce a locking mechanism on our Luna that offers decent to average yields, but with the added benefit of being able to use something within the terra ecosystem itself. Like a Bluna that only works within the terra ecosystem. As the Luna is locked up and normalcy returns, Luna builds it’s reputation, cleans up its mess, and gain mainstream adoption. After the set period, Bluna would be burnt to return Luna to the ecosystem, and then we can thinking about creating a collateralised stablecoin, something that decentralised but backed.