Please take this proposal in consideration
And adding to that please consider my comment made on that proposing quoting another very sensible solution by @FatMan
On this proposal – [Proposal] Tiered repayment: airdrop USDC/USDT to small UST holders on Terra
@FatMan proposes to save/bail out small investors. 80+% of the UST holders would be saved with “only” $1.5Bn.
And I make a few direct quotes
Advantages of paying small holders first
- Reduced sentiment impact: given that small holders make up the vast majority of the community in terms of numbers, it will greatly improve general morale and sentiment since over 80% of Anchor users will be made whole
- Easier to manage remaining creditors: once most of the creditors have been sorted out in a lump payment, the remaining creditors (institutions and multi-billionaires) will have greater mobility as solutions can be discussed and executed in a tight-knit group
- Most effective use of funds in the interim: with only $1B or $1.5B, the majority of affected users in terms of numbers can be made 100% whole instead of making all users 10-20% whole.
- Outstanding aUST: 8.3 billion
- The top 10 Anchor wallets own 26.824% of all aUST (!!!)
- There are a total of 256k Anchor wallets
- The top 1,000 Anchor wallets own 82.37% of all aUST
- The poorest wallet from the top 1,000 has 955k aUST
That being said, I’m ok with waiting to get my funds back. As I wrote on Reddit:
To regain the trust we need to save the small UST holders immediately. Accounts with up to 5,000 UST prior to the de-peg event should be able to redeem immediately with a 1:1 ratio.
Accounts with 5,001 to 10,000 UST next. As soon as the smaller accounts are saved and rescued these accounts will be able to reclaim, followed by 10,001 to 15,000 and then 15,001 to 30,000 UST.
In addition to this, I propose we give every user an option of a scheduled pay-out and I’m going to use myself as an example.
I had 17,000 UST the moment the event started and I don’t want to redeem everything at once. Let’s say I agree with a monthly schedule. My UST would be then redeemed at a 1:1 ratio with an early APY equal to the United States Federal Reserve basic interest rates.
Then LUNA burns the redeemed UST and also burns LUNA with the fees generated in the network. If we regain trust the whole ecosystem will regain life and we will be able to burn LUNA and increase its price while working and developing the network and increasing its worth.
Also, if a loan is granted using LUNA’s future income as collateral this loan should be used in a 70:30 percent ratio to buy back and burn LUNA and bailout all the small holders.