Yes. You either let the system slowly recover itself(it will), or if you really wants to help, just buy either token(they’re essentially the same thing), support the price, to eventually exhaust the sellers(liquidated systematic leverage in TeFi ecosystem). And DEFINITELY NOT by CREATING A NEW CHAIN, WTF. “Redistribute” is basically BS.
1 Like
You people are all screaming into the wind. LUNA is over. Stakers and holders are getting nothing. TFL is prioritizing UST holders and even they have been fucked over with a 90% haircut. It’s time to give up. I’m sorry. I know how hard this is. Many have taken their lives and many more will do so tonight after getting confirmation that it’s truly over. We must accept it and forge on forwards.
We also need an explanation from LFG about where the funds are. They belong to the people.
3 Likes
How about us that put UST into Anchor or White Whale? How will we be accounted for? Will this be included in the snapshot? I cant get it off now that the network is halted!!!
Yes thats what i asked to!!!
Believe luna
We need a recovery plan for [$LUNA] and [$UST]
Totally agree. Those who left the chain and transferred their USTs to sell to contributed to the depeg, so it is right to reward those who fought to the last. Please also include who has aUST locked in anchor.
2 Likes
I had most of my Luna as bLuna on Anchor, but understand it’s difficult to include every single bLuna as many people were looping. This would give an advantage of leveraged people (like myself) who kinda facilitated the death spiral. Nevertheless, it would be nice to see long-term anchor participants rewarded since they were the backbone of Terra’s growth, not only the stakers.
I do think alternatively staked Luna forms like yLuna should be treated the same as staked Luna. By staking Luna with Prism, no matter in which form, my Luna ends up being staked, right? Therefore it should be counted.
I disagree with those who want to be “reimbursed” for buying Luna after the attack. I did it myself and even though I thought I am helping out a little bit, it was a gamble I took. Some call it revenge trade to safe our positions, other call it buying max fear; it was a bet on a rebound and it failed. I love the Terra ecosystem and I call myself convicted, but I can’t really say that I had not huge gains in my mind when buying more Luna from centralized exchanges… I additionally didn’t put a stop loss on entry when I had the chance, so that’s definitely on me and nobody should give me anything for that. Especially the people who bought Luna in the last 36 hours or so could have known that it is getting extremely diluted.
The next question is what do we do with all the people bidding on Kujira (myself included); I bet some felt pretty awesome after the first liquidation cascade but should we be reimbursed now because that play failed miserably? I don’t think so.
I totally agree with the UST for holders at the new network launch! I had UST locked up in several lockdrops, so it’s only fair to swap this for another new asset.
Well, to summarize my thoughts; long-term on-chain holders and people who interacted wit Terra (not only people who staked Luna directly through Terra Station) should get a piece of the cake and therefore be invited to be part of Terra V2. Everyone who left the sinking ship as quickly as possible or had the opportunity to use a stop loss on a CEX should definitely not be prioritized. The engaged Terra community should come first!
2 Likes
UST is getting burnt constantly while < $1. It just a matter of time it recover to $1, but that’s at given THE CHAIN IS RUNNING! You UST holder just got scammed if you accept this BS proposal to start a new chain and get whatever it’ll distribute to you. But I think eventually Luna will need like a 1000000:1 convert though.
UST circulating supply: Messari - Bitcoin & crypto price, news, charts, and research
Anyone saying forget UST or forget Luna is retarded. They’re same thing from the very beginning. UST demand high, Luna price high, vice versa. Now no one wants UST except people believe it’ll recover and keep buying/saving the network.
1 Like
I like to add, that buying discounted UST from a CEX as bet on recovery is the same like buying LUNA in the last 24 hours. I can imagine that many people made losses there, but that’s part of the gamble. Pretty sure that 95% of the people involved did not do it “to safe Terra” but rather because they saw a good but risky opportunity to make some cash. Well, the risk played out this time.
1 Like
It is tough to make everyone happy but the goals of this proposal are in the right place. A few notes:
- The sentiment in this proposal is Absolutely needed. Let’s find a way to take care of the small UST holders that got rekt [Proposal] Tiered repayment: airdrop USDC/USDT to small UST holders on Terra - #46 by Antithesis
- Both the current UST and current LUNA are dead. We need to accept that everything happening over the last few days has destroyed any chance for these to work. The system was flawed and the crazy minting is joke now.
- The Terra ecosystem MUST continue. There is too much already created and invested for this to just be thrown away. We need to allow for the talent to keep building and for the ecosystem to flourish again. We need to consider a hard fork of LUNA. The forked LUNA will be the backbone of the Terra blockchain. It will not be tied to any stablecoin. It’s worth will reflect it’s value.
- Discuss stablecoin plans…
#1, #2, #3 need to be acted on NOW. #4 should be orthogonal and take the time needed.
We need a way forward. Though we might not agree on the specifics, we all agree on the vision of the Terra blockchain and the need to keep the ecosystem growing.
2 Likes
Ust is the stablecoin of the chain, it can’t be risky do you understand?
I have my UST on binance now… Would users like me would be included??
Does it included someone who holding in exchange ?
Numbers are a bit off now that Luna has the total supply of shib 
but u get the point
UST has a circulating supply of 12.12B
- It has a market cap of $7.4B
- To restore peg 12.12B - 7.4B = 4.72B of UST needs to be burned
- Terra validators have overwhelmingly agreed that this is what must be done, UST must be burned and peg must be restored
- To burn UST (and restore peg), you need to mint new LUNA
- To burn 1 UST you need to mint $1.00 worth of LUNA
- Let’s do some simple math
- Say we can burn all the excess UST all at once right now, and restore peg
- To burn this 4.7B of UST we would need to mint $4.7B worth of LUNA
- At the current price of LUNA ($0.03), this means we would have to mint ~156B LUNA
- In this scenario, the circulating supply of LUNA would increase from 3.5B to ~160B (increase 45x)
- The price of LUNA will decrease to ~$0.0006
- Now you could in theory begin to slowly burn down that 160B circulating supply of LUNA (does this sound impossible and like a terrible investment? IT SHOULD SOUND IMPOSSIBLE AND LIKE A TERRIBLE INVESTMENT)
- The scenario described above is a made up fantasy and is not possible
- What’s really going to happen is actually infinitely worse
- First problem: You can’t burn all 4.7B UST at once because you can’t mint 156B LUNA at once
- There is a limit on how much LUNA can be minted in one day
- Right now, they are voting to increase the limit
- This leads us to problem #2
- Second problem: As you mint LUNA, the price of LUNA goes down (LUNA is diluted), which means to burn more UST, you need to mint even more LUNA, until you descend into a vicious feedback loop of all out LUNA minting madness
- This is referred to by validators and people who understand the protocol as the “death spiral”
- Right now you can burn $1B UST by minting 33B LUNA
- The circulating supply of LUNA goes from 3.5B to 38.5B
- The price of LUNA is now 0.0027
- You then burn your next $1B UST by minting 1,000,000,000/0.0027 = 370B LUNA
- You burned your first $1B UST by minting 33B LUNA. The next $1B UST by minting 370B LUNA
- The next $1B UST would take trillions and trillions of LUNA
- I used $1B chunks just as an example
- Obviously the size of the burns would be much smaller as it depends on UST holders’ bags
- The point is, LUNA can’t recover unless they just decide to fundamentally change how the protocol works, which would result in Do Kwan and everybody else on the project being instantly indicted for fraud
3 Likes
I am having Ust on binance, so am I in 40%?
This is an okay proposal; however it think it is not as good as just restarting the current chain with UST burn/mints disabled.
If you rollback, and delete UST, that works and Luna’s price will go to a fair market value for whatever the Luna chain is worth without UST. However there are two issues.
- This hurts the Lunatics community that actually bought to try and stabilize Luna on CEXs. Even if you rebuild the chain, if you lose the community you lose trust in any future fork of Luna.
- Bridges, and centralized exchanges will have to update. This is okay, but it takes time. And in the meantime the value of anything on the new network is up in the air. No one can exchange it for anything, no one can price the new Luna token. And it’s not guaranteed. Some exchanges and bridges just won’t bother.
If you just keep the chain as is, the price of Luna will also go to a fair market value for whatever the chain is worth, plus the community isn’t hurt as much, especially those who truly held, plus everything works as is. It doesn’t benefit the validators as much, but if you try to protect the validators too much the community won’t appreciate the bias. Avoid the fight about distributions entirely, just let market forces handle it.
The better option is to just stop UST burn/mints, and bring the chain back up.
The most important thing to remember is that you need to rebuild trust first, then value.
2 Likes
I’ll side with everyone saying, in some ways this is a good idea, but in other ways it is terrible. Many of us have been active lunatics without staking a single luna. For years we’ve been liquidity providers or holders of the many Luna derivatives. We’re talking, LP tokens that include luna in all derivatives, Prism luna derivatives, bluna holders, cluna, pluna holders, yluna stakers, nLuna vaulters, OR we may have even been on a slow burn of bLuna or cLuna exactly when the crash happened (i know i was)… needless to say it’s a lot more complex than just saying we can snapshot luna stakers as a majority. Yes they are important, but… every aspect should be held fairly here.
I have bETH locked up in my Terra wallet and need to port it back onto MetaMask … will i be able to do this?? devastated all around
1 Like