LUNA Go Forward Proposal

Governance & Proposals
746

Let us get this straight…

  • Before the attack and up to May11th there were about 340 million LUNA in circulation.
  • On May 12th it was 1461 million LUNA in circulation. So you diluted the existing LUNA with a factor 4.3.
  • On May 13th (=today, at the moment of writing) there is 6.500.000 million LUNA in circulation which is a factor of almost 20.000 the initial amount. While the price of UST didn’t go down 20.000 times!

This is insane! It’s extremely unfair to those who bought LUNA before and kept it. Now someone can buy it at a price 20.000 times less than the initial holders.

All the LUNA tokens starting from May 13th should be burnt! Be fair to the initial holders and remove the opportunists.

PLEASE VOTE UP so they can see it!

6 Likes
747

I lot of people has there UST on CEX. You need to give time to withdrawl UST from CEX. You need to give time to exchange UST Luna2.

1 Like
748

Do not forget they can burn the unsold supply! Trust the team folks.

3 Likes
749

I guess you did buy at good level pre-crash, and did not buy post-crash. Fair enough. But what about people who

  • Did dollar-cost average their investment
  • Had limit market orders opened down to all fibonacci levels
  • Bought Luna during the dip by adding liquidity to the system

And I guess you are staking. But what about the people who just HODL?

All the above are contributing to increase the value of terra\luna. You can’t suceed with luna2 without keeping them happy.

4 Likes
750

Yes Sir!

751

How do you think they are going to burn those? Take them from buyers with force or what? Ofc not! So they have to deal with what they have now, 6.5 tril luna.

752

You mean you want to delete people who supported the token after 13th of May? and call them names? how fair is that. Let Luna rise again without manipulation. Decouple it from UST and we can do it.

1 Like
753

agreed

754

Exactly!! Couldn’t have said it better.

755

I think the Luna team had tons of UST which is why they inflated Luna into oblivion … to save their own asses. They knew the project is dead so they extracted as much money as they could before they fled.

756

I choose to believe that is not true.

757

I wish that it wasn’t true either but unfortunately this is what they did.

758

No they did not. Your word against mine?

759

Buy it of course

760

Your words against mine, CZ Binance and 2 dead coins.

761

This isn’t the solution. Several people bought significant amount during this period. What do you think will happen to their money.

762

No, I meant that everyone still involved with UST and haven’t sold should be eligible to be included in this proposal. I would also suggest the UST dentists on the CEX but obviously it is much more complicated I guess.

763

I say we fork and reboot Luna from scratch

There’s no reason to do a snapshot and rollback lol. How would that even work? Your going to immediately have an exit rush from bad actors even from holding delegators and nodes who would be scared of a repeat or got burned and just want their money back.

Just reboot the network completely from day 0, like a brand new blockchain, and distribute 40 for validators 40 for UST holders (this time they have to deposit 1 usd worth of stable for the backing) and 20 or whatever as an airdrop to all people who can show proof of Luna, that is they deposit all of their old Luna into a wallet and submit for the airdrop equal share per wallet. Yes, I know some bot wallets etc etc, but that’s still the same problem anyways for marginal holders, so just make it a nice bona fida airdrop. Set a deadline for cex buyers to deposit for the airdrop.

Guys this isn’t that hard. Face it doing a rollback to pre attack will not restore trust and you will end up with hyper inflating Luna, you won’t be able to collateralize all the outstanding UST either, nor will it make sense to slash everything, it’s just far too messy and shitty and scummy like the eth the DAO hack.

Let’s just fork, airdrop, and start from day 0. This time no do kwon and TFL just the strongest decentralized community.

The moon was made by 2 sub planets colliding into each other. Erasing everything and starting afresh some 3bn years ago. After which the proliferation of life on earth occurred over billions of years.

This is what terra is, the earth itself, and Luna our stabilizer to provide life. Let’s just accept this as the cataclysm brought by the moon crashing into earth and start afresh again. Past projects from terra can move their code onto the fresh blockchain and airdrop their old participants accordingly as well. We will build up a lot of good starting value in a very stable manner this time, with no intervention from centralization. And build earths new currency from here.

UST was a brilliant invention and we were 1 step away from being kings before those citidal bastards blew it all up along with the rest of the crypto market. If it wasn’t for the centralization of kwon we would have been unstoppable by the time we got that big. Now we have time to develop a system that will prevent signiorage attacks.

I recommend developing a fear indicator that tracks UST outflow from on chain, when a lot is flowing out we know that there is a bank run on UST and should halt outflow of UST and Luna (attempt to bring all assets back to on chain) as well as other counter measures like off chain concentrated LP incentives (we don’t need curve anymore we’re small cap, Astro and orca whirlpool would be fine) and ensure extremely deep liquidity for UST-Luna pools off chain to ensure highly liquid arb with the mechanism.

Lastly we should have a max supply limit on Luna which can’t be passed and ensure the virtual amm provides that liquidity at all prices. This will be hard to work out with the seigniorage algorithm but it will prevent any hyper inflation attacks while we are dealing with bank runs.

Anyways just throwing ideas, there are plenty of gigabrains that will come up with even more brilliant solutions to improve on do’a work, just like he did with satoshis

3 Likes
764

Anyone buying now is clearly speculating without doing any homework, because the fundamentals aren’t there for LUNA to restore itself until the peg is fixed. @anon_frazle is right that UST is the product and should be prioritized since the whole value of LUNA was built on a promise of the peg. If the team fulfills that promise, trust will eventually be restored and market cap will grow. If the team simply tries to split the existing pie among all LUNA speculators, we all end up with a tiny piece of a giant shitcoin that’s worthless to anyone else and has no chance of recovery. So yes, speculators should definitely NOT be the priority unless you want this project to become another worthless memecoin.

5 Likes
765

The simplest and fairest way is to :

  1. Set a new monetary policy that is sound for the ecosystem which is either inflationary to a certain point or just deflationary with allocations.

  2. Set percentage allocations for luna holders, stakers, UST collaterization incentive, ecosystem devs etc…

  3. Then allow pro-rata percentage claims of amounts in old currency, to amounts in new currency. i.e 0.005% in old Luna coin = > equivalent x% in new distribution allocation to LUNA holders

  4. PROVIDE A MASSIVE REWARD INCENTIVE ALLOCATION IN LUNA for collaterization of the UST stable coin…this would solve all the problems within a few days to weeks with renewed enthusiasm and this event being water under the bridge.

  • I have been in this space since 2010 and been parts of the first set of ico (mastercoin, nxt counterparty etc…) i have seen many rollbacks and many compensation plans. One thing you don’t want to do is punish speculators who after the attack infact propped up your currency from completely plummeting …a snapshot that does this is idiotic at best…just my 2 cents.
6 Likes