LUNC & USTC Rebuild Road Map Proposal

Fantastic! I was hoping someone with knowledge would step up and the best of luck to you here as I too believe Luna the classic version can rise from the ashes :heart_on_fire:

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following your train of thoughts, it seems that there is ‘invisible external force’ of control
usually this is the monetary force at play like direct (its own greed) or indirect ( small group of external entities) that are in some form of confidential agreement or exert pressure by fear of disclosing something damaging and destructive to the subject
is this making sense?

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The issue is DoK won’t let it of the history go or be taken over - I believe he’s hiding something like the missing money. So unless you have a powerful backer like CZ or Sam at FTX, it’s going to be hard to get the funds or validators against Do’s proposal to support you. But I will vote for it. Though I think you should look at this and engage this entity as well. You all may be on the same train of thought.

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It would be good to group this with:

to integrate all ideas

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I am in favor of this proposal, but we need to understand who is really on our side!

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Thanks for stepping up! Do you mind saying a bit more about how we could nucleate a dev team that could continue making the updates required?

I assume that some kind of fork will be prevented by coordinating the validators in the handoff also?

Edit to add: +1 for LUNAC name – it will be crazy if/when this thing rises again.

I think this ecosystem needs to be run in a similar fashion with much better governance and good leadership who puts the community first.

I want to create a structure that has a proven track record. The corporate structure is a good example and can work very well in the decentralized world.

  1. Parent company which is the ecosystem itself.

  2. CEO/CFO/PRES etc. Leadership group.

  3. Board of directors includes large stakehodlers. People who invested, and support the fair governance sustem but will not have extra voting power above their holdings. For example if CZ invested to help support the project, he could become a board member. That would be the kind of people we want. Community focused board members. Board members are also voted in, not assigned, with certain exceptions.

  4. Validators this is part of the plan that needs to be addressed and fixed. If it makes sense to the ecosystem then we will find a way to keep them as they do play an important in the ecosystem. However I will not risk another event like what has happened so we will replace this with another option if need be. Eitherway the rights to vote will be with the number of governance tokens they hold, (LUNA Classic Tokens), not their position as a validator.

  5. LUNA Classic tokens will be the governance token and will get to vote on major changes that will affect the community and LUNA token itself. Also there will be an annual baord member vote as well. This is how we will ensure Board members work for the community.

  6. UST holders.

  7. Future Tokens.

Dev team will be set up similarly to what is in place. In fact if I am successful I would move forward with attempting to retain at least some of the current core dev team members. Do Kwon could also remain a part of this new path forward, just not in a leading position. He does not want to see this fail and I believe in his heart he wants to see a successful LUNA Classic.

Dev team will have to be compenstated of course and while I will do everything to prevent it there may be some dilution in the beginning with plans to reduce the overall circulating supply ASAP.

As an alternate option we will consider outside funding to help cover the initial Dev costs but for obvious reasons I cannot start that conversation when not in a position to do so yet.

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I am in the process of putting my plan up for a vote as well as building financial contacts. My goal is also to try to maintain some of the dev team as well as attract new high quality developers to the team.

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Have you got support from any dev?

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Our goal is to get down to 1 Billion coins and ultimate goal down to 300 to 500 million coin range

$LUNA v1 to 1B and less? If you succeed that would be miraculous and quite a feat for the whole world to witness. If you have possible solutions and a vision, the rest is just execution. Face the problem and try to solve it, this is the kind of spirit that needs to be supported.

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It will not happen over night but between burning, and buy backs it is doable. That said UST is a big part of this recovery plan as well as the community involvement and support. Together we will succeed.

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Absolutely yes. An involvement by CZ would be important to support us and make LUNAC reborn stronger than before at the expense of the new LUNA by Do Kwon.

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Support you

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@Deathstar_Daddy

See my post here on a potential path forward for UST and let me know your thoughts

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I disagree. UST can be repegged, and should not become just another coin (it won’t survive as it’s not a regular coin). Your post is very thoughful and I can see why you are saying this but UST is not just a coin. It is worth more even in it’s current state.

  1. UST cannot just become another coin. It will go down to 0 as there is no purpose use built features for it. It’s purpose is to add value to LUNA, and without that feature it also adds no value to LUNA, further devaluing LUNA as well. Hope that makes sense.

  2. UST can be repegged and no it will not take Billions, it may take some time and some investment. The market cap currently sits at just over 700 million. With some investment, and purchasing of open market coins, as well as adding a burn system on it’s supply, it can become a very valuable asset. Say newco (ecosystem) buys 1 Billion UST for say between $0.05 - $0.10 thats only $50 to $100 Million. Then institute the transaction tax, say 3 percent. Burn 2 percent, and add 1 percent to holdings.

The point is to add value to back up UST. Those coins we bought for pennies on the dollar will eventually be worth a billion (if repegging is successful) thats a great investment and return. Next we also add the same tax on LUNA Classic transactions. But until UST is repegged the entire 3% goes to the fund, backing up UST.

Then add some outside funding. Say get someone like CZ to help further backstop UST with BNB well you can see where I’m going here.

  1. Imo LUNA Classic needs UST. The addition of a stablecoin built into the ecosystem adds so much value to LUNA. Unfortunately as we’ve seen it can also destroy it. So new systems and safeguards NEED to be put in pla e including caps on transactions and other auto shut down features. The dilution event dod NOT need to happen and if the taps were turned off right away, both coins could have recovered and UST would easily repeg itself. Stable coins can and will loose their peg from time to time, but it was the dillution that prevented UST from getting repegged. Well that and a bad plan on selling about 3 Billion of our assets.

Also once UST is repegged then the tax on LUNA Classic is split with some of it going to burn. This is the longer term plan to also burn LUNA Classic down to about 1 Billion or less circulating supply.

  1. I have an actionable plan, which I am in the process of putting it on Station for a vote. Please stay tuned.
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UST cannot be revived and the reason is quite simple. When you peg to one asset using a different asset as collateral, there will always be a chance for under collateralization or depegging. Even if it is over collateralized by 10x, the collateral asset can crash more than 10x. Nothing is 100% stable (relative to something else) in this world.

One technique may last longer than other eventually they all will fail. The only full proof way any Stablecoin will survive in the long run is if you hold the underlying asset itself (USD) as reserve.

Example: USDT, USDC, DAI etc…

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@MagicalTux

Tron is buying a lot of USDC which is probably the most respectable stablecoin right now, since it has VCs like Blackrock onboard. They’ve seen how using correlated assets is a dumb idea, especially in a bear market when people tend to sell and exit Luna and Bitcoin.

Mike Novogratz sold his Luna stash and so did Panthera Capital, probably their Bitcoin too putting pressure on the price and lowering the liquidity. So it’s a bad idea to use correlated assets while in a bear market. A basket of reputable stablecoins is better for reasons mentioned earlier.

@Deathstar_Daddy If you can get investors onboard to add liquidity that’d be great. But keep in mind Do Kwon tried to get buyers to stop the bleeding and offered them Luna in return but nobody wanted to take the risk. What would investors get out of it? There needs to be a reason for them to step in to bail UST. I think there is a lot of value in the exchange listings and in the community and user base but any large investor has to have a good reason to step in. CZ has BUSD that competes with UST. He may not wanna step it for this reason. So far he hasn’t offered to step in. He only offered to drain talent from Luna and move it over to BSC. Haven’t seen any other offers coming from him.

Exchanges need a reason to keep UST listed post snapshot. They won’t keep a token listed, a token that’s supposed to be a pegged stablecoin unless it can quickly recover the peg. They won’t wait months or years, so whatever plan anyone has, has to help repeg it quickly to stop exchanges disabling the UST pairs. They won’t let it trade while pegging is in limbo. So this needs to be addressed. First priority should be Coinbase that already announced they intend to disable UST. We need to present them with a viable plan of action.

Even though UST may be repeged nobody is gonna use it anymore when there are more solid and trustworthy stablecoins. In contrast, Luna Classic has great value now mostly because of the huge interest of crypto lovers

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Absolutely! Trust is the no1 factor when it comes to stable coins. The bank run happened because very few trusted UST even when it was working… now that it failed even a gambler would be skeptical to put his money in UST.

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Well actually using USD is not that much more of a safer bet. What happens when the USD looses value to other currencies? Just look what happened after the 2008 crisis. Sure it was still $1 face value but it’s buying power was severly reduced.

Backing it up with other coins like BTC, ETH, BNB, as well as add other stable coins like teather can work the key is diversity. Then added value of LUNA reserves to its network via tax on LUNA transactions. Overcolatorized and maintaining it’s decentralized state is the key feature for UST imo. This is the future.

There needs to be protocols put in place that prevent attacks like this and the forced depegging. Also what should have happened is the moment it was depegged the faucets should have been paused to prevent dilution on both sides. While it would be disruptive to the chains value it would be short term giving the team the ability to quickly recover and not be in the mess we are in now.

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