Summary
Merge Terra Classic and Terra Blockchain and create One blockchain moving forward.
Motivation
Terra community, sometimes in life decisions are made on a knee jerk reaction. What happened in May 2022 if proven was a well orchestrated attack by Alameda and SBF. Now that we know the truth we need to work on making the Terra Community one again.
It is apparent to me that a Community owned chain has created more problems than it has solved. Simply put there are ‘Too many Chiefs and not enough Indians’
When you have too many CEOs in a project, it is impossible to move forward in an efficient manner.
Ideas get lost in politics and infighting.
I have since May invested over £200k in LUNC hoping to DCA back to profit. But the truth is, I can’t see this happening with the current set up. We seem to be going backwards, rather than forwards. We have lost momentum and I can’t see a way forward without significant costs to the community.
It’s not just about costs though, it’s also about losing valuable time. Instead of focusing on innovation, we are focusing too much time on problem solving.
Proposal
Leader
Have one leader - Do Kwon
Board
TR, TCV, Validators @ek826 @Zaradar @Rex1
@raider7019
Solutions
1: Merge the chains in to one.
2: LUNC, LUNA, USTC become the native currency of the blockchain
3: Create a new coin X - TFL will be issuers of this coin
The number of coins minted will be the equivalent of what the Market cap of LUNA & UST combined was pre Alameda attack.
Coins will be distributed on a 1:1 per actual funds they were holding at the time.
Coin X will be priced $1
For example if an Individual or Organisation was holding $100 in LUNA/UST pre Alameda attack then they will receive $100 of Coin X
This I believe is fair compensation for all the victims that were caught up in SBFs crazy world where we were all victims including Do Kwon and TFL
4: Coin X will become the 4th native Terra blockchain currency that can be used to transact for services on the blockchain
5: Decentralised networks need decentralised money…
Work on re-Peg solutions to make USTC whole again. It’s important that we work on creating a more robust mechanism to first repeg and then to maintain the peg.
Do Kwon, @Zaradar and community brainstorm to create solutions for USTC the current algo stable coin.
Collaboration is key to make USTC a success
Do Kwon had the right idea, now that we know there were outside forces intentionally attacking UST, it is only fair to allow DK to try and work on version 2.0 but with a team of innovators.
Hopefully with all the life lessons learnt from May to date, he is more humble and grounded and can finish what he started.
I believe life always gives us a second chance.
LUNA was his life, he named his daughter LUNA… I believe he was sincere in his actions, albeit a bit cocky and some sociopathic comments such as ‘Enjoying watching companies fail’ maybe that was just immaturity but hopefully he’s had time to self reflect and have some counselling… and come back as the Man in the Arena…
Karma hopefully taught him to remain humble.
DK is a flawed genius, he deserves another bite at the Cherry but with a team (The Terra Classic brains)
6: @wrapped_dday works on the Anchor protocol
7: @ek826 continues with the Terra Classic Grant proposals to bring projects on to the Merged blockchain
8: Continue current LUNC burns and explore external funding and DApps to burn LUNC to bring down to 10b
9: Figure out how Validation and staking of LUNA and LUNC will work for Governance purposes post merge…
10: We are all here to make money, to improve the world. We all have differences but we all have common goals and that is to make crypto a success. The world needs decentralised money…
