Hello guys new to here, despite Luna printer go brrrrr loved the community so far, so here is the only way forward.
Imagine back in time when US Dollar had a gold standart. Whenever you want you can redeem your paper US Dollars for some gold. This is where we were with UST and Luna. Whenever you want you can redeem UST for some Luna. So the actual valuable thing is gold and Luna. US Dollar and UST values come from gold and Luna not the other way around. (US Dollars decades of consistent and trustworthy backing its promises helped itself to divorce gold but thats another story.)
Now im not here to tell you about history so i’ll cut it here but its important that we understand where we are. Now imagine there are billions of tons of golds found somewhere on earth. That would make gold near worthless because its not valuable if its literally billions of tons of it. Naturally US Dollar would lose value because the thing backed it lost value. At the end of the day its just paper. (i know its more than that but for the sake of simplicity)
Now Luna is in same spot. Trillions of Luna are out there so they are near worthless. But somehow UST hold its value to some extend. Luna’s worth went from 120$ to basically 0( total market value went down as well). However UST didnt lose as much value, (only) from 1$ to 0.1$(total market value didnt lost as much as Luna again).
There was a glimmer of hope when chain was halted luna made some 15x gains in short period of time. UST to Luna ratio was returning to 1:1 ratio market cap value that is. But then again Luna printer go brrrrr.
This is some, for lack of a better term, Zimbabwe-level of inflation. But unlike Zimbabwe we can burn Luna. And this is THE ONLY way. Creating new token WONT work. Noone would trust or have confidence on new tokens if you abandon this ship. There are tons of people believe in Luna, so many bought the dip. If Luna printer is fixed, neccessary steps are taken people would come again. But if we abandon Luna for some arbitrarily distributed new tokens people would sell that new token immediately to cut their losses and fully abandon the entire Terra.
In conclusion not letting Luna printer go brrrr again, burning excessive Lunas only way forward to save Luna, UST and Terra. Given that for 1 US dollar you can buy 10.000 Lunas (that is 10bn Lunas for 1mn US dollars) it is completely doable.
Ps:Also here is a more professional solution that follows the same basic idea: