There is another way without forking I think, the plan is
1 - stop trading Luna and UST in both on chain and off chain exchanges.
2 - take snapshoot of luna and UST buy trads and still not sold and redeem Luna to UST and UST to Luna in which 1 UST = 1 USD in luna at that time and 1 Luna = X USD in UST at that time. Then burn the redeemed coins at ratio as will be explained . For example if someone bought 1 luna when it was at 100 usd he/she will get 100 UST and the swapped luna will not burned and if someone bought 2 luna when it was at 50 usd he/she will get 50 UST and burn 1 of the swapped Luna and if someone bought 10 luna for 10 usd he/she will get 10 UST and burn 9.9 of the swapped luna, and same thing goes for swapped UST to Luna .
3 - after burning the circulating supply of luna and UST will be back as it was before the attack .
4 - open trades for UST to stable coins at price 1 UST = 1 USD in stable fiat or coins
5 - open trades for Luna / UST pair only at price 1 Luna = 100 UST, and Luna to other pairs when all Luna redeemed sold out.
buy this way all people who bought luna and hold will not affected likewise for those who bought UST since the only way to buy luna is throw UST and the only way to buy UST is throw stable coins till open pairs opened
who agree ?
Maybe im missing something, but this doesnt look even remotely possible and doesnt make sense.
your dizzy, get some meds
Are you proposing a rollback in time? It’s basically the definition of the hard fork btw. One thing, even if you roll your clock back, people will try to escape UST immediately, so it will depeg in minutes.
I like this idea its kinda like rewinding the clock a little…so essentially if I was a LUNA holder…which I still am sadly…I would be swapped out for UST? Is that correct? I’m not a mathematician but it does sound like a promising idea.
you are correct. there is no capital for the swaps or redemptions. makes no sense. sorry
Sorry, but the best thing is to just burn #Luna, a real blockchain, you can’t go back in time,
it loses even more trust;
1 Luna = 100 usd ( not UST at this price ) so if you bought 200 UST for 100 usd you will get 1 Luna not 2
so first all UST holders will convert their UST to Luna and stake them in a pool , so there will be no UST supply since all UST converted to Luna . same thing goes for Luna holders, they will get UST for there Luna they hold. the amount of UST they will get is depended in how much USD they bought Luna so if they buy Luna for 100 USD they will get 100 UST if they buy Luna for 10 Luna for 10 USD they will get 10 UST but not immediately . now if some one want to buy Luna he/she will need to buy UST first , but this time to prevent manipulation a trusted third party will be responsible for selling all the UST so they make sure that 1 UST will be sold for what equal to 1 USD. and those UST coming from the sales ( not the swapped ) will be distributed to the pool equally . now why I will be selling my UST less than 1 usd when there is enough reserve for it in usd.
you would ask why people will buy UST in first place. The answer for that is to get Luna token. then after all Luna sold out they can open trades for luna to other pairs .