Plan for Reviving UST on the Classic Chain

Re-enable the UST pegging mechanism, except instead of pegging it to $1.00, peg it to $0.03 - a little below the current price. This will allow for use of a short-term stable asset, and will not require any fork - just the peg will be changed to $0.03

Most of the Terra smart contracts are based around UST. Currently UST is not very stable and keeps going down. If there was a short-term stable asset, the smart contracts would be safer to use.

UST repegging to $1.00 is nearly impossible. But we can peg it to 3 cents. This will be way easier and the price of UST will just stabilize around 3 cents, instead of falling down even more. As long as it won’t depeg (there’s no direct incentive to cause a depeg after this, i.e. selling UST), it will be usable as a short-term store of value for smart contracts.