Plan to revive both LUNC and USTC - Phoenix resurrected after near death

Summary
1/ Change the operating mechanism of LUNC and USTC. Stop opening Lunc and ustc mining.
2/ Tax 20% - 2% gradually decreasing according to the total circulating supply.
3/ Create more ecosystems for LUNC and USTC, support staking with these 2 coins with a longer-term staking mechanism. (This will stimulate investors to put money in to make a profit, and you can deduct 15% of the total supply from the stake supply) - This mechanism for long-term investment, the profit and value of lunc and ustc will return to the original landmark.
4/ Create more media news, interact more with investors. This will let everyone know what you are doing, and what you plan to do. In addition, it will also attract new cash flows.

Motivation
1/ Currently, the main problem is caused by the algorithm mechanism of Lunc and USTC. It should be removed, and let LUNC become a community coin. USTC will be pegged to USD to get the rate back. Stop mining lunc and ustc, so that the supply does not automatically increase when the plan is being implemented. This is very important in this plan.

  • In terms of efficiency, you can review the history a few days ago, when the community tended to burn a small amount of lunc to restore lunc, but the mining mechanism of lunc and ustc killed this plan. So this needs to be stopped immediately before the consequences have been resolved.

  • Also, stopping the mining mechanism will create more scarcity for lunc and ustc in the long run. This will make lunc and ustc respawn. And investors will see this when you do, new money will flow in according to the plans below.

2/ Taxation of 20% - 2% of the total circulating supply will vary according to the current supply. I found a rough calculation for this from another recommendation: LUNA and UST resurrection - Google Sheets

The current increase in total tax to 20% can be adjusted to 15%. Because currently lunc and ustc prices are quite low. So this can help you to attract the money coming in to handle your lunc and ustc.
High taxes, in exchange for what? Why pay tax up to 20%? Because in part 3, 4 I will make it clear. You will need another method to be able to support and go long with investors.
=> all taxes must be burned.

3/ Need to create more ecosystems for lunc and ustc or take advantage of existing ecosystems to encourage investors to use their lunc and ustc (To be able to collect taxes to burn down the supply).
For example, currently lunc and ustc are almost reaching the point of no longer worth, hard to sell, but if you take advantage of it, to support staking or invest, you will get other coins, btc, luna v2, eth, dogecoin,…etc…
=> Existing coins will be able to help create more opportunities for investors to earn back their capital in the long term. That investors will accept a 20% fee trade-off, the reward can be gradually reduced according to the burning fee. Because if successful, lunc and ustc will have the same price level as before or more. Add the remaining number of luncs. Then this will be a completely beneficial deal for the community and big investors.

4/ After everything is set up, or before that, let investors know what you are going to do, and how you will do it, to gain more trust and support for this community. You need to interact more, because during the incident and now, your interactions with the team are completely inappropriate.
When we do, let’s continuously push the media and keep the community informed about our activity, completion, and processing, so everyone knows where we’re headed.

Proposal
1/ Will solve the flaw in the mechanism of lunc and ustc.
2/ Helps to significantly reduce the supply volume of the market.
3/ Help stimulate investors after the crisis to use almost worthless lunc and ustc to create new opportunities for revival after the crisis.
4/ Help people better understand terra and the ecosystem, terra community, luna in general.

25 Likes

3/ Add more
When the coin reaches certain values, the reward will be able to increase unlimitedly. It’s helpful at first, but it’s going to be a lot later. This is a huge opportunity for terra and this community.

  • When the coin reaches certain values, the reward will be able to increase unlimitedly. It’s helpful at first, but it’s going to be a lot later. This is a huge opportunity for terra and this community.
    => Existing coins will be able to help create more opportunities for investors to earn back their capital in the long term. That investors will accept a 20% fee trade-off, the reward can be gradually reduced according to the burning fee. Because if successful, lunc and ustc will have the same price level as before or more. Add the remaining number of luncs. Then this will be a completely beneficial deal for the community and big investors.
5 Likes

That’s a must as we have already more than 6T.

I see that a tax over transaction value is not affordable and will broke the system.
A fee over the gas fee can be affordable, but as commented in the thread of gas fee it may be beneficial to CEX and impact the the projects as well.

So I guess we need a long term plan of burn, similar to BNB at least, but more aggressive to be attractive.

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great , do you think the vote can pass

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A tax of 1% will reduce the total volume of tokens from 7 trillion to 20-40 billion tokens in one year. A tax above 1% will interfere with Poland’s trading volume.

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Algorithm stablecoins working still, the Luna Classis project priority must be that It works.

totally agree. So I have more details below, it should be well rewarded for the high taxes. but then the tax will be reduced according to the remaining volume until the desired level is reached. that’s the short-term solution in the long-term to restore these 2 coins

So how do we implement this plan?

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depends on do kwon. because the details I have written down, and the techniques are doable. because they have done it in the past

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How can you peg USTC back to USD after the bankruptcy of the algorithmic pegging?

Podría funcionar si pasa la votación!
Muchos seguimos holdeando USTC o Lunc.

the removal of ust from luna will be step 1, anchoring ust to usd will be step 2. restoring luna, will pull capital back, and need a stable coin to circulate the terra, ust ecosystem would be increased the quantity demanded, the price would be pushed up to something that could still be below $1, but taxation would help save the luna, and ust would also have to be taxed at this time to consume less of the supply from market. From there in time, everything will be saved again.

I would suggest a target MAX and then fixed supply of LUNC to start and stop the tax. So not a date certain but a target supply. Once that supply target (around pre attack level) is reached then the tax goes away. Even if it took a year, the benefit would be continual upward pressure on price via supply reduction.

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Correct

Not a bad idea. Did you submit this for the vote? Where is the “station” for LUNC to vote proposals?

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Can we vote on that?

Is this process live?
If not, how can we push that proposal?

My suggestion is to keep the connection between UST and Luna. But: As long as the amount of Luna tokens over a to be defined target value, UST can only be swapped to Luna if Luna has been burned before. For example, only if 2 Luna have been burned by tax, 1 new Luna can be minted.

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A good plan. Many variations of it around. Instead of a high tax I would suggest a low 2-3% transactional burn rate until the desired coin circulation is achieved. It may take a couple years but see steady value growth. See station.terra.money/proposal/2069

But first this project has to be taken seriously again by Terra itself. Right now it looks completely abandoned. You cannot stake, you cannot do anything and the Terra wallet does not correctly convert LUNC but applies the conversion rate of the new Luna. Governence is non functional. The Terra Station wallet looks like it was thrown together by a bunch of school kids it does not look like a serious project. How to inspire any confidence like this? Fix all the silly bugs, correctly display currency conversions for start and please while at it start showing the correct abreviations for currency. Grow up and be taken serious Terra.

2 Likes

I’m in. Make it an official proposal.

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Whitepaper for Lunc? or plans, Or do we wait for his death? :joy: