Constructive Support
Burn USTs Everywhere Concept
The burn USTs everywhere concept seeks to reduce UST debt liabilities by burning the UST held in the community pool and in cross-chain liquidity incentive pools
@AtoZ:
The pool has been drained significantly and continually.
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Current community treasury account [source]
USD (UST) = $1,017,233,195.48 -
Curve.fi Wormhole pool [source] still shows ~123M USTs to 737k 3Crv. ~167:1 UST:3Crv ratio continues to put significant pressure on weighing down the UST peg. It will not let up until these shares are taken out of the pool. Curve UST-3Crv liquidity charts [source]
Note: The UST price is off by a decimal to the left. -
Wormhole wrapped USTs shows ~10.7M [source]
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Polygon wrapped USTs shows ~14M [source]
Two things are confirmed:
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An oversupply of USTv1 in all DEX platforms and continued drainage of the treasury
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No one is bailing out the UST so a new USTC (UST Collateralized or USTv2 in our proposal) is necessary, no way around it, as fear continues to pressure demand to the floor
At this rate the conversion from USTv2 to LUNAv1 minting will cause further dilutions. Pretty soon everything is going to be out of whack. We recommended starting with 3:7 LUNA:UST to stop worrying about further pain and focus on fixing the network. If this system drops completely of value then we suggest 1:2 LUNA:UST LUNA ownerships with UST restitution program protected. Nobody wants 1000:1 LUNA:UST because that is not a good starting point for a community.