Why have the team not acknowledged this proposal yet? It is one of the only sensible ones I’ve seen. Do the right thing Do Kwon. We need to burn a shit ton of $LUNA and try to save Terra Island for the projects built there.
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it’s on vote, let’s see what they choose.
There is no vote yet.
How about turn UST owners into bondholders. Anyone who wants can stake on Anchor. They get locked in for 12-24 months. Either the interest it generates is guaranteed 1:1 swap with BUSD/another stable or we guarantee 1:1 swap after the lockup period.
In the mean-time people can just trade UST at market if they want and let Luna grow in value. You can turn the pegging algo back on later, but it should be a weaker version so it doesn’t disrupt Luna’s growing market cap.
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What can we do to get more publicity on this proposal ? I am trying to ping all validators and protocols on this one, but not much at this stage. Let me know, happy to help
By the way, the vote is live, but might be too early as it requires discussions 
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Give this Tweet some love to get the attention of the team to this proposal guys.
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这个才是负责、且切实有效的方案
Absolutely.
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Luna team,
The analysis and advice provided by Nikola-HydraChain is invaluable if you wish to save this project. It would be foolish to not strongly consider following exactly what is recommended, and to do it fast, as project trust fades with each hour of silence.
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Great proposal.
Nice seeing someone passionate about the project. The creator of Luna post was an abysmal disappointment. Clearly he’s already jumped ship.
Quit the minting and start buying / burning Luna and project is saved.
Whoever had the idea of minting to stabilize should be banned from contributing any ideas.
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Minting LUNA doesn’t burn LUNA, that’s clear so assuming a typo, I refute the point that there would be burns during a crisis.
I don’t see why the market would ever push UST back up if the ratio drops. This mechanism lowers the # of LUNA minted but there is still LUNA minted, depressing the price. Now UST holders are stuck at a depeg until LUNA gains value, I’m not sure why anyone would continue holding UST with uncertainty that LUNA value increases in the short term, and each exit that’s arbed back into the system mints and possibly sells more LUNA therefore decreasing price.
There is no burn without new UST printed and there isn’t a strong incentive to print more. If only LUNA holders can print UST, and UST can’t get back to a dollar without LUNA receiving new inflows. I’m not sure what market participant enough inflow would come from to counteract the assumed sell period the system is in.
How does it become possible to take 80% of value while still giving the inflow proper value back?
These are good ideas but all this does is lower the amount of Luna minted in a crisis and guarantees UST loses value if so. Meaning if it ever gets to this edge case, UST holders would sell until the market comes back. These sales cause arbers to mint LUNA making it reasonable for LUNA holders to sell as well.
Adding reserves here adds systemic risk as most people using the reserves aren’t holding the asset, they’re there to arb and secure profits. There are many ways all this can get mitigated, but if a window opens for an attack vector it will all come right back down. The best mitigation would be robust native liquidity instead of relying on cross chain mercenaries, this only lowers the risk and speed of a bank run but won’t ever get rid of the risk.
Additionally, trying to do this at the state we are now is near impossible imo. LUNA would just get scalped up and down and would never get back to a $1 peg. All LUNA buys at this rate are only for exit liquidity.
Good discussions points!
What makes you think that it is too late ? That’s also one of my concerns.
Having clear visibility on remaining LFG assets would be useful to understand how much room is left
Hey man just wanted to correct bit of your math. Luna current price is not 0.003, it is 0.00015. So $1BN can buy 6.66 Trillion Lunas at current price. So its totally doable. Just don’t announce it make day traders sell their positions and buy them at even lower prices perhaps. After completing the purchase, like 6 trillion Lunas, then start burning them but not before.
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I lost my money too, but if you’re gonna reverse, that would be considered robbery and against blockchain and free-market principles. I’d dump it the first opportunity I have and be out for good. Who would want to buy a stolen product then anyway? It’d probably be worse than the current price, and nobody would buy the dips then because you could reverse it back again later on right if you don’t like the outcome? This reverse idea needs to be discarded.
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if ethereum can burn eth, why couldn’t terra do it? terra foundation don’t need buy luna, just have to updated code, burning fees.
@Nikola-HydraChain can you add the proposel url in your post? Proposal/1242, is related with your post.
Thank you!
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guys, please get on and vote, 1% so far, all yes, 0 no. 99% unvoted.
if you have voted, please email, tg, discord petition validators.
sooner we get this through the better.
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Greetings @Nikola-HydraChain!
I consider your solution to the current problem the most adequate among those proposed at the moment. Moreover, compared to the solution proposed by @dokwon , the set of measures you proposed will not only restore the prices of UST and LUNA, but will show the strength of the Terra project and its community.
Many holders and investors lost huge amounts of money on the UST and LUNA dump, but there were also those who lost their deposit on the futures market because of this, I’m sure the real financial losses of ecosystem users have yet to be calculated.
The project developers, influencers and project officials also suffered reputational losses. Almost every one of us has suffered damage! We lose calmness, nerves, sleep and money. And we must accept this fact. Now everything is exactly like that.
Save Luna —> save UST —> save some reputation and save some lost funds.
Quit Luna —> split the community —> lose the rest of the trust in the project —> lose hope for decentralized money from Terra
The choice between the two solutions is obvious!
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