I am not a dev, I don’t work in crypto. Just a guy watching this unfold this week and I have some thoughts. It is cool that anyone in this space can come up with ideas and weigh them with other members of the community.
I think the steps below are a possible path to restoring faith in Terra Luna while helping everyone recover from the losses sustained.
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Freaking communicate to your people via Twitter often during this process. The lack of communication made this so much worse.
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Halt everything now. Decouple Luna and Terra (probably have to fork, I’m not a dev).
-This is to prevent this kind of attack from happening again. I know this goes against the whole concept of Terra Luna but the concept didn’t work.
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Make Terra a collateralized coin. With VC backing, proceeds from burning, inflows. (see 4.)
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Burn Luna and UST to restore value. Make an announcement about this which will cause people to buy in before hand driving the price up. This should help with people who bought in and lost this week. This gives them an opportunity to hold and gain or buy back in at pennies and ride the coins back up.
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Restore value to UST / LUNA stakers and holders to pre-attack snapshot from the money generated in the above steps / whatever is left in LFG
-The wallets that get made whole have to keep their tokens locked for a set period from when they originally staked to keep everyone from unstaking at once.
-To make something sustainable maybe lower the anchor / luna staking apr for those before the snapshot. Have higher apr for anyone who wants to stake now.