Agree that this seems to be the only way to revive / restore LUNA.
Think it is also worth considering a sliding scale exponential fee for txs higher than a certain value as % of UST or LUNA 'scurrent market cap.
For example
If a wallet want to execute a tx or multiple tx that is say 1-2% of the total market cap, the tx needs to be tx fee will be say 20%.
If 5% of market cap then 30% tx fee.
Think his mechanism is needed to protect from 1 actor moving the entire market and should be implemented as a community agreed formula to the tx fee structure.
What about CEX txs?
Possibly limit tx values on all exchanges and changed only as a passed proposal.
The voting poll for the MEXC x LUNA recovery plan has successfully concluded.
After receiving overwhelmingly positive feedback from the community, MEXC is pleased to announce that we are the first centralized exchange that goes above and beyond to initiate the LUNA recovery plan.
Over the past 2 days, we have gathered 12,948 valid votes and gained a 98.49% support rate to burn LUNA to decrease LUNA circulation on the secondary market.
The details of the MEXC x LUNA Buy Back & Burn Plan are as follows:
1. MEXC will utilize the actual trading fee received from the LUNA/USDT (Now renamed to LUNC/USDT) spot trading pair to proceed with secondary market buybacks on a daily basis. This plan will last for 1 month, starting from 2022-05-26 to 2022-06-26. 2. Terra has officially provided a LUNA burn address. MEXC will make arrangements to send LUNA tokens obtained from the secondary buyback of LUNA to the official burn address specified on a daily basis. 3. MEXC will provide transaction ID proof showing the transfers made to the official burn address on a weekly basis.
Note:
1. LUNA Burn Address provided by Terra official: Terra Finder 2. The actual trading fee collected is restricted to LUNA/USDT spot trading only, excluding ETF and Margin Trading. (MX Deduction and trading fee rebate will be excluded from the actual trading fee collected) 3. Please take note that MEXC did not generate the burn address and is not responsible for any fund movements made by the address after the end of the LUNA secondary buyback arrangement. 4. Please refer to the announcement of LUNA ticker renameïŒhttps://support.mexc.com/hc/en-001/articles/6907454317849
We appreciate your participation in the LUNA recovery plan.
Newâs May, 26-2022
I rushed a few times in my life and it brought me consequences that forced me to react and continue. Always reevaluating the situation to learn even more. In the course of 48 years I have had to start over 480 times or more. Maybe itâs time to put your foot down and start over again.
I wish you luck, lucidity and prudence in making decisions that can improve even more what is already good.
Sometimes more aggressive, sometimes not, but firm!
What matters is achieving balance between lifeâs variations, thatâs the only constant thing, change, movement and progress!
Letâs fight and may UST2.0 and LUNA and GLUNA be the 3 feet we needed. Have courage, letâs launch Terra Fiat Foundation. Anchor, help us with this!
Hug
LP
Note: Please release my user on Terra Station Governance. My contribution will continue to be important⊠Iâll manageâŠ
Binance will rename the current Terra network as Terra Classic network and support the Terra network airdrop . LUNA and UST tokens of the Terra Classic network will henceforth be referred to in this announcement as LUNA (old) and UST (old). Further details are shown in the timeline below:
LUNA (old) and UST (old) Trading Suspension:
LUNA (old) and UST (old) deposits and withdrawals will be suspended on 2022-05-26 at 14:00 (UTC).
LUNA/BUSD and UST/BUSD spot trading pairs will be suspended and all pending spot orders will be cancelled on 2022-05-26 at 15:00 (UTC).
LUNA (old) and UST (old) Ticker Change to LUNC and USTC Respectively:
The ticker for the LUNA (old) token will be renamed as LUNC.
The ticker for the UST (old) token will be renamed as USTC.
LUNC and USTC Trading Resumption:
Trading will open for LUNC/BUSD and USTC/BUSD spot trading pairs on 2022-05-30 at 09:30 (UTC).
LUNC and USTC deposits and withdrawals will resume on 2022-05-30 at 09:45 (UTC).
New LUNA Airdrop
We will distribute the new Terra 2.0 token (LUNA) to all eligible users based on Terra project teamâs token distribution plan. The distribution ratio per account will be announced in a separate announcement.
Itâs more economically efficient for LUNC-holders to use tx fees to burn $USTC directly.
As you approach mCAP of $0 for USTC, youâd be able to establish new on-chain parameters for the USTC stable that only allows mints and burns USTC based on a LUNC collateralisation ratio of 20:1 or so.
Why is LUNC tax&burning not supported? We have suffered enough and you have sacrificed LUNC. Leave us alone now, our loss is too great.
Who were these attackers?
Donât the stock markets know who made billions of dollars in a day?
Let them be found and their money and LUNC/UST confiscated and burned.
Decentralized. Cryprographic. These arenât just snazzy words that look good on twitter, theyre the very explanation of how this is nothing like a stock market, and any 14 year old with a cellphone can snake your dough and make it vanish.
Decentralization is a pure meme. It doesnât fit with the nature of human being but the illusion of decentralization fit very well. Same for a lot of snazzy word like this one.
