[Proposal] BURN and REMEDY fee with each LUNA transaction 💊 [PART I]

Someone needs to add it on station.terra.money/gov, but I think we need to have more people aware about it first, so lets share it in as many threads s we can!

2 Likes

Best proposal so far, doesn’t burn one Sid or another.
Fork and roll back never the solution.
Only will make people to panic sell again before the other guy.
It’s not sustainable, we need to burn it slowly so people settle in and start gaining trust .

8 Likes

A vibrant community is an critical value for any crypto project. The fork proposal divided us into different groups based on our own insterests and roles, such as luna holders vs UST holders vs pre/post attack holders. Understandably, people should fight for their best insterest. However, no matter which group win, the trust, the community are all gone.

We should look at survival solutions like this one which aim to keep this excellent project, all excellent products (such as Terra station, Anchor, Mirror etc.), and the excellent community all together as whole.

No matter which role you are in, we are in the same boat now. Let’s sail through the storm together.

11 Likes

Attack was in UST. That fail not Luna. There is no need to fork the chain. It needs to have way better protocols. Anyone can cause panic and sink a token with the right amount.

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That’s why the suggestion is to add a burn tax as well as remedy tax. This way both sides win and there is no need to make a fork :stuck_out_tongue:

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I think that burning is the only option that makes sense. They should listened to CZ and burn this huge supply.

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One other point is that a fork is irreversible. We can try this approach now and see if it helps while still asking about what a fork might look like. But hopefully this could be enough…

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This is an excellent proposal that will keep the project and a single community, without which there will be no future. Now it is important that the developers see this proposal.

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This is its purpose. Community proposal. Not a dog vs cats proposal :stuck_out_tongue:

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After this whole fiasco in communication/price, (i lost a lot of money selling at 0.4/ust), I specifically created an account to propose this same IDEA, after a long walk in the park today: Let UST depegged (for the moment), increase fees, burn 90 % or them to redeem the “bad dept”, assign a new token to ust holders (the percent of the deppede value of the time of the transaction) (at the moment of withdrawal so that they can recover ALL their funds. it will be slow and painfull, but full recovery indeed, and let the system flourish (as it should). NOnetheless, the market will respond with immediat UST buys, as the peg will be restored and having an incentive to do so… My guess is that it will be restored rather quickly.

After, peg restoration, burn 90 % of current circulation (proportionally), and collaterize at 50 % with the current holdings (in usdc), 50 % as before. WHenever this happens in the future, this is the way to respond.

4 Likes

This is great proposal. TIMING is very important atm, so far it takes way too much time to solve this issue, and we all will lose if nothing will be done for days, in a few volumes will drop and it’s over.

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We should make some noise about this. Make them listen to this proposal, with hashtags, messages etc

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I think this is the best solution for everyone and we could even tax buy at lower and sale at higher tax rate …

1 Like

This is a good compromise for the whole community.

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Please retweet the tweet in the thread. If someone has create its own tweet please share it here too :stuck_out_tongue: Lets make #LunaBurnTax #LunaRemedyTax trending :fire::fire::fire:

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Lets shake the tweeter and like each other tweets!!! The only way they see us :fire::fire::fire:

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Anyone wants to share any of their tweets or has suggestions about this idea? :stuck_out_tongue:

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the problem is that today u could have 16B in btc and tomorrow they could be 12B with the same amount of UST. So they must have n shatoshi every UST

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Why call it a tax? IMO, a tax connotates a connection to a governmental body [e.g. EU VAT] vs. a fee which is more commonplace in the financial world and already used in crypto.

[Proposal] Burn and Remedy fee with each LUNA transaction

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I will fix it immediately :smiley:

4 Likes