[Proposal] BURN and REMEDY fee with each LUNA transaction šŸ’Š [PART I]

True. Gov bailouts ā€¦ Central bank bailoutsā€¦ but that is reserved for the 1%. Doesnā€™t work for us plebs.

" No one couldā€™ve thought they would print 7 fkin trillion"

Dont forget the cashio hack infinity brr print , the iron bank run on polygon

condoleance to the victims

Where ever is an exploit possible, smart people use it. Because they can, and they will make a shit to of money.

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I really like this idea I have been thinking on how to solve this issue all weekend and a % burn till they get to desired goal and then switch it to a tax to help fund other projects would be great plus it would build reserves to stop a depegging again once the desired amount of coins is achieved

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This is the only real and viable plan, all others focus on forks which will not work, the only way to gain back trust is to weather the storm and rebuild what you already have

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Especially that LUNA has amazing ecosystem. Its a waste to throw it away.

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The 8 Steps plan seems viable as well:

this is just not good
UST is extension of LUNA, there is nothing without LUNA

I support CZ proposal that every LUNA holder is equal. After restoring LUNA we can talk about bringing peg to UST
it will take time to recover

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This is an extensive plan, better than a roll back. Step five is deflationary measures, that would be where the tax fits in.

The downside is itā€™s a lot for people to take in, and will be hard to get buy in.

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I think this BURN and REMEDY fee is a far simpler solution, but thatā€™s my opinion only. We will see how it will go.

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Well thought, if it can be done on-chain it may certainly work as a relief and send an urgent message to the world ā€œweĀ“re moving onā€¦ā€ But, in my view, the network as it is now is fatally flawed and canĀ“t be left this way. If it is deployed again, the crash is certain to reoccur and that would be the end. To me, luna needs to be upgraded adding real backstopping power by being fully collateralized (over-collateralized) UST et al can remain pure algo pegged, but the master token really needs collateral and a stable one. Otherwise, arb bots and whales will butcher it again in no time.

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The attacks will re occur, but the community is strong.

ā€¦Weā€™re basically a village that burned to ashes, but fortunately most of us still live, we need to rebuild, and within that rebuilding we need a plan for a giant wall to protect against Wallst attacks. Which I believe will come

The most important thing now is we to deflate the Luna supply. The tax is the current best idea to do that.

Everyone here, I would recommend trying to get a little Luna weā€™ll itā€™s almost free, getting back in even if itā€™s just a little bit, will help the community all be aligned with the same goals.

Right now no UST is redeemable to mint LUNA. That is good for now.

If we can get enough people to buy LUNA now (who will make a killing if the chain survives), we can bootstrap LUNA market cap to greater than number of UST. (Edit to add: If we can 4x LUNA to $0.0016, we will meet this condition. Not easy, but not crazy either!)

I would suggest at that point to start allowing (very) limited redemptions of UST to mint LUNA (say < 1% of market cap per day as a starting suggestion). Any time market cap of LUNA goes under number of UST, no more redemptions. This is key to not causing another death spiral. (Edit to add: I will spin this off as a separate proposal once we hit the $0.0016 LUNA price threshold.)

As people see there are redemptions at full value, UST can approach the peg. Sure, it wonā€™t be $1, but say it can get to $0.7-$0.9. Then more people might buy LUNA, making more redemptions possible, which increases the confidence. The goal is to bootstrap UST re-pegging in this way and save LUNA too. We are giving up short term UST peg for the hope of long term survival and re-peg.

Note that people who buy LUNA now will make a killing in this scenario. Thatā€™s what we need. I will support ANYONE to make tons of money, so that I can get my old money (which I put into an ecosystem with a design flaw) back. If any old or new holders wants to get rich, they can help by buying LUNA now to have that chance.

If TFL (or any whale) has $1B (or $100M, or $10M), they can help the bootstrap by buying LUNA (and burning some with the fees). They will come out rich too!

This will fix the design flaw, make new people rich, and make old supporters whole. No one will be left out, and no fork is needed.

And a last note: I feel bad for EVERYONE who is out money, whether on long term UST, long term LUNA, or short term LUNA. We all deserve a chance to save things for everyone.

9 Likes

I agree this solution doesnā€™t pick sides and supports community as a whole. Thats what we need :smiley:

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1,7 M in 2 hours :smiley::smiley:

I agree with this. Real trust could arise if the devs could fix the chainā€™s current state.
Also the dev team will be separated, see eth classic and eth.

Lets post this proposal on other threads and make noice about it :smiley:

I think can rebuild stake $luna and can give people for reward tokens looklike Cardano or someone else
In staking can burn :fire: all luna on stake mechanism for recover supply right now and after a year give back 50% or less thank token with high price

Or on Exchanges make mechanism if like stake on exchange give you another token and burn $luna staking

What about when the lots of new millionaires want to cash out? :slight_smile:

Thatā€™s fine, they are millionaires in LUNA, so they will sell LUNA to someone else. The point is UST will not be redeemable in a way that wrecks LUNA any more.

If someone sells a big bag and crashes LUNA market cap below the number of UST, the UST will be ā€œstuckā€ again (at least in my very simple proposal above).

We could build reserves, we could allow sub-$1 redemptions, etc. to prevent UST de-pegs. There are lots more options to think about once the chain is in a better spot.

1 Like

Best way out.