[Proposal] Help UST Pegging. Increase estimated minting capacity to $1200M

I can much better sense people’s desperation due to financial losses… Starting over doesn’t seem like an option, easier said than done…I hope Charles Hoskinson’s tweet is false, so that at least I know it is no one’s fault…

Blockchain halted, what does it mean?

Can anyone comment on what this means that the Blockchain has been halted

It means stopping all transactions in the network.

Someone here was talking about what Putin did in Russia with the stock market. well, not sure if we can even compare both things with one another, but yeah. halting means stopping.

Blockchain halted ?
So how some can sell for $ 4.10B ?

and he’s not alone

I think it should be evaluated to add a rebasing mechanics into luna token supply to target a value that maximizes value capture from the arbitrage that the market module does. Basically, after a certain point the market module would burn UST and burn LUNA.

In these conditions, there is just too much fresh supply and too little purchasing power that the value that is recaptured is marginal and it’s gonna stay like this. Luna can float between 0 and infinite while usdt is capped at 1, the stability mechanism need to account for this difference which is exponential in nature and not linear.

If you are interested into expanding into this, please partecipate in Humble idea for a new stabilizing mechanics

fork the network to Phoenix-6.

use snapshots to ID on-chain hodlers at whichever block preceded the attack.

voting rights for those remain the same.

if it’s possible, we need a way to set the “inflationary” tokens to the side for security purposes. Eventually discuss a fair way to bring these non-voting tokens into the fold at a fair exchange.

Just some ideas from a non-technical dude who is 100% not f*ckin selling

Now with >62% / 352m vote of yes. Why is the poll still open but not right into action?

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b/c the hyper-inflationary loop started and increasing LUNA minting only exacerbates the problem. New strategy is necessary. We have the brains to do it

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Those transactions are off-chain internal on that exchange.

Terra validators have decided to halt (temporarily pause) the Terra blockchain in order to protect the governance from attacks following by the severe $LUNA inflation price No more blocks are generated on Terra blockchain network after the block height of 7603700

Source

When will the passed proposal be implemented??

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Although Putin did it, we here do not believe in a dollar for 65 rubles, nor in the stock market, nor in anything. The prices of imported goods are only growing, even our wood, of which we have a lot, has increased by 60% over the past year, and some of food products have doubled in price. :woman_shrugging:

Stupid question…
Why we have to wait 7 days to introduce this modofication?

I know it was the rule…
But now validators stopped the chain and changes the rules. No more different voters will join…

So proposal are voted…please apply it before the canonical 7 days

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Very good proposal.
Additionally, if still we need to wait 6 more days, Why not validators halt the blockchain for this duration. So no inflation or deflation takes place. Once th time comes, then start. this it will be a win win situation.

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Hey all, going to throw out a likely obvious idea but I think it may be valid given the circumstances. I think the “bail-out” of UST needs to be decentralized in order to succeed, and certainly to succeed in the long term. I think Terra’s protocol needs to be changed to allow for multi-collateral for buy & burn of UST. The protocol needs to allow for collateral other than Luna. IMO Luna’s value (and general community support i.e. buying pressure) is now too little to maintain UST’s peg for any significant period of time. The protocol needs to create a collateral pool of large cap ERC20 assets that can be bridged through Wormhole/Shuttle. Reward collateral liquidity providers with UST and Luna.

HOWEVER — this collateral pool needs to be initially funded by Terra’s core community. The Terra Labs team, LFG, Validators, etc. The people with large exposure to Luna and a long term vested interest in Terra’s rebuilding.

Once the collateral pool has been seeded by this core community, it should be enough to get UST back to the peg esp. once this proposal has passed.

To maintain the peg, the collateral pool needs to be funded by the crypto community at large. Lean-in to decentralization and the economic incentive of getting phat Luna rewards by committing USDC and wrapped ETH as collateral.

Terra needs one hell of a shock absorber to actually maintain the peg after this meteoric crash, and I think the only way is to open the protocol.

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Does anyone really expect the peg to recover at this point? It looks impossible unless we fork and get external money into the system. Who’d have thought we’d be in this position. What a humbling experience the last couple of days have been. I’ve been staring at a stablecoin chart non stop.

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As long as there’s demand for LUNA, the circulating supply of UST is going to decrease. The demand for LUNA doesn’t seem to stop, and the demand for UST is not bad, therefore I believe that it’s going to repeg.

One thing that would help a lot to repeg is trust. It’s the trust that keeps fractional reserve banking system running.

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Trust would start to come back if Do Kwon would be more communicative, showing that he’ll do everything he can, hour after hour day after day. Not just a forced tweet every now and then.

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Agreed. I understand they are in a super stressful situation too but the lack of communication is what made me doubt this thing can actually be saved. I held my UST for 2 days but I just don’t believe its possible to re-peg unless some VC steps in. I’m still holding a shit ton of Luna (pre crash prices). So I would love to see a recovery of sorts but my expectations are low at this point.

I honestly loved this ecosystem. So much so that I locked up a ton of funds in Astro and Mars. Calling the last couple of days painful is an understatement but imagine what it’s like for Do Kwon.