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