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?
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
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
When will the passed proposal be implemented??
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. 
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
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.
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.
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.
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.
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.
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.
I think this is the only option, Luna is already a bit brand, if you drop it, theres not gonna be a backup for terra. There is a need to change mechanism of backup. Lets kill terra, save Luna and start with another mechanism of stablecoin.
Exactly! They should tweet a few times a day with real actual update. Keep us in the loop!
Reality is there is nothing TFL can do to stop the bleeding. No company has offered Terra any funds to fight off this massacre and now so much luna has been minted that there is no hope in hell of salvaging the token. the theory of UST re-pegging is also being proven to be a fantasy that is not happening in the real world. i guess at best the team might be thinking how to save the terra ecosystem as so many projects were building on Terra. many of them might be moving away from Terra too. if 4 days after the de-peg there is no specific steps to handle this de-peg , we should realize that getting updates few times a day is impossible
Just a thought, Terra Market cap roughly is 5 million USD worth right now.
If you simply Burned 9.95 million worth LUNA token using the LFG money. It wont hurt the total much while improving the value of LUNA coin by a lot.
Then at the same time you release the patch which improves the UST peg by allowing it to be burned at a faster rate. Thoughts?
improving luna token value is not a priority of the team.
the whole concept of the terra blockchain was the stablecoin UST pegged on a 1 dollar equivalent of luna.
UST was supposed to be a stablecoin with 1:1 peg. without that the whole project becomes invalidated
Improving trust in LUNA will have a massive effect on UST though.
Spending 5 million to bring trust back might in the interim work to provide UST the breathing room it needs for a few days until UST burning is back to speed. All of this is just a lag problem from what I can understand.
Lag is pretty dangerous I think. I can relate this to a game where you can see what the future would be like but because there is lag everyone knows what’s going to happen. The lag needs to be reduced to the point that no one can take advantage of it.
if traders already know that UST will be minted, that gives traders an advantage. if traders already know that LUNA will be minted that also gives shorting traders and advantage.
The core problem to me seems like we need to remove that advantage of knowledge by making the burning faster than the traders can react to.
Just thoughts here though I am no expert.