Proposal on Luna and Luna V2 (Using Binance Mechanism For Distribution)

Governance & Proposals
1

SUMMARY

Hello my fellow community members. It is important to note that our community has grown obviously in this recent attack.

How can we ignore the facts that the followers or Luna Twitter account has increased more than 300k followers now?

Please do not discriminate the new members. It is normal that for a project to gain new members. That’s how a project do.

MOTIVATION

This project is too big to be abandoned okay. With a large group of supporter, builders and investor, this project must look forward to sustain itself. I have two proposal here to be outlined briefly.

PROPOSAL 1

I would suggest the distribution of new Luna V2 token is made by calculating of stake held over supply in every 30 minute block snapshot.

The snapshot to be started at PRE ATTACK UNTIL A SPECIFIED DATE (maybe end of this month). This will applies to both $luna and $ust holders.

This is to ensure the fairness of distributions among the holders. This fair concept is also adopted by Binance for distribution of token in Binance LaunchPad and LaunchPool.

The snapshot to be done in every 30 minute block and for each block, the stake of a community member will be determined by his share over supply during at the time.

Then, token allocation for the 30 minute slot will be determine by how many slots exist between the pre attack until halt. This method is only for the main allocation that is for the affected community members.

Therefore, one holder will entitle to earn certain portion from Luna V2 based on his cumulative ownership of old Luna along the incident that start at pre attack until the final snapshot.

The other allocations of Luna V2 surely for marketing, development fund and developer team.

PROPOSAL 2

I would suggest that the current team use existing fund to QUIETLY buying and stockpiling the current $luna token and at a suitable time announce the burning of this large token.

I think by this way $ust and $luna will go back to its peg and business will be as usual for all. When $luna market cap back to normal, surely it’s inflationary would be stabilized. Then, new $luna V2 would be not required.

Only the mechanism of pegging should be improvised. The $ust debt then (if any), should be restructured and repay gradually with some interest from the protocols fee.

As a large and high volume chain, I believe it wouldn’t take long time for repayments.

CONCLUSION

I hope all of you will consider this proposals and please share your thought. Thanks and taking care. We are all affected, but I believe if we unite then we will succeed. Regards from Malaysia.

CC: @dokwon @dokwon.terra @terra @terraformlabs

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2

Proposal 2

Quietly buying LUNA on exchanges and then announcing a massive burn might help, but then Do Kwon will have to explain his post about the airdrop proposal, in which he clearly stated that UST will be abandoned.

Bluffing about the airdrop in attempt to shrink LUNA’s supply and re-peg UST might completely destroy trust in the team and UST. Then what’s the point of re-pegging?

Right now the trading on Binance has been resumed, so many retail investors will throw money into LUNA without understanding that market cap has been inflated in the last few days and that LUNA’s price won’t bounce back to the pre-attack levels. LUNA already has over a billion market cap at the price of $0.0002.

The question is how to properly handle such a huge buying pressure from retail investors after the UST burn mechanism has been disabled?

3

Dear All members,

Principles of this plan is on Justice & unbiased approach to solving the problem.

Keeping emotions aside, Please stop thinking about your own loss for a minute, just stop. you’re not the only one - let’s think about justice & a way for all & not just ourselves. There are countless investors who were butchered by this event mercilessly. Many have commited sucides, Many might in the future. May god save all of us. so please stop giving bullshit proposals which only serves the side you are on.

Like many, I have lost 100% of my life’s savings ($60K dollars), nor I have a job to go back to. I am literally on the brink of bankruptcy & going to Jail (I owe a big amount to my brother-in-law as well which was wiped out by this event). So if he sues me, I am going to Jail. I have failed my family & 3 kids.

People who have fled with their Terra investment in slight losses (be it Luna, Tust, etc) - congratulations to them on making the wise decision. Many, including me were overconfident. People who are stuck with any form of Terra coins/token in their portfolio - are the ones we have to think about in terms or revival.

It is such a stupid - stupid argument when anyone in terra community tries to pick sides by distinguishing LOYAL set of users/investors OR Before the attack or after…etc. Well, what do investors have to do in order to show their commitment to Terra other than putting their hard earned money… Open our heart with knives & show it to you, for you to believe??? or your logic is… their hard earned savings doesn’t matter to you coz they invested 1 week ago & not 4 years- so it’s not essentially your faul but theirs as they trusted Terra??? You cannot quantify emotions/logic/Loyalty here, we all were fooled. I am sorry you just can’t or should even try to. What matters here is, money was rekt & most importantly people’s lives are now devastated & needs help and healing.

The proposal below aims at minimizing damage in a just way for all & not just me or you. Do not focus on the value of coins or tokens before depeg/after or distinguish small investors vs big investors, UST holders or LUNA, etc. wouldn’t you agree - They are all biases based on which side you’re on? Remember, if you bought LUNA at any price level $119 or even at $0.5 - 99.9% loss will give you the same results & losses. Same with Tust.

The right & fair question to ask here is: How much capital did users invest that they have held till the very end? how much do we have in LFG reserves & How much of it can we compensate with our new plans & systems in place?

Let’s use on chain analysis (minus individuals who are out of the system & are not at further risk) - we can simply check user’s capital investments & decide at level of reimbursement which can be made. if it’s 30%, 40, 50% - whatever that % is - will help everyone equally. All soldiers who faced the attack with bravery…held their investments till the very last minute, meeting the death of the investments - should get fair & equal treatment.

Again before replying, be honorable & don’t think just about yourself & the side you’re on.

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