Summary
I am grateful for the community and especially developers’ effort to come up with a solution. Although I am not 100% happy with Do’s proposal, I would support it as I think it is better that the community can agree on some thing rather than nothing. In addition to that, I would like to propose we keep the current chain running, with some little tweaks such as limiting the rate of UST/Luna conversion or just make it fixed. This way, we would not lose credibility to people who believe in “codes are laws”. Moreover, there is a chance the current Luna can become a meme coin and thrive, who knows?
Motivation
The Do’s proposal is considerate for many, but not all stakeholders. I don’t think it is possible to make everyone happy under this extreme circumstance, so, I would support it. But, I also believe in codes are lawys priciniple. I think there is no point in debating who is more loyal believer in Terra to get more share, instead we can just let the current chain run with some adjustment as an experiment.
Proposal
- Keep the current chain running in addition to what Do proposes for a separate chain.
- Make an adjustment to the Luna/UST dynamics. My proposal is once Luna price falls under certain threshold, we keep the UST/Luna mining rate fixed forever, making UST effectively same as Luna (debt to equity in tradfi). Then we can create a new stable coin, call it UST2.