[Proposal] Tiered repayment: 1:1 USDC refund to all UST holders up to a certain cap per-wallet using LFG funds, favouring small wallets [TEMPORARY]

Governance & Proposals
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Original proposal:

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Mods: may I know why the original topic was locked? Could you disable it from being auto-locked? It may have gotten a lot of reports due to its massive popularity (which would obviously attract an equally massive amount of bad actors) so I think the main thread should be exempted from the forum’s auto-filters, especially considering it is a major proposal with backing from Vitalik that is actively being considered by the LFG. Thank you.

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In case this thread gets blocked again, please feel free to join the discord channel created as backup communication channel for FatMan’s proposal. FatMan Proposal Group

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Hey FatMan, @Antithesis created a discord server for supporters of your proposal to discuss. We need our own communication channels that can’t be censored. FatMan Proposal Group

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Oh, cool. Will hop in. Thanks.

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The original thread was locked due to a spammer who posted an offensive comment, which was flagged down but resulted in the entire thread being locked. It doesn’t make a whole lot of sense. There was a thread on Agora explicitly calling for harm to come to Do Kwon and despite the OP’s post being hidden, the thread wasn’t taken down. The same individual or group also had other popular proposals taken down but not @Dokwon’s. Very suspicious if you ask me.

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Just keep posting copies of it!!! They can’t silence the masses!!!

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It got locked because some mor*n was shit posting and threatening violence on TFL members. I assume it’ll be unlocked shortly.

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It was set to unlock in 4 hours and then it was reset another 4 hours before anyone could post anything.

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I switched from ANC to Binance to bet.
My stake is locked on binance cannot be withdrawn, Binance should bear part of the responsibility

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This proposal makes the most sense for a few reasons, which I will encapsulate, which have already been touched upon by many other contributors:

  1. UST was a stablecoin. The trust invested in the stablecoin was where the value of both LUNA and TFL came from. That is the core of the entire project historically, and possibly going forward. This differentiation between UST and LUNA is extremely important, because no matter how much money anyone may have lost in LUNA, LUNA was a speculative asset, as is evident even now with the movement it is experiencing at this moment. Speculative assets are, by their very nature, risky.

  2. The value in LUNA was derived from trust in UST. Therefore, to generate any new semblance of value in LUNA or a new fork of LUNA, it is the trust in UST that must be created.

  3. Anyone who sold UST after the depegging event did so rightly, because the stablecoin ceased to be a stablecoin. Anyone who purchased UST after the depegging event became a speculator, and falls into the same category as LUNA, wherein there is no obligation or expectation of stability, but rather, the potential for heavy gains or heavy losses.

  4. This all amalgamates into the reality that LUNA, and post-depeg UST are speculative tokens, and therefore, any losses or gains accrued within these commodities are the responsibilities of the investors and open market forces.

  5. This leaves only one group, and that is the original UST holders - they are the ones that kept burgeoning the value of Terra and LUNA, they are the ones that were provided security and guarantees, and they are the only ones that were not speculating. Therefore, not only are they the ones more gravely wounded by the depegging event, but they are the ones that are required for Terra to come back in any form, and the only way for LUNA to gain any real value.

Therefore, due to all of these reasons, if the math checks out and a majority of < 250k wallets can be 100% reimbursed for UST holders within the Anchor protocol, these parties are the ones that formed the bread and butter of the Terra ecosystem, and they are the ones that are required to bring any value to the future of Terra. In order to do this, we must build trust. And if Terra is able to recoup their savings, it will go a long way for many people to regain their faith in the intentions and abilities of TFL. I even foresee that lots of people, if incentivised correctly, will not jump boat and retain their UST holdings if it feels as though the project is on the right course.

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please feel free to join the discord channel created as backup communication channel for FatMan’s proposal. FatMan Proposal Group

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Why is no one mentioning the 20% APY ?
I mean, why would people use UST and stack their funds on Anchor ? current APY for USDC is around 1% so if you were going to get 20 times the reward it had to be (20 times ?) riskier.
Good thing however, as SBF highlighted, all the information was clear, transparent and available to everyone.
I don’t mean too hurt anyone but guys, 20% UST Vs 1% USDC or USDT APY

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I’m new here and I’m not sure what I’m doing. Sorry if I make any mistakes

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Hi everyone,

The original topic has been unlocked here.

This topic will now be closed to merge the conversations.

Thank you.