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

It will end the Terra ecosystem.
lfg funds should be used for terra ecosystem restoration, not for claim for damages.

I don’t agree. Why refund only ust proportionally? Why not all of the Terra chain

LUNA and UST is the Terra ecosystem. The system is already dead. Plowing more money into a dead horse won’t solve anything. People with money stuck in UST are trying to flood the exits.

1 Like

Restoring confidence showing a will to protect community will help the Terra renewal. Wide repayment and damages reparations would massively help in that sense.

This is actually a good idea. Where is terra entity is based? maybe not only Korea FSC, but also Monetary Authority of Singapore?

Added: Terraform Labs was founded in 2018 by Daniel Shin and Do Kwon. The company is headquartered in Seoul, Seoul, South Korea .

1 Like

I propose a slightly tweaked version of this proposal to give the maximal benefit given updates to the Luna token.

Proposal:
-Refund 99.6% of UST holders via a USDC conversion funded by LFG’s reserves
-Give UST whales and Luna holders a new network token proportional to their pre-depeg holdings, similar to Do Kwon’s plan Terra Ecosystem Revival Plan

This will:
-Right the smallest UST investors who weren’t signing up for volatility (anyone with less than a million in UST)
-Create a ton of goodwill increasing the odds that UST and Luna holders actually use the new token
-Ensure Luna holders and whales aren’t left out

140 Likes

İ was staking on binance and , on anchor , and totally i had 8 k then after peg is not stabile i invest 2k more to support , what will i do now ?? İ dont have money anymore and just still holding

1 Like

don’t forget that CZ has the skin in the game, as a lot of people were “staking” UST on Binance.

1 Like

Hey Fatman to improve your proposition my thoughts are:

It could be necessary to create a webpage, to enter the tx of the UST sale to avoid a x2 refund and calculate the exact refund amount with the depeg.

What do you think about it ?

Most UST sales happened on exchanges so this would be impossible to verify.

1 Like

@FatMan to be honest I don’t care how they do it but I want my 300k UST in USDC or USDT …but with your tweaked proposal seems like I will have to be happy with 50K and say thank you? far too low limit should be 500K/1Million or lower to make more people feel alive again

in my case what would happen to the remainder of UST still owed to me? feeling smelling like a lawsuit

This looks like the best proposal so far, at least for most people, terra was always about the UST stablecoin, even at the end they still tried to save the peg with hyperinflation, can i also suggest to please rethink the anchor yield part, obviously getting at least the deposited part is a big deal, but in a tier system only the smaller guys would loose the yield part, if for example we cap the first batch of refunds on waller smaller than 50k only those with less than 40ish k would be affected, for someone in anchor from day1 it would be like getting 80% out, that is better than nothing and would be great, but a lot of people counted on that yield too, also please consider help from big cex/dex, they made a lot of money from fees in these days with UST/Luna trading, maybe they are willing to give back something to the small fishes out there that were the most affected, that would also be an enormous good marketing/PR for them, CZ for example already tweeted about all the UST situation saying that maintaining the peg was so important, they can help too, also we need to consider that this proposal can still be executed in parallel with other proposal to get something back for Luna holder too, too many people already took their lives and that is the worst part of all of that, at least giving some relief to people that lost years of savings on anchor should be the priority in my opinion

1 Like

Keep up the work! We are getting lot of tractions, although Fatman, i have to say 50k is bit low. Persian Capital also tweeted about helping the bottom % of wallet below 1M UST

3 Likes

Yeah it will difficult but possible if you provide the tx between terra and the exchange, the tx of the sale and a proof of ownership of both accounts.

Let s be honnest. We can speculate for weeks but the reality is an another thing.
They should communicate so much more but they don t!
I don t think they can find a solution to pay back all ust holders that s why he proposed a fork.

I am all for this 1million or less limit… I agree with you 50K UST is far to low

1 Like
  1. I agree very much. I only took out 300,000 ust from anc on the evening of the 11th, stored in anc since last year, because that is all my savings, but now I have lost 90%. I think the founder should consider the priority compensation plan for this small account, because that is My hope of living, we put all our savings in it because we trusted the team and the founders. Please come up with a plan, upload the snapshot before decoupling, and give us these loyal small accounts priority plan, otherwise I may really not want to live

In fact the amount of refund will depend of LFG reserve if they are low high refund will be impossible

I agree,good idea

What is your proposition to avoid x2 refund for people who sold at 0.9 for example compared to someone like me that sold at 0.1 ?