who held ust on exchange?
will they be refunded?
I fail to fix the US peg. Is LUNA minting continuing?
While I agree that UST holder that had their UST stacked and did not sell their holding should be compensated and I agree on the priority for smaller wallets, we need to ensure that those addresses did not sell and had already partially recovered some of their losses after the snapshot.
Their compensation should be net of any proceeding from them selling the UST in case the unstacked and sold.
In addition, this should be part of a larger plan to try to rescue Luna as well by working on a solution that can help all Luna holders without making distinctions. Ideally all Luna tokens under the LFG, and any other account managed by the Luna organization should be burned.
With trading suspended for a period of time, I would like to understand how many of the new tokens are in the hand of retail wallets or speculators and who much is not sold yet and that could be immediately burned. Terra/Luna team, please share clarity on this.
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Guys, some people like me panic sell at 0.05 cuz terra network was HALTED and was a very very bad communication on this from TFL LFG and DK the best solution is take a snapshot at from 0.95 0.85 and refund who remaining and now send UST back
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What do you get at 0.05 that outweighs what you might get going forward from any of several possibilities that might happen?
My vote goes to Fatman’s original proposal –
To make whole 100% wallets under $200k.
Tiny accounts are not necessarily ‘poor’. These are mostly people who did trust Terra enough to have deposited more.
Accounts $100k - $300k are nowhere near ‘whale’. These are people who trusted Terra 100% and betted their farm on Terra. They should be made whole as well.
So I propose direct crediting the following Anchor accounts with USDC at 1:1 based on snapshot at the time of the depeg –
A. Accounts that held <$200k right before depeg
B. Accounts that held the same amount of UST until 5/12/2022
Accounts <$200k that withdrew USTs from Anchor post depeg but before 5/12/2022 need to submit their CEX records, and be refunded on the balance of the total USTs in account at the time of depeg minus what the USTs were sold for on CEXs.
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there’s not enough money left to refund up to that cap
Let’s say one had 100 UST before depeg. S/he sold it for 50 cents with panic and get $50. Now s/he can get 100 UST less then $10 on the open market and will get $100 for those 100 UST. In the end, s/he will have more than $140. Is this fair?
Even worse scenario is that they might burn their USTs for $1 Luna for each on the chain after depeg and sell them on open market for around $100.
You don’t know what you don’t know.
LFG should show Terra community documentation on how the reserve was spent.
Here is a good read. It’s in Chinese. But click on page and in the drop down menu, select ‘Translate to English’ – 【深度分析】看Luna崩盘的底层数学规律 - General - Terra Research Forum
What Happened to the $3.5 Billion Terra Reserve? Elliptic Follows the Bitcoin
Hi @FatMan,
Thanks for all the work, lad. Have been following the proposal for the past couple of days.
I have a couple of questions, which might help come up with a solution.
Firstly, doesn’t TFL have assets?
LFG got funds donated by TFL/Do himself. They must have reserves for running day-to-day operations, salary, other ventures, investments etc etc. There is no way they have <500m. Imo that could be another avenue the increase the meagre 87M they have left in LFG.
Secondly, I read through @wlawyer’s proposal, and I think, as someone in the industry, 3-5b might be too high of a valuation.
The upside is just too low for investors, especially with how tainted Terra is atm. I think increasing the investor tranche to, say, 50% (or more) of the total Luna v2 distribution and lowering the valuation (to something like 2b) will make it much more interesting for investors. You could add in vesting as well, to control inflation.
You can raise 1b, which should be close to what would be needed for the refund.
Keep up the good work lads, all the best.
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I think it a great idea…
To pay of UST holders now with what little LFG has is kinda bad…
rather collect interest from other protocols and use those interest to make the lowest ust holders whole and move up the line.
It might take a while… but with constant high interest returns which is what the crypto space is capable of… we can slowly but surely reduce the number of bad debts.
On the ecosystem side of things. We can simply let the ust and luna run around with what every price tag it has. this help generation of fees and movement… we can still build back luna eventually. but it will take months if not a year or so.
My UST is unsold and held in my ethereum wallet since i move it out from terra a few days after the depeg. I should be able to easily proof (on etherscan) i did not sell. but i guess given that there is so little in the reserve all these are just academic discussions?
As someone who has lost over a MILLION in UST in this debacle, and life has been shattered, mental and physical health in shambles, a LOGARITHMIC payout would be much more palatable, and more just.
So instead of someone with $50k getting 100%, and someone with 1m, getting 5% (if $50k was the cap), it would be something more like 80-90% for the $50k wallet and something like 15-35% for the 1m wallet…
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No, i hope there will be measures for any UST holder, regardless of where it was staked. It should be that way…
This is not a friendly approach that just saying you don’t know. I am trying to understand and really want to know. Please explain me what I don’t know.
honestly getting 80-90%, heck even 50% for my 30K, will make me happy already…
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This might be solution For example:
There is Circulating Supply 350 millions Lunas.
You have bought 1 Luna = 1 Luna
When the Circulating Supply is doubled to 700 millions Lunas.
You have bought 2 Luna with new Circulating Supply, That’s equals 1 Luna with old supply.
Distribution should depends on how much Circulating Supply was and When you have bought Luna. This might be good solution. It might be complex solution. It is not possible to burn Luna anyway. I give my opinion the rest on the team. I have no idea what should they do with UST.
.
…
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Your suggestion seems correct to me. It seems good to me to return the UST funds that were initially deposited in Anchor and without taking into account the interest that may have been obtained, but I would also take into account those of us who are still within Anchor with our savings in UST, because at all times we trust that this would somehow be fixed and at no time were we speculating on UST or LUNA when there was the dpeg.
Would the council be ok to “invest the left over amt” and then pay of the lowest ust holders 1st?
This way we will still have the initial funds and have helped a substantial number of holders.
This would be the best sensible way to restore every wallets but time will be needed.
Your thoughts @fatman?
When token prices drop it doesn’t bother me that much, because I know they are more likely to go up if they are relatively low. Ethereum is my biggest crypto holding, it’s drop of over 50% from highs hasn’t bothered me that much, I chalk it up to being part of the game.
But UST was my "safety net’. It was me being responsible, taking chips off the table.
For that to be stolen from me is shattering. That money is likely gone forever.
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