You mean the part where they repaid $9 billion in 2021?
That post mortem?
Because @dokwon put out several tweets saying to ‘hold on’ and the peg would recover. Assuming all who withdrew to a CEX automatically sold is categorically false.
1 Like
I’m not sure if you read above people’s comment carefully, as many people mentioned, people move UST to CEX “after the de-peg” happening, most of them still think UST will be repeg again and not willing to sell at a loss, but they still need to prepare for the worst case, if UST free falling finally and their UST still lock in on-chain Defi (like Anchor) or TERRA chain halt, they can only see their asset goes to zero without doing anything
So people move UST to DEX not for sale immediately, but just in case they have a chance to escape if the worst thing happens, lots of people move UST to CEX at like 0.8 or 0.9 thinking it can be repeg in a few days and finally sell at like 0.3 or 0.1, those people definitely should not be sacrificed by this move=sell assumption
5 Likes
I’m in the same exact situation as you. All my UST was purchased on okcoin, then deposited to anchor protocol (through okcoin) then withdrawn during the depeg and is now all sitting in my okcoin account. I just didn’t sell any of it yet hoping it would peg back to $1.
I’d take the opposite position, and we actually saw it play out in this case. If you moved UST/LUNA to CEX, many of those CEX (all?) actually froze transactions in and out of Terra assets when Terrastation/Anchor were still operational (even if laggy).
In the more extreme case of a chain halt, you’re not trading those assets no matter where they reside.
But like I said, it’s just my suggestion, and certainly open to improvement.
- If CEX records can be trusted, I’d definitely be in favor of using them. But if it requires manual review or high incidence of fraud, than I would not support it.
- If others have better ideas, I’m all for it too. CEX holdings are usually ignored by airdrops because the technical hurdle is high(er) compared to verifying on-chain.
- No solution will be perfect here. I’m suggesting what I believe will return the most utility to the most people. There will definitely be some people left out in any proposal. The good of the many…
Does this mean there is still hope for UST to reclaim it’s peg? Why is the price of UST rising for the past 24 hours? I bought my UST on Binance. Would I still be eligible for this? Should we sell anything we have now and then claim it later? How would that work?
Since LUNA and UST are independent now (TERRA cut off the mint of LUNA by burning UST),
both $LUNA and $UST are trading like MEME coin now, so lots of manipulation for these two coins,
just be careful about trading it
Also if you mean if you can reclaim UST in its peg value after the depeg event happens, assuming you buy UST after the depeg event, and does not hold any UST before depeg, according to this proposal, you cannot reclaim your UST, only people hold UST before the depeg event are eligible to reclaim UST in its peg value
Would love to reach out to CZ but Twitter is locked atm for too many posts lol.
Do they not have an API we can use to draw them directly, without asking their permission?
I think at least the top exchanges should be able to help on this (Binance, FTX, etc.)
I am watching an interview with Do Kwon to better understand his original intentions with the LFG reserve.
Interesting quote! (13:24)
“The core stability mechanism is still LUNA, but what the Bitcoin reserves would play a part in doing is that it would prevent death spirals, because it would drastically slow down the pace by which new LUNA is being minted to facilitate redemptions.”
This setup was never actually implemented in practice, so in theory, all of the bitcoins should still be in place. Do Kwon categorically expresses his intention to use the coins as a side by side value pool for UST adjacent to LUNA, so all of those bitcoins belong to UST holders as a whole. The pool of bitcoins should either be used as intended (1 UST unlocks $0.40 of Bitcoin and $0.60 of LUNA, or maybe $1 of Bitcoin now that LUNA is drained) or it should be used to execute this proposal.
I’m going to bed now. Thanks for all of the fresh ideas and let’s hope tomorrow is a brighter day.
6 Likes
I bought all my UST before the depegging event on both Binance and Nexo, but now I sold it all in the past few days to try to salvage the little value that was left. Will I still be eligible to recoup what I lost?
1 Like
this is the worst proposal, why only support UST holders (be it big or small), when LUNA holders equally/if not more contributed for the project’s success. Any rectifications should be done considering both holders equally
2 Likes
I definitely agree Do, TFL, and LFG needs to do something…they can’t wave around their UST investment into BTC reserve to back the peg and then not even use it when the peg failed.
I don’t know if this was discussed since there’s over 1.5k comments, but someone on YT was mentioning combining both Do and your proposal…to refund the UST from the 1.2b from BTC and then for everyone who invested in Luna to utilize elements of Do’s proposal to pay out the new token and maintain the L1 protocols since the ecosystem is still robust.
1 Like
There cannot be any reply to my post I guess 
.
And so applies to the UST. It seems you never knew what you purchased if you think UST investors should be bailed out. A project with less borrowers with lower interest rates and more lenders with higher interest rates can never be sustainable. Everyone knew it was bound to fail.
Clearly this thread is full of UST investors trying to back eachother. Selfish and shameless attitude.
2 Likes
Its the fairest proposal! I had 20+k UST in Anchor, Mirror and wallet before the unpeg.
I agree, if its possible.
Thanks for revise this opinion. All we trust in UST is only for 20% and use dapp in Terra chain. I think it should not be suffered such loss of depeg. Furthermore, I suggest that UST can be also transfered into coin of Terra chain(ex: ETH, AVAX) to skip the value of only $1. Hope Terra chain will be great again!!
I bought into $LUNA knowing it was in a death spiral to help stop the bleeding.
Because I understand the underlying economic mechanisms.
Further, no one here really seems concerned with the global regulatory impacts of how we reach resolution here, which terrifies me, as a consultant that’s walked on over 30 pre-sales like AXS because the SEC is an asshole.
For anyone who’s unclear, I mean I’ve walked away from $14 million in genesis value. Starting with Stage 1 DFinity in 2016.**
Say if someone sold UST on Monday night at $0.9 and now they could buy it back at $0.1 for the same amount of UST to get refunded in USDC/USDT? This wouldn’t be fair at all.
I suggest take a snapshot at the moment the depeg happened. And if users transferred the UST off-chain, ask them to provide evidence of how much USDC/USDT they obtained by selling the UST. Then TFL can reimburse the difference.
To be honest, this is pretty complicated to implement in practice. I think a capped compensation amount would be more practical and efficient in delivering.
2 Likes