现在应该明确的一个关键问题是： 没有什么比 UST 重新恢复锚定更加重要。 Terra所有的生态都是基于Terra的稳定进行的，但凡不稳定有利差空间，就会促使矿工们进行套利行为。而套利是维护整个生态进行的动力，我们的目的不是消除套利，而是让套利向着螺旋向上的发展而去。
那么 为了团结社区，团队们必须要告诉社区这个窟窿有多大，需要花费多少钱才能补上这个窟窿，社区能不能凑起来这笔钱？ 要知道，现在已经到了生死存亡的时刻，没有Terra，社区里所有人的财富都将归零，这是一个基本共识。
对于这个小组来说，其实他们就是货币小组，类似于美联储，负责Terra的货币政策。要知道蒙代尔不可能三角模型：汇率、货币政策和资本流动三者不可能全部实现，只能舍一求二，所以该 货币小组在面对黑天鹅事件发生的时候，应该果断保证自己的汇率和独立的货币政策，限制资本的自由流动， 否则后续会产生源源不断地恶意做空行为。
因此，现在最需要应该做的是集权，将货币政策交由一个统一的货币小组来进行，而不是所有人都可以提意见。正如一辆高速行驶的列车，只有先慢下来，才能有平稳落地的可能。 放任资本的自由流动，将会彻底摧毁 Terra 整个生态！
Although the Terra team tested the most serious situation in the white paper, the reality is still for everyone to see: the devastating blow to the ecology brought about by breaking the anchor. There is no doubt that if nothing is done and the market is allowed to develop, then the spiral mechanism of the Terra system itself and the exogenous shorting force will together push Luna and UST to zero.
A key question that should be made clear by now is this: nothing is more important than re-anchoring the UST. All of Terra’s ecology is based on the stability of Terra, but any instability and profit margins will prompt miners to carry out arbitrage behavior. Arbitrage is the driving force for maintaining the entire ecology. Our purpose is not to eliminate arbitrage, but to make arbitrage develop in an upward spiral.
Now there are a lot of opinions in the community, and it can be summed up in two ways: protect UST or protect Luna. Those holders who protect Luna just don’t want to see their wealth shrink, but they don’t understand that Luna’s growth is based on the stability of UST, and without the stability of UST, there will be no growth of Luna.
A proposal in the community: increasing the super issuance speed of Luna seems to have gained a broad consensus, but it has to be admitted that this is not a final solution to the root cause, which will make Luna holders suffer a huge blow of serious dilution of their wealth. But for now, there doesn’t seem to be a better alternative.
Now, what I’m trying to say is something more important than a specific proposal, to prevent Terra zeroing and a black swan-like event from happening again. This is very important to the Terra team and community, and even though I’m just an outsider, I can’t bear to see a top 5 coin by market cap go to zero in a few days.
First, why did Terra fall into a death spiral? This reason must be answered clearly. Whether it is external sniping or internal selling, the fundamental reason is that there is not enough reserves in the treasury to deal with the redemption, which leads to an oversupply of UST. Now the BTC in the treasury has disappeared, and even Luna will disappear. Now it is basically possible. The state treasury’s reserves are considered to have been equal to zero.
Judging from DK’s statement, the treasury has no way to regain its reserves, and external funds will not come in in a short time. I believe that the team has made a detailed calculation: how much does it take to restore UST to 1 US dollar? money? It is precisely because the money is not available that DK calls on the community to save themselves.
So in order to unite the community, the team must tell the community how big the hole is and how much it will cost to fill the hole. Can the community collect the money? You must know that the moment of life and death has come. Without Terra, the wealth of everyone in the community will be zero. This is a basic consensus.
Now it seems that this consensus has not been realized, and people in the community are still giving opinions indiscriminately. If the team cannot raise enough money, they can only let the system over-issue Luna to recover UST, causing the spiral mechanism to sell Luna endlessly. The longer the UST takes off the anchor, the more Luna will be over-issued, and it is currently in such a stage.
To end this stage, UST must return to above $1 immediately, allowing the spiral to proceed upwards. Note that this is immediately, not for a period of time. Since there is no money now, the system needs to cut off the network, prevent all transactions and miner arbitrage, and stop the entire system.
So this comes into the category of community governance. Now it takes 7 days for any proposal to be passed to be implemented. You must know that after 7 days, the UST is likely to be zero. Therefore, there must be a contingency plan and a power group in the community. When a black swan event occurs, they have the right to act immediately and do not need to vote again.
Don’t say that this goes against the spirit of decentralization. In the face of zero, all decentralization is meaningless.
For this group, they are actually the monetary group, similar to the Federal Reserve, responsible for Terra’s monetary policy. You must know the Mundell Impossible Triangle Model: the exchange rate, monetary policy and capital flow cannot be fully realized, and only one can be chosen. Therefore, the currency group should resolutely guarantee its own The exchange rate and independent monetary policy restrict the free flow of capital, otherwise there will be a steady stream of malicious short-selling behavior in the future.
Therefore, what needs to be done most now is to centralize power and hand over monetary policy to a unified monetary group, instead of everyone being able to give opinions. Just like a high-speed train, only by slowing down can it be possible to land smoothly. Leaving the free flow of capital will completely destroy the entire ecology of Terra!