尽管Terra团队在白皮书中测试了最严重的情况，但现实还是让所有人看到：脱锚对生态所带来的摧枯拉朽式的打击。毫无疑问，如果现在毫无作为任由市场发展下去，那么Terra系统本身的螺旋机制和外生做空力量将会一起将Luna和UST推向归零的境地。
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。
现在社区里有很多意见，总结下来无非就两种：保护UST还是保护Luna。那些保护Luna的持有者只是不想看到自己的财富缩水，但是他们不明白Luna的增长是建立在UST的稳定基础之上的，没有UST的稳定就没有Luna的增长。
社区里的一个提案：增加Luna的超发速度似乎获得了广泛的共识，但不得不承认这并不是一个治本的最终方案，那会让Luna的持有者承受财富被严重稀释的巨大打击。但目前看来，似乎并没有更好的替代方案。
现在，我想要说的是比具体提案更加重要的东西，是为了防止Terra归零和发生类似黑天鹅事件再次重演。这对于Terra团队和社区至关重要，尽管我只是一个社区之外的人，但实在不忍心看到一个市值排名前五的币种在几天时间归零。
首先，为什么Terra会陷入到死亡螺旋？这个原因必须要回答清楚。不管是外部狙击还是内部抛售，根本原因都是因为国库里没有充足的储备去应对兑付，这才导致UST供应过剩，现在国库里的BTC已经消失殆尽，连Luna也要消失，现在基本上可以认为国库的储备已经等于零。
从DK的表述来看，国库没有办法再重新获得储备，外部的资金短时间内也不会再进来，我相信团队们是有过详细的计算的：要重新使得UST回归1美元到底需要花费多少钱？正是因为拿不出这笔钱，所以DK号召社区只能进行自救。
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。
现在看来，这个共识并没有实现，社区里的人还在乱提意见。团队们筹集不来足够的钱，就只能任由系统超发Luna来回收UST，造成螺旋机制无止境地向外抛售Luna。当UST脱锚的时间越久，要超发的Luna也就越多，目前正处于这样一个阶段。
要想结束这个阶段，那么就必须马上使得UST回归到1美元以上，让螺旋向上进行。注意，这里是马上，不是要持续一段时间。 既然现在没有钱，那么就需要系统切断网络，阻止一切交易和矿工套利的进行，让整个系统都停下来。
因此这就涉及到社区治理的范畴了。现在任何提案获得通过竟然都需要7天才能执行，要知道，7天之后，UST很可能都已经归零了。所以， 社区里必须要有一个应急预案和权力小组，当黑天鹅事件发生的时候，他们有立刻行动的权利，不需要再进行投票。
不要说这违背去中心化的精神，在归零面前，一切去中心化都没有任何意义。
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!