The LFG has 1,006,733,194 UST, which will also give them roughly 1.5% of the new v2 Luna supply.
From what I gather the LFG has proved to be neither a gaurd nor a foundation, so my question is simply what is their purpose, and does it merit having 10% of all UST and 1.5% of all new Luna?
If not, I guess Proposal #1747 needs to pass quorum.
I’m thinking the mods won’t like this, but to be 100% honest… and put it bluntly, I think it was to evade South Korean tax.
LFG is a non-profit organization, right. So by Korean law, if you ‘give’ someone any amount of money (more than $100K), you are taxed for a humongous sum. It doesn’t matter if DK is doing business in Singapore, our law dictates that if it’s a Korean national you need to pay this tax.
I’m not very certain if ‘donating’ to a non-profit organization always enables you tax benefits, but in many cases it does. But the tax agency are not fools, so I am thinking that they realized that LFG is a part of DK’s business. Not too sure why DK didn’t do it himself, but I imagine it has to do with responsibility. If he ‘controls’ the Anchor protocol single-handedly, it’s highly possible that he will be seen as the owner of Luna (which in all fairness, he is).
It looks like #1747 to burn the UST would trigger ~3.5 hours after the genesis block 7790000, so looks like they will be in the airdrop regardless.
This proposal has nothing to do with LFG.