@dokwomm Thank you for the proposal, this could be a step in the new direction that satisfy us all. I have listed a few questions that will help this community including myself better understand your proposal.
As this is a fork and two coins will be created, does that mean we get to keep our existing coins as LUNC + Airdropped New LUNA?
Does it include coins held with CEX? If Yes, do those coins fall under “Pre-attack” since several exchanges disabled deposit/withdrawal way before block 7544914?
What is going to be the vesting schedule? Monthly, quarterly? and at what percentage?
As you mention 10% to Luna Holders. Which Luna holders are you referring to?
Since you’ll be distributing 350 Million coins towards all bonded and unbonded Lunas, what is going to be the formula used for calculation of coins at a user level?
@dokwom you need to provide CLEAR analysis with concrete numbers as this proposal seems to complete destroy the ownership of tokens. I would suggest doing many examples so the community understands your proposal because they way it is written now it is very ambiguous.
For example, if someone holds 1,000,000 tokens now that they picked up in the early morning hours on May 12 with a circulating supply of 8 billion. They would have 0.0125% of the overall market cap (at the time of the snapshot). This means they should get 100 million x 0.0125% = 12500 new tokens in the fork. If another individual picks up 1,000,000 today May 16 they would have 0.00001538461% of the overall market cap of 6.5 Trillion tokens (current snapshot) meaning they should only get 100million x 0.00001538461% = 15.384 tokens. If on the other hand you don’t consider the snapshot marketcap at the time of the distributions and an individual wallet’s holdings as a fraction of the overall marketcap it will be completely unfair. You HAVE to consider the snapshot marketcap throughout the dilution with any distribution/forking mechanism otherwise it would be foolish.
The second point is you should raise the distribution from 10% to 20% at the snapshot (5/27) and decrease the pre-attack snapshot (5/7) 0 from 35% to 25% so there is more of balanced distribution. Otherwise, it is too biased towards to one group over the other and both groups faced very stressful circumstances. This will also alleviate a lot of the dissatisfaction from holders after crash.
There are 2 cases that happen with LUNA when UST de-peg
1 - People who tried to buy LUNA before the blockchain pause all transactions (2022.05.13). These people tried to save LUNA from the dumps
2 - The people who bought LUNA at the time the blockchain was up again. The price was very cheap 0.0000001 . These people were mostly speculators because soon after that they sold for x100,x500
→ “Pre-attack” snapshot to be taken at Terra Classic block 7544914 (2022.05.07 23:00:04+08:00) So it’s not fair to those in case 1.People have spent a lot of money to save LUNA and now if they fork they will almost lose everything.
He answered yes to this question on twitter, that he is working with exchanges at this time. I think the specifics are still to come.
On point 4, the way he said it makes me think this is the ‘marginal holders’ he mentioned in his previous plan.
Yes it would be fair in that sense
Who bought during 8 to 12 may is not getting anything.
Do kwon first proposal seems to cover us.
Do kwon need to re consider.
Please comment on his last post, let him know
People who purchased Luna on May 12th and 13th have up to 3 orders of magnitude lower circulating supply and therefore should not be grouped into the category with 6.5 trillion marketcap. Otherwise they get recked.