Full disclosure, I am a (small) holder from before the “attack” (coordinated exit, whatever you want to call it). I’ve spent the last 8 days, essentially 15-20 hours per day, poring over every proposal, comment, theory, tweet, etc… Obviously, no single proposal is perfect for everyone, and it seems as though the wheels are in motion to establish Luna V.2 via fork (and were in motion even prior to the final vote). That is all fine and dandy, however DK (and the validator/dev team/LFG), should grant those who want a different course of action (whether it be burn or some other remedy), the ability to pursue our own course. With that being said, I believe the community to begin to shift their attention to LUNA (classic) post-DK (PDK) in order to achieve whatever goals we’re hoping to achieve via an actual democratic voting method. We need a new community led leadership team, devs, a new governance model, etc. This is no small task.
Many people will recommend CZ (due to his favoring of the “burn” vs. fork), and obviously he would be a top choice, however I’m not sure he has the time, interest, or wants to become involved in this matter any more than they have already dragged him in. It could also be viewed as a potential conflict of interest. Even more so, it is quite apparent that DKs move to fork is a not-so-apparent attempt to spite CZs proposal. Why? Jealously I’m guessing.
People may scoff at this, however a leadership member (or former member) of either the DOGE or SHIB team may be willing to become a charter “partners”/foundational members for LUNA Classic (as it is now known). Say what you want about these “meme” coins, their governance model truly functions at the will of the holders.
Finally, what is the path forward? Again, that would be for the community/holders to decide via new governance model. However, I think some things are apparent:
UST must be depegged/abandoned. An algorithmic stable coin was never the answer, and will be of no use if still “weighing down” Luna Classic (LUNC). LFG is working to compensate the UST holders, as is the “airdrop” for Luna V.2. Any other compensation would be the responsibility of DK, LFG, and their new creation (V.2), or by any other legal means. The point is, LUNC cannot be weighed down by DK’s baggage. They are pursuing another path (V.2 fork), and it is his/LFG’s responsibility to make them whole.
There must be a burn. I’ve read many comments saying “there is no money, any remaining holdings of LFG will go to UST holders”. That is great, and as it should. This is where we can implement the staggered transaction tax (staggered in terms of amount, rate and time). What exactly those numbers will be, can be determined with new governance model.
So, obviously this proposal doesn’t have the votes to pass “as is”, however it set a wonderful foundation for the future of LUNC (Luna Classic), which we should now be focused on pursuing as a new, standalone entity. Again, we should prioritize recruiting/establishing a new leadership board of trusted cryptocurrency community leaders (few and far between, however as I mentioned outside of CZ and Vitalik who would have no interest, our best bet is DOGE and SHIB members). And finally, we should pursue the method we choose as community members via a new governance model/vote.