Terra Ecosystem Revival Plan

40% to UST and only 25% to LUNA holders? That looks totally wrong to me

@tubecity I respectfully disagree, you can buy UST, it’s lower than $1.00. There may be traders or investors that think it could recover to $1.00. Same example with luna, you can buy luna. It’s happening right now, why wouldn’t the project have a chance? Please let me know if you have any other thoughts.

1 Like

Sorry bro, no hard feelings. We’re all hurting, I’ve had most of my stash destroyed as well.

1 Like

Don’t put all your egs in one basket and only invest what you can afford to lose.

They could absolutely do that. First the system will continue to mint LUNA until the value of each coin is too low for exchanges to represent, so they will all delist it. Because UST is linked to LUNAs value… it will drop too, until it’s also delisted as well. Any project that generates yield from LUNA/UST or derivatives will shut down.

You’ll still be able to buy and sell coins OTC, for as long as people are willing to put up with the inconvenience. But other other project with integrate or bridge to LUNA, because it’s a network of valueless coins. It would fall out of CoinGeckos top-1000 coins in about a week.

Eventually we may have trouble with validators: who don’t have much incentive to pay to run a zombie network. But the system could keep running for years: other alts have.

UST is a STABLE COIN and the original UST holders should be made whole.

These are people who held UST in their Terra account before and after the depeg, up to a certain point in time, eg. till the first halt of the Terra bloackchain.

How UST holders are made whole will speak volume of Terra’s integrity and is critical to building trust and confidence going forward.

To me the following proposal makes sense with the above holding period applied – [Proposal] Tiered repayment: airdrop USDC/USDT to small UST holders on Terra - Governance & Proposals - Terra Research Forum

LUNA buyers knew they were in for a wild ride and they speculated for capital gain.

UST holders who held till after the depeg are savers who entrusted their LIFE SAVINGS to a STABLE COIN for yield and for the implied safety of the principle.

The original UST holders should be given priority and be made whole first.

4 Likes

There will be no Stablecoin. It’d be just like an L1 like Ethereum or Cardano essentially for now. But it seems like there is the intention of maybe introducing one in the future. What that will look like has yet to be determined. But that’s the 2nd step.

The first step is to keep the ecosystem and community together so that it doesn’t fragment otherwise, no one will end up with anything and all the value of terra ecosystem would be destroyed. After the migration, then there can be public discourse on whether or not to introduce a Stablecoin and how that would look like. It seems that there’s no appetite for algo stablecoin and will likely be collateralized in some form.

1 Like

Why would people invest in that new coin ? I can give tons of really good reasons why not to invest in it:

  1. Their algorithm failed spectacularly.
  2. After the failing of their algorithm they dealt with the situation like amateurs making the problem even worse and creating the worst mess since Bitconnect.
  3. During this whole mess no communication from the team.
  4. And now in the aftermath proposing an unfair distribution that rekts a lot investors and not only those that bought after the attack.
2 Likes

Buy back LUNA while its cheap and burn then keep buying back with fees generated until Peg. Move fast while you still have a community that are ready to back you

2 Likes

the best would be to launch USTv2 declaring bankruptcy for USTv1, Luna can be a stablecoin agnostic platform and assets emitted generically through Luna.

35% to Luna holders 25%+10% and note that TVL at UST was way bigger

luna still trading on binance at 800 million market cap. there is no need to create a new chain. the chain worked as intended during a bank run, and ppl wouldve kept on buying it and absorbing the bank run. the one difference btw luna and other algorithmic coins that had bank runs and died, is luna never wouldve died, ppl wouldve kept buying it and absorbing the debt over time, no matter how low, b/c of the adoption in crypto.

2 Likes

Held UST on Anchor (and small amount of Luna).
Managed to move to exchange after this all started but didn’t sell.
What in such case?

kill ust and keep luna blockchain alive only way to go out from this burn lunas

Makes the most sense to him ? Yeah of course, as I said, this proposal is a cash grab from part of the people that hold Luna coins straight into the pockets from himself. No wonder he agrees with this. He should take an example of Vitalik and how Ethereum forked after the DAO hack. They didn’t rollback transactions of people in order to steal from them because this is basically what the current proposal is.

Should also include LUNA on CEX in both 40% and 10% as well as any LUNA queued or in slow burn process

1 Like

You really need to halt trading on exchanges, until then no snapshot can be made. UST holders need to be made whole first, UST was not an investment it was a stablecoin. LUNA investors know the risk of crypto but UST should be low to no risk. UST was not minting only LUNA was. All coins in circulation could only be sold under $1 because people decided to sell. UST holders who sold after depeg should not be rewarded with new coins they sold and took their loss. Make UST holders whole, and LUNA holders whatever crumbs are left, welcome to crypto

1 Like

Let me guess you held mostly UST. Did UST hold any value without Luna and you want a settlement based on traditional finance methods. hmmmmm. Listen, No.

Total UST supply is 11B now which should share 40% of NEW tokens of the NEW project.
Your 900k is 0,008% of UST supply. 0,003% of the total supply of this new project.
Even with a market cap of 4B (like NEAR coin) which is very unlikely with the current trust level, you will have 120 000 USD.

Indeed. That is how ETH did it. They halted trading before making a snapshot. Making the snapshot 5 days back is reverting all transactions and ruining milions of people’s investments. Prison sentences should be given for rollbacks like that.