For me the best way would be to modify the Earth protocol and adopt the DAI-style over-collateralisation mechanism
You have already brought assets of great value: ETH, AVAX, ATOM, SOL
This would allow you to start over without having to start all over from scratch
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Well, Already down -10000% since all time high…
Don’t this. Please burn 90% mint token.
its real life , agreed.
Burning coins may not be as easy as it sounds.
Because, someone is holding those coins. Who’s coins will you burn?
This plan sounds acceptable, but I wish to add an idea. Keep UST, burn 50% of its supply and give the holders the 400M (as mentioned) for it. Let them keep the other 50% in UST even if its shit for now, and make them stake it for a period of time.
Meanwhile slowly work on getting it partially collateralized and bringing the peg back to 1.
You would be shocked how many ppl are still behind this project and wanna stay. But most of them still hold UST, and they need to be cared for because they risked the most thinking it was stable.
They trusted you stablekown, don’t give up so easily on everyone.
What about those who withdrew and sold their UST at a loss after the depegging to avoid losing even more, will they be compensated as well?
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Do Kown and team @dokwon please go thru with @FatMan proposal… it is sincere genuine and how a responsible leader should think and quite frankly your legal duty for the interest of your investors and not any other outside pressure or interest. lets vote on this ASAP!!
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Then lets refine it, this is a starting point, what part of the proposal do you think is un achievable?
I give on suggestions to you are distributed 1billions coin all customers average price purchase this is good way distributed . Explain some purchase 1000 Luna coin average price 1$ and some one buy 100 Luna coin 10$ .i means that average price purchase good way of distribut
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When the price of LUNA was going down, I bought almost 130K $ of LUNA on BSC to support. Now the price is near to zero. What will happen to people like me?!
Also why is LUNA still being traded on BSC? People are still buying. Maybe you better to halt all the transactions. What will happen to these buyers anyway?!! Will they also be included in your plan?
You don’t take necessary actions, probably you don’t feel obligated. But we’re talking about people’s lives!
Swift actions are needed.
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He’s distributing 400M(40%) to Old Luna holders & 10M (10%) to New LUNA holders who Buy the Luna at the time when It going down. Just bcoz of Old Luna holders selling it and making profits. It should be reverse 400M(40% ) to New holders
Fucking worst recovery plan
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It states “400M (40%) to UST holders pro-rata at the time of the new network upgrade. UST holders need to be made whole as much as possible”
So whoever holds UST at the time of the new upgrade will get the 40% of new tokens. The snapshot has not been taken yet!
Is that true? Just sold my UST only got 5k from my 42k life savings. I trusted in the UST stable coin as I was an Anchor user. Many people did the same. Do I have to buy it back? Would the UST dive after the snapshot? How much would I be compensate? Is it worthy taking the risk? @DoKwon-Official
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We need to fix it ASAP. Right distribution of tokens is absolutely required to help low volume stakeholders and penalize the people responsible for this crash.
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need more, til 1 USD for UST and 1 USD for LUNA.
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People who bought luna after opening the terra chain for the second time have got their money back and many people made a lot of money I don’t think they deserve the new percentage allocation
I believe that is much more important refund people who staked their Luna - Ust on terraStation. This is the community you need to restart a new project. Most of the people who bought the dip did it because they just lookwe at very cheap price and believed in an easy gain but it was not mostly done to save the project.
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I think this “bankruptcy” should be treated as if it were a listed company: LUNA tokens have lost value, as if they were stocks. We all knew that the tensions on the peg would be absorbed by the LUNA token and so happened.
Instead, the holders of UST counted on a peg that was lost. Can it be a kind of “Convertible Bond”?
I propose that shareholders (LUNA holders) lose venture capital by a high percentage, while UST holders receive the new Luna tokens and a new stable is issued by collateralising reserves.
LUNA Holders knew they could earn big money but also risking all.
Thath it was happened. UST holder wanted stability but lost most of their money.
If there is some value in the project it should go to the UST holders. At least 90% in new LUNA tokens.
The New UST should be “sold” on the market and a new more stable collateralization model implemented.
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I think facing the most losses those who brought $Luna after $UST depegging. Who dump $Luna once $ust depeg so they got minimum loss, But those didn’t sold and brought after depeg they lost everything. So redistribution percentage must rethink.