This is good question
If the goal here is to save the network, and we are conceding that UST is dead, I don’t understand the point of this:
This seems like it will just incentivize speculation/arb over the corpse of the old $UST.
Can someone help me understand what I’m missing?
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Do what you gotta do to get this up and running. Not everyone is going be happy with the outcome. Focus on Luna.
To the people saying forget Luna and just focus on UST, Shitty situation but guess what it’s crypto not Bank of America even if it is a stable coin… especially one not tied to anything. Yall was chasing a high unrealistic apr and got burned. Next time Diversify assets instead of putting all your eggs in one basket. Forget UST it’s done the peg will never restore.
because you will sell it and make the problem worse again
It does not include $LUNA on osmosis, sifchain and crescent DEXes. People including myself have stLUNA by Lido and nLUNA by Nexus besides bLUNA. Instead of giving up on stable coins, we improve $UST design by adding new features like circuit breaker that stops $LUNA minting if $UST goes below 0.98$. When $UST is below certain threshhold which 0.98$ in this example, we can reduce the supply of $UST using elastic token design of $AMPL.
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Hi, for the UST holders, please include those who held UST before and throughout the depeg but were forced to sell at the last minute yesterday at binance when the price dropped like $0.03, and when Binance re-listed UST. That was the last resort for us when we waited and waited for you to come up with a response.
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I love the spirit of “decentralized ecosystems need decentralized money” but when things go wrong it’s all of the sudden, “yall was chasing a high unrealistic apr and got burned”
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Step 1. is a huge lesson in humility for DK. Removed, step-down, incarcerated… whatever. Someone that wants to make 200M bets and “put up or shut-up” to those that pose a challenge should not be a voice.
And now a lot of people here are now poorer than we were last week, and he has no change to spare:
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It does not include $LUNA on osmosis
He said “bLuna, LunaX and Luna held in contracts should also be recipients” - wouldn’t that include $LUNA bridged to Osmosis? Or am I misunderstanding?
What you said doesn’t make sense! All investors must be supported and helped because in any case they invested a lot in LUNA crypto. For example, there are users like me that bought a great sum of LUNA crypto after the depegging event (for the whole cost of about EUR 20.000,00) that you consider to be on 9th May (I bought LUNA crypto from 12th May towards on) and this sum gave a good support to the network in term of liquidity for those investors that sold their LUNA crypto during depegging event: so why should I be considered less important of an investor that bought LUNA crypto one minute before the depegging event?? Maybe I invested in LUNA CRYPTO more money than you: so why shouldn’t I be rembursed?
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I will say Do Kwon on May eleventh is what inspired me to try and save Luna. After reading his message on Twitter I sold every asset I was holding and dumped into Luna at one dollar. I held though the next morning my investment had dropped to 100 bucks. I kept buying until Voyager would no longer let me purchase. This was not about getting more coins. I had read Do Kwon’s message about how the pool would be increased into eternity and still wanted to try to save the coin. I could see a great CEO who cared for his community and didn’t just run off like so many scammers have. I have been a part of many tokens and coins and Lunatics are really cool. I got in it to late but I still feel a sense of pride that I stood the line and still am standing the line now. Stay strong guys and hopefully a resolution may come.
Are you sure he is saying UST holders who happen to still be holding UST at the time of the new network? Maybe he’s saying when the new network is launched, UST holders (back then – pre depeg) will receive new coins.
A simple tweak might help: Slow down ust → luna per block to some very low absorbable amount (i.e. a max downward slope on ust conversion). The problem right now is there is scarce liquidity, try to match it. ust holders have to either patently wait for their ust to convert via luna into real usd or sell at the market to someone more patient. Some mechanism that considers liquidity for max. ust → luna per block would introduce an interesting variability (i.e some kind of avg. liquidity → if liquidity or traded volume is high more ust ->luna and vice versa) .
Furthermore there has to be some certainty with a luna token supply cap. New buyers have no orientation at what market cap they are investing into the ecosystem, therefore not buying. Noone has an idea about the 0 involved…
I think the exponential hyperinflation needs to be taken into account and neutralized or inversely weighted when calculating the share in the new network. Some options:
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Simplest solution: the snapshot should be taken immediately before the hyperinflation began. Any Luna purchased later are not taken into account.
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Alternatively, any Luna purchased after hyperinflation began are inversely weighted by the amount of hyperinflation at the moment of purchase so as to cater for the high number of Luna. The large amounts of Luna acquired due to the low prices would be converted into a lower amount of Luna corresponding to the purchase price e.g. on Binance at the time of the snapshot immediately before hyperinflation began. Obviously the exchanges would need to cooperate for this to be achievable. I think any reputable exchange would be willing to cooperate.
So for example, let’s say I bought 100 Luna at 0.01 USD (total cost is 1 USD) after inflation began, this would really correspond to e.g. 0.01 Luna (if we take the price just before hyperinflation to be 100 USD - just an example price for the purpose of this calculation). This 0.01 Luna is then used when calculating the share of the new network for those holdings. -
Additionally, exchanges could determine the real cost of purchases and these should somehow be compensated. For those coins for which the cost basis can’t be precisely determined, take the lowest market price on the given day etc. and for the remaining coins for which it is impossible to determine the cost basis - they get a share in the new network. Some similar approach (automated) could perhaps be applied to Luna acquired outside of exchanges (my knowledge is limited). Any Luna that can’t be compensated gets a share in the new network.
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UST holdings would be assigned a fair share in the new network.
These are just some ideas that could be built on and made fair (work out the precise % share in the new network etc.)
TLDR: refund the Luna cost basis where possible. Where not possible, award a share in the new network, but make sure hyperinflation is neutralized (by considering the balances immediately before hyperinflation began) or by inversely weighting the coins acquired during hyperinflation.
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What about if I transfer it back to terra station wallet now? is it still count?
Is what it is. The community is divided between Luna, ust, cex, old holder, new holders, stakers non stakers. billions upon billions lost which people will likely never see again. Doesn’t matter Wth he does not everyone is going be happy. I do agree he should of been less arrogant on the Twitter though. Probably could of got some actual help
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 build 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
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Reasonably certain, yes.
Consider: “to Luna holders before the depegging event” VS. “to UST holders pro-rata at the time of the new network upgrade”
The time of the new network upgrade is definitely after the depegging event.
Luna BURN is the ONLY way out of this shitshow, nothing else matters. There is no point making a new forked chain when trust has been sent to oblivion.
Save Luna, reap the benefits!
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Fine with that revival plan as long as we agree on the depeg date. Looking at the price chart I estimate it last ticked above 1$ on May 7 around 2PM New York time. Lost over $207,000 in the collapse. Never gonna recover from it.
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