The one and only question the crypto industry should ask itself is:
Do we really need stable coins?
Why are we trying to support, and rebuild a flawed, slavery system on the blockchain? Just pair with bitcoin, and nothing else. On and offramps to buy bitcoin are already there, without stable coins! Use REAL fiat to buy and sell.
Just a thought while everyone is blindly staring and overthinking a ‘solution’ to find the best algorithm to keep a coin stable. It will collapse. They all will collapse. And the coin it pegs to also collapses. Thats why we have Bitcoin.
Getting rid of Stablecoins will free the industry.
I think stablecoins were needed because Terra was looking forward to achieve mass adoption of crypto in general. Bitcoins are too pricy to be used in real life
Anyone is free to consider that stablecoins are useless tools and thus refuse to invest on systems that offer stablecoins. Or the opposite, consider multiple use-cases and applications for these, and offer a sustainable and profitable system with a promise of peg.
If you are the former, you likely chose not to use on stablecoins such as UST and not to invest on LUNA because, so far, you find no value whatsoever on this kind of proposition. However, it looks there might exist some real applications for stablecoins and value on their systems as they are being demanded, offered, and valued. Thus there is also the latter.
Anyway, that may be other topic, here we are just trying to fix a situation after a exploited vulnerability so that Terra can continue functioning as flawlessly as possible.
This is very interesting, you are really making many excellent points of how to implement the multicollateral USDm stablecoin. If you don’t mind I’d like to include a link to your proposal so that it redirects to your proposal for the specifications regarding the second step of this roadmap. Please keep on it. Thank you trix!
This point is also very interesting. Most exchanges has reopen deposits and withdrawals for both UST and LUNA. This kind of issues have already happened in the past and, logically, the exchanges have been collaborative when there has been a consensus approved by the network. Following your reply I have specified the necessity of including the appropriate withdraw bridges in the exchanges so that these funds can also come back to the main chain, kudos.
Let’s the stable coin algo do its work.
Ust will repeg.
Market forces will help.
The Terra foundation should buy and burn LUNA over time in the future to reduce hyper supply.
Slowly and steady will build trust back.
And both Ust and Luna will be saved.
Taking a snapshot and kind of reverting the Blockchain will destroy the community credibility as transactions on Terra Blockchain should final. Always.
The idea with that is to return all the possible surplus of value available back to all the LUNA holders since the upgrade. Your point is interesting. I really doubt that the identification of these tradings can be a feasible task to even consider the possibility of excluding them appropriately from the surplus as a realistic alternative. In fact, if possible, the last proposal from @dokwon it is related to your point and makes a lot of sense: saving these who hold since before the depeg and these who bought 5 minutes before the halt. His last proposal is quite good in my opinion; though, if technically feasible, introducing the multicollateralized stablecoin can add lots of value to the network to as well.
That is already mentioned in the 3rd step, as UST would be burnt to mint LUNA v2. The 2nd step also suggets that the stablecoin usecase might be maintained and its value restored by introducing a multicollateralized one. This could expand the value of LUNA v2 (which currently is LUNA+UST or 1.8B+2.2B) by x2 (which is mostly AVAX at 9B); and with the stablecoin again by x2 (DAI at 7B), going closer that may be ideally represent the fully recovery point (which would imply a x5, somewhere between SOL and XRP). And, the greater and sooner the recover, the better and easier.
Are there reserves yet? If so, yes, by all means; the sooner the better for the network, and for the reserves. Any value under 0.2 may be a bargain for UST buy and burn before implementing this or a better proposal.
That is also mentioned in the 1st step.
UST would be converted to Luna V2, and its place would be got by the new multicollateralized stablecoin as explained in the 2nd step, adding its value of usecase again to the network.
So, yes, it looks we might be agreeing for the most part and proposing mostly the same roadmap.
I Agree With CZ’s Opinion That You Create V2 Version Will Eliminate All Old Investors And When V2 Is Completed There Will Be No Investor Confidence. They Will Sell All Their Luna At High Price! That’s a mistake . Try to find a Way to Burn Old LuNa Just Like How You Raised Them
The reason why the project still exists is because of the luna deal, the investment of investors in these days, actually still snapshot?
I am not sure if it’s me who is not understanding you or the otherwise. LUNA v2 would not imply a fork but a financial restructuring. Both investors groups, LUNA and UST holders (yes, UST holders have been “lied” in the “promise” of a stable peg, and thus their stable savings have been transformed into volatile investment tokens) would be part of LUNA v2. Thus the proposition of burning both LUNA and UST at these rates, in the best intent to restore the maximum amount of value for the network, which it is already explained and justified in the steps 1 and 3, and the two comments at the end of the proposal.
Forget the idea of an “snapshot”. We are using multiple conversion rates just to maximize the value of the network, match the higher reserve value of attraction that is possible for each user, and maximize the value of restoration for each user segment. We are not travelling back in blocks.
What about holders of wrapped LUNA on CEXs like Coinbase?
Thanks, included, second paragraph of the first step.
This proposal doesn’t need LFG to have funds in order to be executed, I like that because as we all recently discovered it is sadly the case
After reading the last Do Kwon proposal Terra Ecosystem Revival Plan 2, I understand he wants to make a fork where both chains would coexist, if I understood this one correctly, it would not require a fork and would preserve the original chain, and upgrade it, so there would not be 2 different chains, am I right?
Yes, you are right.
Following your comment “without a fork” has been added in the first line of the summary.
To be fully transparent I am an investor who got in after the depeg. I have about a good little bit of money in to it. I think it is totally fair to get the original investors help first. I still would like to see Luna and other Luna projects grow over time. I have study a lot about ust and Luna and am excited to be in it for the long hull an am proud to say I am a #lunatic and look forward to investing more in the future in hopes the company will fix its weekenes and flourish once again. I till think do is a great guy and support his plan dispite a flaw in the ust and Luna he is trying to help and make ust and Luna whole again
This proposal has not reached the quorum after 7 days.
At this moment, the last version of Do Kwon proposal, which includes a strategy of “exit f.raud”, has 462 likes and the first comment saying “ no one wants a fork. just burn the current LUNA and fix the current algorithm to get back UST peg ” (to which this proposal is aligned) has 1432 likes. Even despite only LUNA holders are capable to vote, that capability has been even more restricted only to validators, considering any other vote as “spam”. There have also been run several denounces of international crimes in the whole operation, prior and during the attack, as well as now with the new proposal; and the word “f.raud” has been censored across this whole forum.
If anyone consider interesting to publish this proposal again (specially as soon as Do Kwon and their crew disappear, get jailed, or finally exit Terra) so that the Terra protocol can be upgraded, its vulnerability fixed, the whole value of UST restored, a multicollateral alternative created, and the value of LUNA unlocked without a fork; please feel free to do it.
Best wishes everyone.