Terra V2 Upgrade: Fixing vulnerability, restoring the whole value of UST, creating a multicollateral, and maximizing LUNA value [Independent proposal]

My thoughts:

  1. Remove the UST stable coin algorithm.
  2. Buy back all the Luna. (Use your BTC reserve)
  3. Burn the Luna until we will be at the acceptable level of circulation
  4. Institute a UST refund plan. (May take a long time)

Assumption:

  • If you deflate the Luna most likely people will retain it
  • Having a plan to refund both Luna and UST is twice the job
  • Luna team (c/o Do Kwon) are willing to help.
3 Likes
  1. 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.

  2. 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.

  3. That is also mentioned in the 1st step.

  4. 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.

2 Likes

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.

2 Likes

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.

1 Like

What about holders of wrapped LUNA on CEXs like Coinbase?

1 Like

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

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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?

1 Like

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

1 Like

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.

1 Like