Fix the death spiral, then re-enable market swaps and inflation
Implementing a burn tax before fixing the death spiral will keep the system in a frozen state, and not allow luna/ust to exist as they were intended.
The problem with implementing a burn before fixing the death spiral is your keeping the system in a frozen state. How long do you wait for the burn until you re-enable inflation and market swaps, and attempt to get ust back to peg? So long as you don’t attempt to get ust back to peg, luna is in a frozen state that makes it not that relevant. think best solution is to fix the death spiral first. their should be a fair exit mechanism in place, as a distributed solution to bank runs to prevent arbitrageurs from taking advantage of bank run: terraclassic.org