The concept of saving UST to save LUNA is backwards at this moment. LUNA must be saved to save the ecosystem. Once LUNA is saved then a new and improved stable coin can be introduced for the system.
UST nothing more than fiat currency that has gone awry. It is not backed by anything tangible of worth and isn’t backed by any faith or credibility from an institution or any large body of people. See the Russian Ruble and The Greek Drachma.
In order to preserve the Terra community and developers the governing ecosystem of Terra LUNA must be righted and then demonstrate that it has trust and viability if any VC is to invest in this moving forward. Other projects have suffered hacks and attacks and have come back by fixing technical matters. Not folding up shop and starting over.
A Burn program of some sort is the only thing that can preserve the value of the network. A burn tax is sustainable as well. Flooding the system with 6.5 trillion LUNA is not. That needs to be drawn down to Do Kwon’s desired 1 billion tokens someway over a set timetable. No burn=No Luna and No Luna = No UST.
Second, a fork will not work. That violates the trust of everyone involved and does not lend itself to people believing that LUNA is credible.
Let’s be frank. This is Do Kwon’s second project. Who is going to invest in a third Do Kwon project which is what a fork is. He and TFL need to make this work in a viable way for his own credibility and the sustainability of this project.