I hope this message get’s to Kwon and LFG members.
I am PhD student majoring in Strategic Management. I still love the idea of algorithmic stable coin but centralized reserves of LUNA kept me away investing big in LUNA nor UST. I am not in lost nor made profit from this collapse. My only intention here to revive the original LUNA chain and UST for the good of crypto community in general. Because this collapse delays crypto adoption for another year or two. The unlimited fiat printing is the true enemy of crypto.
Feel free to write your arguments, but that’s what I see current situation.
First of all, the bad actors among us in this forum is trying to destroy the old chain. It is clear from from 3568 proposal and voting result. The validators who voted yes understand 1.2% buring does not revive the system but makes it obsolete making rest of the developers leave.
So they assume the devs move to LUNA 2.0. If you are validator and didn’t understand that you still should change your vote. We should focus on LUNC. LUNA 2.0 simply collapses in 2 month where the some of the vested airdrop is released. Simply because there is no fundamentals of the coin nor organic adoption expect forced airdrop.
Secondly, community means who holds voting power not bunch of speculators who wants “burn” and get quick rich!
In current case, the locked validators and which most of them follow Do Kwon. Hence, we don’t really have DAO in LUNC. So Do Kwon, do you really want to destroy the original chain? Do you think forced LUNA 2.0 is going to succeed? Most people believe restoring LUNC is more realistic than moving to LUNA 2.0. Because of number reasons.
- If everytime chain fails you move to new chain, you simply don’t deserve trust. Also that’s not how crypto works. That’s how scam works.
- There is no organic use case at all.
- The price chart clearly shows investors interest in LUNA 2. Which is almost 0.
Clear your name with good faith in crypto and truly focus on LUNC and on its community. If you can reach decentralization of reserves and healthy allocation of coins among community members and DAO itself starts fixing the numbers.
You have number of advantages now: now you got worlds attention even it is negative, it can be changed over time. Community has grown significantly because of this collapse, so more people will understands how algorithmic stable coin can be one solution to our broken financial system.
What I see you can do in general:
The top wallets should be bought or negotiated at this current low market price from both LUNC and UST.
Decentralization of reserves should be set with current value of the LUNC and UST.
Once it is done staking should be enabled. Burning can be done but without huge transaction fees.
And UST pegging can continue its mint and burn mechanism.
Some small details can be added but that’s general picture.