We, the team behind Cubics, had a few thoughts during our meeting today, and want to suggest what seems to us is the most rational idea to save LUNA. In regards to UST there are already decent solutions proposed here, so we won’t cover it.
We would like to propose dividing the problem into 3 timeframes (and their according solutions with the lowest downside for everyone involved, whether pre-crash or post-crash).
- Genesis until May 10th: Distribute tokens to all holders pre-attack at the dilution rate (around 1:20000) - no loss to old buyers
- May 13th onwards: Stop with inflating supply any further, come up with a plan to burn 50% of supply over the next few months (either via treasury buy-backs or on-chain incentives) - no loss to new buyers
- May 10th-May 13th: The problem-period, but we believe it’s solvable by writing a script that distributes tokens at a sliding rate, according to exact time of purchase. This script is sent to exchanges, and exchanges can calculate the amount to be distributed based on their trading logs. For the public chains like Terra, ETH, BSC, etc. the trading logs are public, the team would just need to download them (I’m sure the guys at Covalent will help). - no one loses (just a matter of time to work with exchanges on this, and write scripts to access on-chain trading history, Wormhole primarily)
This is it. 3 timeframes, 3 individual solutions. But all are solvable, and (almost) everyone is happy.