Remember Luna is still the Layer 1 token. Just as an L1 token for an amazing chain, it’s market cap will bounce back to something like ATOM’s (4B) from what it is now (200MM), that’s how you pay back any bag holders. If we cut off UST, who’s redemption is plummeting the price and congesting the network, Luna can return to so normalcy, and the entire network can survive, the foundation can survive.
Having built on plenty of networks I can confidently say the Luna network itself, without any currencies tied to it, is a better experience than Solana.
Know that if LUNA dies, UST dies; but if UST dies, LUNA gets to live.
So let’s disable Mint/Redeems on UST. That tanks UST to 0, but LUNA will be able to bounce back.
I’ve seen the proposal for the rollback, and the only people happy with that are the validators and anchor whales.
It is too late to rollback and fork, that’ll just protect the validators by hurting the community. Cut your losses, save TFL, save the price of Luna, protect your community.
I see these proposals for airdrops or paybacks or redemptions, where do they think the cash is coming from? The only value we’ll get now is from creating value with a better alt-chain than other alt-chains.
I think it is quite clear to everyone UST cannot survive.
So the proposal is simple. Let UST die. End all mint/redeems AND restart the current chain.
The reason Terra validators need to restart the current chain is because any fork of a rollback hurts the entire community of lunatics who bought on CEX’s or other chains to try to stabilize.
Plus the other proposal is riddled with discussions of what about holders of all the alternative forms of LUNA, what about CEX holders, alt-chain holders, LP providers, how should we balance the distribution, etc.
If we get into that discussion, no one will come out happy. The only “fair” thing to do is let market forces bring back the valuation of Luna.
If TFL really wants to help validators and hodlers, they can do a buyback now with whatever cash they have left while the market cap is low. But it’s unlikely they have anything left.
Plus a rollback fork means bridges don’t work, CEX’s can’t send/receive without an update, AND there’s no guarantee exchanges or bridges will ever bother reconnecting. Any new Luna network will live in isolation. Valuations will be up in the air because no one can price anything.
Adoption is hard, don’t go through that process all over again. Use the adoption you already have, use the chain you already have.
As a builder I want to keep building on Terra, it was a much better experience than Solana. The community is great, the dev network is awesome, the Cosmos SDK is easy to work with. I believe in the fundamentals of the chain, just forget UST.
As a user, I’ve never dealt with downtimes until today. The transactions are buttery smooth, gas fees are reasonable, the dapps are well developed. You have a great chain. Don’t lose it. Don’t lose the community that supports it.
At the end of the day, if you protect the validators and chase after what is already gone, then you’ll lose the trust of all your users, in which case everything is lost anyways.
The people who suggest methods of paying back holders are delusional. TFL/LFG has basically nothing left, and there will never be an equitable distribution. The only payout you can hope for now is one where LUNA bounces back in price because we’ve salvaged the chain. Enough with the pipe dreams.
P.S. And of course it goes without saying, but don’t forget to disable paying gas in UST or any other currency coin.
MagicalTux’s reply puts it succintly:
Many here don’t understand that UST needs LUNA but LUNA can be on its own. LUNA crashed because of UST. If this situation cannot be resolved then there is no point in saving UST, a failed project, that will crash again and again. But there LUNA should be left alone as it can sustain by itself just like any other crypto.