Good. But IMPORTANT QUESTION.
If you want to make a snapshot before the depeg event to see how much UST was in wallets, I can now sell for at least something and then also get 100% of the coins back bcs of the snapshot. So people would be in profit bcs they would have those 0,15x(whatever they have now) as a bonus?
Can anyone answer?
the ledger is live it is what it is now, if you rollback you are committing a crime simply because you have allowed the ledger to continue and enabled CEXs to continue - a roll back canât happen if it does get those arrows on your jumpsuit looking nice
I personally do not support the idea of a Terra 2.0 or any measure that would require forking. Abandoning the this current chain would be a big mistake considering the vast majority against it, even binance CEO CZ and notable names in the crypto world.
Fork is a straight to jail card, simple as that
honestly, this is a pretty good proposal. Makes the most logical sense. Big UST holders get screwed but i think trying to right as many people as possible takes precedent. Obviously alot of big holders are going to try and reject this proposal but until i see a better one created by them this is the best way forward
No forking, only burning can revive at a better chance of seeing everyone at least ended up with a little trust
This, I donât understand why these forker adovacates donât see that. Itâd be a huge mistake and no one would want anything to do with terra â2â. This would be fraud and no one is going to list you v2 scam coin.
Cz who owns the biggest cex has already voiced his disgust at this idea. He definitely wonât list it and neither will any other legimate cex worth a damn
As someone that was exposed to heavy losses with Luna and UST, I like this proposal.
Some potential suggestions for UST redemption:
Instead of the 50k cap, I would propose a % proportion based on size of funds in anchor / other platforms before de-peg (illustrative example: [95]% redemption for wallets < 150k, [60]% for wallets 150-500k, [30]% for wallets 500k-1m, etc, etc). Focus should be to maintain as much people in the network. Smaller wallet holders should be prioritised to some extent given the significance some of these lost funds have on their livelihood, but I understand larger wallets might need more incentive as well.
% of redemption subject to willingness to lock up money in new project. Someone that believes in the idea and success of a new project should be compensated (illustrative example: as <150k wallet holder you would either have the opportunity the redeem [95]% if you lock up capital [1] year or redeem [75]% in case you want to liquidate immediately). Focus is again to maintain max amount of people in network and give them an incentive to stay longer and build a stronger [Terra 2.0]
I am a strong believer in the Terra network and community of participants and developers. But I would need to see a reasonable proposal to redeem some of my losses to participate again in a revival of this platform and community (especially on UST losses given this should have been a save asset. My Luna losses I can handle better given this was a high risk / high reward asset.)
I wish everyone the best of luck in these difficult times. A lot of us have lost too much, but hopefully we can get out of this crisis stronger.
Iam for. This is the only proposal that can get us out of this mess. I have one thing to add: F*CK Binance CEO. He does not own anything in luna/ust stop using him as a means of getting your messege out.
No way. Itâs a token burn or nothing. Stop with the all the ârefund the terroristsâ who started this shit. No refunds for those who opted out. They should be last in line for anything. Should I pay their college loans too?
FatManâs proposal has undergone a lot of maturation and is more nuanced in how the UST repayment will happen. A cap cannot be decided on until we know the status/size of the LFG funds. Please understand that FatManâs proposal does not exclude the Terra blockchain from continuing on and giving LUNA holders new tokens. It is actually the best way to save Terraâs reputation and make any future venture successful, bringing value to LUNA v2. Please consider endorsing @FatManâs proposal.
Fatman can go fucking do one
@Camy @willynikes @P.Idiot @Equalizer @Bob_C @Kcman @Kelley_W I agree about no forks. Please create traction on better thought out proposals, Iâve made one here: [Proposal] Envisioning a path to REAL recovery for Terra with NO FORK
Hey @wlawyer this is a good proposal.
But what about giving a share to the UST holders as well on top of the refund to build trust over a bigger community?
I know a lot of people in the space that doesnât have Luna but have UST as their safe haven asset.
Maybe make the Angel investors 20% and UST holders 10%? I know itâll be harder to find investors, but I believe the first thing we should build is trust and confidence.
Let me know what you think. Cheers!
Good overall proposal. But a core expectation is that first there is a fork, and then there is a vote from the fork point on âthisâ
The 40 and 10 are part of @dokwon 's proposal.
For shares, a starting point of capitalization must be assumed. $5B is a fair near term valuation.
⢠20% to the developers: Where developers means community pool. 10% would mean $500M. A workable development fund that can grow luna value.
⢠10% to LUNA holders at the end of the old chain: since governance for a fork proposal can only exist on the fork. Pledge instead to intergrate/cooperate with v1 chain (which will still have Cex/IBC tokens). Let v1 govern themselves on how to make v1 better. So 0% for them. (would only be 1/14000th of a $/luna anyway. well below current v1 value)
⢠40% to LUNA holders at the time of depegging: Instead I propose 90% going to Luna and UST holders at time of fork. Some simple formula of X (minted) luna per 1 UST as a split between the 2. The way to incorporate low value anchor account over compensation is bonuses in this formula.
$4.5B (90% of $5B) value at 450M luna supply = $10/luna. Doubling supply by minting to pay 450M Luna to UST (at fork) holders brings price down to $5/luna and 25c of luna per UST to UST holders with $18B supply. Many supply adjustments could be made here. Including anchor bonuses, and penalizing amounts held on exchanges, and those who withdrew large amounts to exchanges at decent price points.
A core reason for splitting luna/ust market cap down the middle is that governance is only for luna holders. This would make original UST/Luna holders equal in future and current forked governance votes, and so not likely to abuse each other with further âbackdated imbalanced airdropsâ
⢠30% to the rescue financiers or angel investors: Should consider it 30% out of a 130% pie. Investors are needed to fund a âreal backed stablecoinâ and potentially other projects the ecosystem would need and where they expect their value to grow.
A core premise of your proposal is that Anchor/UST holders do not want to keep luna. It should be very quick to get a backed stablecoin âupâ. But they can sell to exchanges quickly if they need cash. Or on chain if they wait a bit. If that creates selling pressure on Luna so be it⌠it will also be a buying opportunity for others. Another option is that Luna given to UST holders could have longer/staggering bonding/vesting periods based on high UST balance levels. So the smaller UST holders can âcash outâ the quickest if they are nervous about non stable asset holding.
I like this, Iâd add:
For post depeg buyers, Iâd set up a mechanism where they get X amount of Terra2.0 tokens for UST/Luna bought post depeg, based on a snapshot of how many Luna/UST they had before the depeg.
So if someone had 100 Luna pre depeg, and bought 1000 post, they could get letâs say 50 terra 2.0 for the first 100 (@ 50% of pre-snapshot) and then 9 further Terra 2.0 tokens for the remaining 900 (@ 1% of post-depeg).
This helps reward hodlers compared to speculators sufficiently.
Will Binance and other CEXâs relist a LUNA 2.0 and UST 2.0 ?
I doubt.
They wonât. The moment the fork goes thru is the final nail in the coffin. The forker cheerleaders can enjoy their Luna 2.0 ust thatâs worth 0.00000000000
If 100% of your net worth is in one investment then you need to make better decisions with your money. Crypto should be like 5% of your worth considering it can go to zero like it just did,
If something is broken beyond repair how do you rapair it? Come up with a better plan and I will endorse it, until then this si the best we have