I’m speaking with a project at the moment to replace the market module with an algorithm that has been in development for over two years. The dev and I have worked together for almost two years. Please bear with me while I ink out the implementation and publish here as soon as possible. It’s made for a stablecoin that bears many similarities with UST and supports additional assets, like $LUNA, bonded tokens, staking, and traditional assets.
A fork nukes confidence in us. Using UST or LUNA to repay our debts isn’t viable. Just burning $LUNA and/or $UST doesn’t fix the underlying economic levers. And the regulators are knocking at our door. If we don’t find a way to fix the actual issues, we’re likely to end up DOA.
More info to come.
I hope it addresses the shortcomings of previous failed algorithms and is much more robust.
Yes Matthew, I agree with you.
Luna has to fork out to start all over again. No choice. Crisis management. that is the only option to move ahead.
Why not buy a new terra only by twice
ust/luna and luna/lunc
I still believe that restoring the peg will fix this ecosystem. We need enthusiastic minds at their finest to come up with a solution to fix what was wrong, not just forking away from the problems leaving everyone behind
Unfortunately the reserve was wasted pointlessly.
If the reserve was still here the peg could ve been easily restored now with it.
Unfortunately it was used up while the swap algo was still running so it was wasted
thank you for your service, +vote
Unless its a burn it is a ponzi
Who are you? Are you on the luna team? The community shows that you joined the community on May 14th, should we believe you?
I’m not necessarily proposing a fork. Just proposing a couple of minor governance changes and a swap from the market module to a more robust solution. Rn, Terra is an attempt at mirroring the IMFs SDRs.
That system is built on a much larger asset pool than we can manage risk in.
Soros attacks will (from what I gather) always work in this scenario.
Flash loans can exacerbate the issue as DeFi grows in depth and scale.