A refund of UST, assuming it is going to happen, must include not just time, but value.
What does this mean?
Refunds based on USD value of those included in the snapshot.
Refunding everyone at a certain snapshot alone is a VERY VERY BAD idea, very bad.
How does this work
Time, Value. This is simple but important. Majority of what I have seen are very limited to time, and never value. I will be humble and say, hey maybe some have but from the ones I have read, none included this idea that should be oh so very basic.
If you have any influence and can agree with the following, please share.
Who’s included:
- Wallets of UST and aUST before the attack
- Wallets whos UST or aUST stayed in the Terra ecosystem after the attack under .9 UST/USD and beyond.
Why?
Many wallets got out between .9-.99 and were hardly damaged. Of those, they were mainly very large wallets. What is important is the lowest value wallets be compensated and this will free up millions of dollars, which can ultimately help hundreds of thousands of humans out.
Maybe even further logic to still include wallets between .9-.98 depending on wallet size. But this is besides the point.
Further; who’s not included:
- Wallets that got out at >.90 UST/USD or aUST/USD
- Wallets that swapped to another asset at >.90 UST/USD or aUST/USD
- Wallets that UST/aUST left the ecosystem at >.90 UST/USD or aUST/USD
Of those wallets that are included. If and at what UST/USD or aUST/USD price did their UST or aUST leave the ecosystem, or swap for another asset within Terra, etc.?
Example:
100 UST left Terra while UST was trading at .5, we then apply a refund valued at 50 USD.
Is this important? Very much so.
A snapshot is not enough.
Is this fair…?
a wallet that had 1,000,000 UST and got out of the Terra ecosystem, swapped for USDC at .85 should not be getting the same value factor as someone who waited until UST was .5
My main concern and point is…
We must be taking value into account and not amount. By assuming a value within the snapshot of those wallets included in the snapshot, not only will it be fair, it will save tens or possibly hundreds of millions of dollars which is freed up to be allocated to more smaller wallets.
And I do believe assuming value is enough… we can all attest that, if any at all, most users who took UST off Terra did not keep the UST sitting around.
Sure, this will take time to create code to go through all of this but it’s not much to ask for.
- Did UST swap, at what value was USD?
- Did aUST swap, at what value was USD?
- Did UST bridge out of Terra, at what value of USD?
- Did aUST bridge out of Terra, at what value of USD?
A list of wallet addresses that shouldn’t be included (Terra integrated CEX’s)
- Did UST transfer to the array of black listed wallet addresses, at what value of USD?
- Did aUST transfer to the array of black listed wallet addresses, at what value of USD?