Nice! Wrt “anyone can contribute or change ideas”, I think you need to decide whats in and whats out and take ownership, as too many opinions will slow it down or even halt it completely.
2 Likes
As I understand the appeal of getting an algorithmic stable coin back, I believe the cons currently outweigh the pros. What was the failsafe to prevent any manipulation causing another death spiral?
I don’t think I’m ready to vote for this as it could lead to the actual death of LUNC. Fool me once algorithmic stable coin, shame on you. Fool me twice…
I have voted YES 
Thank you for all your hard work buddy n hope the signal proposal can pass
2 Likes
Totally bullshit 
Do you know what is exchange rate? one would like to buy USTC and one want to sold USTC then they can exchange the currency. If onchain exchange rate is higher than market price, no one will to buy USTC onchain.
I assume you are not sayiung market swap, it will mint LUNC and burn USTC.
Any million burned USTC helps for repeg, helps for orginal Terra.
Does anyone know, why a whoppin 35% are against this propsoal?
And another question: Will the repeg mint LUNC?
I am against this proposal.
Duncan claims on Twitter that the reason why there is so much vote NO to this proposal is because of the centralized POS.
He never acknowledges that the reason for the many objections is that his proposal has many problems. Will the community leave your bags to these narrow-minded people?
If your proposal has many advantages, there is no reason for anyone. Don’t look for problems with others, look for problems with yourself.
Ill donate some money for devs to code this, if each LUNC and USTC holder donated 10, 50 or 100 dollars we’d easily fund the devs to code this algo.
2 Likes
Nice! Wrt “anyone can contribute or change ideas”, I think you need to decide whats in and whats out and take ownership, as too many opinions will slow it down or even halt it completely.
Fair point. In general: it’s make USTC go back up. Best idea wins. This stipulation was added in the event that the ERM wasn’t suitable in the long-run.
As I understand the appeal of getting an algorithmic stable coin back, I believe the cons currently outweigh the pros. What was the failsafe to prevent any manipulation causing another death spiral?
I don’t think I’m ready to vote for this as it could lead to the actual death of LUNC. Fool me once algorithmic stable coin, shame on you. Fool me twice…
I am currently designing a bonds protocol that would act as a layer on-top as well as other liquidity backstop solutions that I cannot yet share. Trust me, I think about this a lot, let me know if there’s anything in particular that you’re concerned about, poke holes in it when necessary.
Totally bullshit
Do you know what is exchange rate? one would like to buy USTC and one want to sold USTC then they can exchange the currency. If onchain exchange rate is higher than market price, no one will to buy USTC onchain.
And what if it’s lower?
I assume you are not sayiung market swap, it will mint LUNC and burn USTC.
This proposal does not mint LUNC. Please read the proposal in full. cc @Robot
I am against this proposal.
Why is that?
Duncan claims on Twitter that the reason why there is so much vote NO to this proposal is because of the centralized POS.
He never acknowledges that the reason for the many objections is that his proposal has many problems. Will the community leave your bags to these narrow-minded people?
If your proposal has many advantages, there is no reason for anyone. Don’t look for problems with others, look for problems with yourself.
Please read the tweets next time. Keyword is “current.” You can corroborate this with the timestamp given in PST.
Which objections do you feel were not addressed?
4 Likes
no one will to sell USTC onchain.
nice offer
[image]
What will happen to Luna Classic with that repeg
Would that incentivize buying instead?
Lunc will burn
In the sense of supply.
Price wise it will appreciate. Chain will flourish and attract more utility. Utility brings investments.
2 Likes
No one sell you ustc, how you can buy it ?
Trade is zero sum game. If buy is earming, sell is losing.You have never told us where the fund come from.
From liquidity provider? CP? OP?
@wrapped_dday @Zaradar and Community
To peg USTC from 0.02237 USD to 1 USD, a combination of different strategies and mechanisms can be employed, including:
- Use of a multi-tiered reserve system: By holding reserves in multiple currencies and assets, including the US dollar, the USTC system can provide liquidity and stability.
- Market-based solutions: Buyback and burn mechanisms can be used to regulate the supply and demand of USTC, ensuring the stability of the peg. The USTC system can buy back USTC when its price goes above $1 and sell it when its price goes below $1.
- Interest rate mechanism: The USTC system can use an interest rate mechanism to adjust its peg by paying out interest on the US dollars in reserve to incentivize holders to keep the USTC when its price goes above $1 and charging interest on the USTC when it price goes below $1.
- Oracle system: A system of multiple oracles can be used to provide exchange rate data and reduce the risk of manipulation by a single oracle. The oracles can be incentivized to maintain the peg through penalties and rewards.
Note: Mirror Protocol and Anchor Protocol can also implement the above mentioned mechanisms to peg USTC from 0.02237 USD to 1 USD or soft peg to ERM.
Implement Mirror Protocol and Anchor Protocol on a multi-tiered reserve system
- Mirror Protocol: By utilizing a multi-tiered reserve system, Mirror Protocol can ensure that the USTC system has the necessary liquidity to maintain its peg to 1 USD. By holding reserves in multiple currencies and assets, Mirror Protocol can stabilize the USTC system, even in market volatility.
- Anchor Protocol: Anchor Protocol can also implement a multi-tiered reserve system to maintain the stability of the USTC system. By holding reserves in multiple currencies and assets, Anchor Protocol can provide liquidity and stability to the USTC system and help maintain the peg to 1 USD.
- Use of Dynamic Adjustment Mechanisms: Mirror Protocol and Anchor Protocol can use dynamic adjustment mechanisms, such as interest rate adjustments or collateralization ratios, to maintain the peg to 1 USD. By using these mechanisms in conjunction with a multi-tiered reserve system, Mirror Protocol and Anchor Protocol can ensure the stability of the USTC system.
- Oracle System: By utilizing a system of multiple oracles, Mirror Protocol and Anchor Protocol can reduce the risk of manipulation by a single oracle and provide accurate exchange rate data to the USTC system. The oracles can be incentivized to maintain the peg through penalties and rewards, further ensuring the stability of the USTC system and its peg to 1 USD.
Implement Mirror Protocol and Anchor Protocol on Market-based solutions
- By implementing Mirror Protocol and Anchor Protocol, the USTC system can ensure the stability of its peg to 1 USD through market-based solutions like buyback and burn mechanisms.
- Both protocols can automate buying back USTC when its price rises above $1 and selling USTC when its price drops below $1, thereby maintaining the peg to 1 USD.
- Mirror Protocol and Anchor Protocol can also introduce sophisticated algorithms that monitor the market conditions in real time and adjust the buyback and burn rate to achieve the peg.
- The protocols can also allow for greater transparency and decentralization of the buyback and burn process, making it more secure and reliable.
- By utilizing the power of smart contracts, Mirror Protocol and Anchor Protocol can enforce the buyback and burn rules, reducing the risk of human error or manipulation.
- Additionally, both protocols can also introduce incentives for market makers and traders to participate in the buyback and burn process, adding to the overall stability of the peg.
Implement Mirror Protocol and Anchor Protocol on Interest rate mechanism
- Mirror Protocol can implement a dynamic interest rate adjustment mechanism that adjusts the interest rate of USTC in response to changes in the market. This helps to keep the price of USTC pegged to 1 USD by reducing its supply when the price rises above 1 USD and increasing its supply when the price falls below 1 USD.
- Anchor Protocol can implement a dynamic collateralization ratio mechanism that adjusts the collateral required to hold USTC in response to changes in the market. This helps maintain the stability of the USTC system by ensuring that there is always enough collateral to support the demand for USTC.
- Mirror Protocol can use a combination of interest rate adjustments and buyback and burn mechanisms to maintain the peg to 1 USD. By adjusting the interest rate and buying back and burning USTC when its price goes above 1 USD, Mirror Protocol can maintain the stability of the USTC system.
- Anchor Protocol can use a combination of collateralization ratios and buyback and burn mechanisms to maintain the peg to 1 USD. By adjusting the collateralization ratios and buying back and burning USTC when its price goes above 1 USD, Anchor Protocol can ensure the stability of the USTC system.
- Mirror Protocol can use a dynamic adjustment mechanism that adjusts the collateralization ratios, interest rates, and buyback and burn mechanisms in response to changes in the market. This combination of mechanisms can provide a robust system that can withstand fluctuations in the market and maintain the peg to 1 USD.
- Anchor Protocol can use a multi-tiered reserve system that holds reserves in multiple currencies and assets, including the US dollar. This system can use dynamic adjustment mechanisms, such as interest rate adjustments or collateralization ratios, to maintain the peg to 1 USD and provide liquidity and stability to the USTC system.
- Mirror Protocol and Anchor Protocol can use multiple oracles to provide exchange rate data and reduce the risk of manipulation by a single oracle. The oracles can be incentivized to maintain the peg through penalties and rewards, ensuring that the USTC system remains stable.
Implement Mirror Protocol and Anchor Protocol on the Oracle system
- Oracle Pool: Mirror Protocol and Anchor Protocol can implement a pool of oracles that provide exchange rate data to the system. The oracles in the pool are incentivized to provide accurate data through penalties and rewards.
- Decentralized Oracles: To further reduce the risk of manipulation, Mirror Protocol and Anchor Protocol can implement decentralized oracles. These oracles are run by the community and are incentivized to maintain the peg through penalties and rewards.
- Oracle Verification: Mirror Protocol and Anchor Protocol can implement a verification process for the oracles. The oracles must provide evidence for their exchange rate data, and the system checks their accuracy. Incentives are provided for accurate data, and penalties for inaccurate data.
- Oracle Reputation System: A reputation system can be implemented for the oracles, allowing the community to rank their performance. The oracles with a higher reputation receive more rewards, while those with a lower reputation receive fewer rewards or penalties. This helps maintain the accuracy of the exchange rate data.
Note that on All terra’s protocols (v1 and v2), the same section of Mirror Protocol and Anchor Protocol’s Defi can help Peg USTC to 1 Dollar by implementing this. Just aware to not break the Trilemma
5 Likes
As this proposal will likely pass, I would recommend to write a road map as soon as possible, so to keep the interest high.
A few basic random questions:
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Can @ek826 and his task force take care of this?
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Who is willing to work on this, eventually?
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What’s the budget to work on it?
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Who is going to get in touch with CEX?
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Who/how is going to give report both to this community and the public upon the progress and eventually the main changes of the repeg proposal?
3 Likes
Dont care as LUNC is going to $347 per token by 2024…100%
Let’s make a scenario: I’m a big society with billions and billions of dollars. I buy for 2 to 4 billion ustc (as much as possible) at a price of 0.5
At 0.97 I sell that 4 billion ust: what would happen?? Will the system be strong enough to maintain the peg to the dollar?