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TERRA ECOSYSTEM REVIVAL PLAN

Governance & Proposals


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May 13
1 / 175
May 13

1m ago

dokwon
38m


There’s been several community and validator groups discussing launching a fork
of the Terra chain to make the ecosystem whole from the UST depegging event.
Wanted to offer my perspective on how this should be done.

As of this time, there are still several billion dollars worth of UST, and the
value of Luna token has fallen to essentially zero. Even if the peg were to
eventually restore after the last marginal buyers and sellers have capitulated,
the holders of Luna have so severely been liquidated and diluted that we will
lack the ecosystem to build back up from the ashes. While a decentralized
economy does need decentralized money, UST has lost too much trust with its
users to play the role.

So what remains? While UST has been the central narrative of Terra’s growth
story over the last year, the Terra ecosystem and its community is what is worth
preserving.

 * We’ve built up one of the largest and most vibrant developer ecosystems in
   crypto, with some of the smartest minds in the world working on products with
   the best UI/UX
 * Terra Station has a large install base, with million+ users across the world
 * Although in distress, strong brand recognition and a name that almost
   everyone in the world will have heard about

The Terra community must reconstitute the chain to preserve the community and
the developer ecosystem.

Validators should reset the network ownership to 1B tokens, distributed among:

 * 400M (40%) to Luna holders before the depegging event (last $1 tick before
   the depeg on Binance should be reasonable), bLuna, LunaX and Luna held in
   contracts should also be recipients, minus the Terraform Labs account at
   terra1dp0taj85ruc299rkdvzp4z5pfg6z6swaed74e6. The new chain should be
   community owned. Preserving decent ownership of the network in its strongest
   believers and builders is important.
 * 400M (40%) to UST holders pro-rata at the time of the new network upgrade.
   UST holders need to be made whole as much as possible
 * 100M (10%) to Luna holders at the final moment of the chain halt – last
   minute marginal luna buyers should be compensated for their role in
   attempting to provide stability for the network
 * 100M (10%) to the Community Pool to fund future development.
 * All Luna besides the third tranche should be staked at the network genesis
   state.
 * The network should incentivize its security with a reasonable inflation rate,
   say 7%, as fees will no longer be enough to pay for security without the swap
   fees.

Call to action

Why does this redistribution make sense? UST holders need to own a large share
of the network, as the network’s debt holders they deserve to be compensated for
the tokens they have been holding to the end.

Terra needs a community to continue to grow and make its blockspace valuable
again – the only way to do this is to make sure that token holders before the
attack commenced, the most loyal community members and builders, stick around to
keep providing value.

It is a hard balance – and no easy answers in redistributing value within the
network. But value must be distributed to allow the ecosystem to survive, and in
its current state it will not.

The future of the Terra Network

The rallying cry for the Terra community has always been “a decentralized
economy needs decentralized money”. This is an exciting vision, and while UST
has not been successful the Terra community will find ways of iterating on the
idea at some point in the future.

But the priority now should be to preserve this amazing ecosystem and to make as
many users and builders as possible. Terra should first preserve its L1, and the
community should gather to discuss decentralized money once the dust has
settled.

I hope the community can achieve speedy consensus on how to revive the Terra
ecosystem. I’ll always be here.

5 Replies
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POPULAR LINKS

128[Proposal] Tiered repayment: airdrop USDC/USDT to small UST holders on Terra
terra.money

There are 174 replies with an estimated read time of 14 minutes.

Summarize This Topic

prakashpurdab
29m


what will happen with luna that was on CEXes? in the very last moment it was
even impossible to withdraw it to wallets

2 Replies
12



Darren_Zou
dokwon
28m


I bought on bsc wormhole do happens to my luna? I am down 80% lol

1 Reply
1



FatMan
1
28m


Hi Do. I hope you’re doing okay.

Please check out this proposal 128 to use the remaining funds as a tiered refund
pool to lower level UST holders. I believe it’s the best way forward.

Thank you.

Edit: I’ve reviewed your proposal. I can’t help but feel like it comes off as
trying to put a band aid on a dam.

My primary questions:

 * Okay, we fork the network. Now what? Why would value come back? UST doesn’t
   work as intended. Anchor and Mirror broke. LUNA’s name is destroyed forever.
   Where would the liquidity come from?

 * How can you possibly propose giving 40% to old LUNA holders and 10% to new
   holders? How is that at all commensurate considering new holders got
   billions/trillions of LUNA tokens at less than pennies on the dollar?

 * Most importantly: where are the LFG bitcoins? How many are left? What
   happened to the market maker loan deal?

And on a more personal level, although you don’t have to answer this - do you
feel you have a responsbility to process some refunds to UST holders with the
hundreds of millions of dollars you personally enriched yourself with through
the LUNA machine?

3 Replies
22



dokwon
Darren_Zou
27m


I suppose in this case the wormhole team can be coordinated with to distribute.

5 Replies
1



Cubics
26m


You can use on-chain/exchange trade history to distribute tokens to buyers at
every price point accurately. The Most Rational Path Forward for LUNA (3 Simple
Steps) - #12 by Cubics

1



This_Kind_Of_Moment
26m


Rubbish idea. Should just buy and destroy the excess Luna tokens.

11



caviar90210
26m


what about aUST holders?

1 Reply
4



handsome
dokwon
25m


what about wluna on eth?

1



smalhodl
25m


If I had and still have say 1k stacked on anchor I will receive 400usd ?

1 Reply




ezzr
25m


What about the UST on Curve pools in multiple chains?





luna1
25m


Can’t we use the $1B bitcoin collateral to buy back all UST at $0.1 then start
fresh?

1



meawe
prakashpurdab
25m


Yeah what happened to the luna that held in CEX?

1 Reply
2



akeibar
24m


I disagree with this distribution. Rewards pre-depeg whales and those that
abandoned the peg who used defenders as exit liquidity. How on earth is it that
those deploying capital to defend the peg should be punished whilst others ran
for the door appropriate? Those distributions need to be fixed, seeing as people
defending were the true believers. Those that ran away are gonna dump it to
recoup losses whereas those who fought to the end are gonna be punished for
doing so.

6 Replies
16



Talifust
24m


So, do I will only receive 40% of my UST? with a loss of 60% in usd?
It’s not fair this

3 Replies
3



Tanakrit_Borisut
1
24m


I hold UST on binance, what should I do? My money is more than 90% negative.
Please don’t ignore my message. I use my family money and made my mother sad I
want an answer to tell my mother.

1 Reply
4



Talifust
akeibar
23m


I appreciate your comment, I’m on your side bro





Abdul1
23m


I bought LUNA after the LAST halt. What will happen to me? Will I be in the 10%?





aniss_inas
23m


I bought it from Cocoin when it was at $5 and lost $35,000. Will I also benefit.
Or my money is gone





rogerclue
23m


Will Terra resume activity? I have a number of collateralized assets that I
would like to reclaim

1 Reply







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