As an active member of the Luna Classic community, I witnessed firsthand the effort of passionate community members who came together to save the platform from its downfall. After doing surveys and sending emails and DMs to understand what was causing Luna Classic’s major problems, which included over-minting, depeg of USTC, staking, and projects leaving the platform. It was clear that action needed to be taken, and a proposal was created to address the issue of over-minting.
After the proposal passed(was not easy a lot were fighting back), it was time to put it into action, but it became clear that it would be impossible for TFL to implement the prop 3568 (aka the burn tax). So, I had to find a team that had a love for the chain as I did, and I found three teams of developers. The Terra Rebels were the most passionate about the chain, and they said they would help. Ed, Raider, Echallon, Z, Andy, Dfunk(ind), and others all lent their hands, and the first commit to the independence was done. The burn tax and staking were done, and a big thank you goes out to all of them(including the strong 27). Although some actors were willing to let the chain die, passionate individuals in the community, such as validators (MCF, 01nodes, all nodes, and others), community members like Dfunk, TR, and others, came together to support the chain, which ultimately led to the rescue plan.
In the meantime, Im proud to be part of the teams that created connections with new platforms , helped achieved independence from TFL by supporting TR with RS and infrastructure, helped list in new CEXs, out reach Cexs ,cmc,CG , apps to pos –support,etc, helped bringing more utility to the chain, created a rescue chat to help the community to know what was going on, created a server to coordinate the new patches on chain, etc,this is some of the stuff that we did to help on the recover of this chain(it seems easy ,but trust me was not and thank you team).
I realized that the community wanted to see burns off the chain as well, so I got in touch with all the CEXs that I could. We got Coininn listing the coin and being the first one to adopt burn on spot trading. Later, we got Mexc support and burns on spot trading as well, followed by Binance. We got the support of a lot of CEXs and even some new listings. Regarding utilities, we got new support of Miata, Metagloria, SSM,first telegram enchange and many other projects that were proposed to accept Luna Classic as payment as well.
However, despite the success of the burn tax, some factions didn’t like that Luna Classic was thriving and started to spread false information about it, leading to its partial collapse. The burn tax was falsely accused of being responsible for the decline in on-chain traffic and DApps, which led to a decrease in community support. Some factions that support V2 and shorters of the chain were against the burn tax. However, the burn tax was instrumental in Luna Classic’s recovery as it brought more investment, users, and third parties interested in the platform. One of the reasons for the third parties to get interested in this blockchain is the number of users. It was evident that the burn tax was a significant factor in the growth of the platform.
There were also some challenges along the way, such as the partial collapse of the organization when TR started to get too big, and some factions didn’t like that. They accused us of doing wrong(the acusations were ,we were not allowed to have a validator ,and we were not allowed to get funding), but in the end, that was a good thing because the L1 team was born. The L1 team is dealing with layer 1 stuff, and TR is dealing with layer 2 stuff, job done (thank you fudders). furthermore, some people tried to pin the change of 1.2 to 0.2 , binance stopping burning ,the increase of “minting” from 10 to 50% to me , that was not true.
Additionally, I faced some challenges when it came to the decentralization of the off chain funds. Members from the community proposed to centralize the “lost funds” of approximately $4 million off-chain, which I was strongly against. I believed that these funds belonged to the community and should be brought to the decentralized world and placed in the community pool. After much effort, I managed to find nine validators willing to support the migration of these funds to the community pool ,next steps to follow.
I would like to leave a message for my stalkers and harassers. While their messages, emails to my personal business, and swatting my house with the police may bring my morale down on the day that it happens, I always emerge stronger the next day.
Looking to the future, I have several plans for Luna Classic that I believe will help it continue to grow and thrive. One of my top priorities is mitigating the problem of over-minting, which I believe can be addressed with a combination of on-chain burn taxes and leveraging the support of whitelisted CEXs and Dapps, to burn of chain as well,the repeg can be a big help as well.
I also hope to help introduce new utilities to Rebel Station (RS) that will enhance the functionality of Luna Classic, including a burn tracker, a “send to burn” button, a “send to CP” button, and an automatic compounding , and more features as dapps link,price in usd etc.
In terms of re-pegging, I believe this should be done in steps, with collateral gathered through a variable tax on L1 DEX movements. This would allow to open doors for a peg to USTC at 0.2 cents(for exemplar) until we have enough collateral to support it higher.
Repegging is a crucial step that needs to be taken in a gradual and organized manner.
While I have always been an advocate for pegging to the current market price, it is important to have collateral in place to make this approach work.
One potential solution to obtain the necessary collateral is to implement a variable tax on L1 Dex. Each time a movement is made, a small fee will be collected and sent to the collateral (off-chain) fund pool(untouchable), do defend the peg at the stage. This approach will continue until there are sufficient funds to defende a peg of Ustc to 0.2 cents. At this point, the mechanism will decrease the fee for buyers, allowing for more buying pressure to occur.
Once the peg has been successfully maintained at 0.2 cents, the mechanism will automatically adjust the fees accordingly. This process will repeat as we accumulate enough collateral to peg to 0.200001 (2),(3),(…)cents and beyond. We can activate staking on ustc as well.
In summary, implementing a variable tax on L1 Dex to accumulate sufficient collateral for repegging is a gradual and strategic approach that can effectively maintain the desired peg of 1 dollar, a first approach to this can be using the current swap mechanism of lunc and ustc.
I am also exploring the idea of introducing a proof of movement{POM], [POB] and[POSE]feature that would incentivize users to make more transactions on the chain through lower fees and increased rewards for staking.
An additional idea to attract more traffic to the chain ,Proof of Movement (POM). This concept involves incentivizing users who actively engage with the platform by offering them reduced fees, taxes, and increased APY rewards for staking on the chain.
For example, if a user completes two or more movements on the chain, they will be eligible for the POM program. As a result, they will pay lower fees and taxes and receive higher APY rewards compared to those who do not participate in the program.
By introducing a POM program, the chain can encourage more users to engage with the platform and increase overall activity. This would result in a more robust ecosystem and ultimately attract even more users to the chain.
Proof of Burn (POB) is another approach that can be utilized to incentivize burns and promote community engagement. POB involves burning tokens as proof of participation in the platform, which can then be used to increase rewards for staking and other activities.
For example, if a user burns a certain amount of tokens as proof of participation in the platform, they can receive higher rewards for staking or other activities. This approach motivates users to burn tokens, which can help reduce the circulating supply and increase the scarcity of the token.(we can even have a ranking on RS), this can be used to the community pool as well.
By implementing POB, the platform can create a more engaged and committed community that is willing to participate actively in the platform’s ecosystem. This can lead to increased demand for the token, which can help drive up the token price over time.
In summary, utilizing Proof of Burn as a mechanism for incentivizing burns and increasing rewards for staking can help create a more robust and committed community on the platform. It can also contribute to reducing the circulating supply of tokens and increase the overall value of the token over time.
To effectively manage the circulation supply on Lunc, we can introduce (proof of stake on steroids) a tiered APY system that incentivizes users to stake their tokens for longer periods. For instance, if the standard reward for a 21-day lockup is 15%, we can offer higher rewards for longer lockup periods.
For example, a user who chooses to lock their tokens for 30 days can receive a reward of 15.5%, while those who choose to lock their tokens for 45 days can receive a reward of 16%(just indication numbers). This approach motivates users to commit their tokens to the platform for longer periods and reduces the circulating supply of tokens available on the market.
By incentivizing longer lockup periods, we can help stabilize the token price and create a more sustainable ecosystem for Lunc. Additionally, the tiered APY system can encourage users to take a long-term view of their investments in the platform, leading to a stronger and more committed community over time.
To better manage fees and taxes on the platform, we can introduce a variable fee system that adjusts based on the current traffic on the chain. During periods of high traffic, fees can be increased to ensure that transactions are processed in a timely manner. Conversely, during periods of low traffic, fees can be decreased to encourage more activity on the platform.
Additionally, we can offer a speed transaction feature that allows users to pay a higher fee for faster transaction processing. This can be especially important in the future as the blockchain may experience slowdowns during periods of high traffic.
By implementing a variable fee system and a speed transaction feature, we can create a more flexible and user-friendly platform that adapts to the needs of the community.
Furthermore, the fees, taxes, and other charges collected on the platform can be used to fill up the oracle pool, community pool, increase collateral, or burn tokens or send to the CP. This creates an ecosystem where fees and taxes are not just a means of generating revenue for the platform but are also used to strengthen the ecosystem and benefit the community.this can be implemented on ustc as well.
On a personal level, I intend to reopen my Validator. As some of you may already know, my keys were compromised. Rather than panicking everybody, I chose to jail the node in order to safeguard the delegators’ funds and the chain itself. I firmly believe that those in a similar situation should take the same precautions. With the unwavering support of many members of the community, I have been able understand that you were able to see through the false information and doubts that were being spread. I extend my gratitude to everyone who has offered their support and helped dispel the fear, uncertainty, and doubt that had been circulating.
Overall, my experience with Luna Classic has been challenging and rewarding, and I am excited to be part of it.
Vegas
@VegasMorph {twitter}
