FatMan

Do Kwon just posted 'Terra Ecosystem Revival Plan 2' on Agora... Here's why it's a bad plan.

The old Terra chain will become Terra Classic and LUNA will be converted into LUNC (Luna Classic). A new chain will be made - the new Terra, and a new LUNA. New LUNA will be airdropped to old ecosystem users, but there will be no actual money injected into the system. (1/7)

Terra's infrastructure will be ported over, but there will be no backing from Terraform Labs and the chain will be entirely community-owned. 35% of the new LUNA will be airdropped to old LUNA holders before the attack. (2/7)

10% of the supply will be airdropped to current LUNA holders, who have bought massive amounts of LUNA for literal pennies and will benefit disproportionately from this airdrop if the new network ever gains a serious amount of value, which is unlikely. (3/7)

25% of the supply will be airdropped to current UST holders who likely purchased UST for pennies on the dollar. No consideration will be given to pre-attack UST holders who had money in Anchor but panic sold their stake due to death spiral fears. They have been cut out. (4/7)

There is no mention whatsoever of financial restitution or using TFL funds for the restitution plan that has gained community consensus and has been supported by Binance, Vitalik Buterin, and Justin Sun. UST holders were promised $1 and instead they're getting tokens. (5/7)

There is no mention of a viable business model to generate revenue on the new chain. UST has been kicked to the curb despite it being the primary mechanism that gave value to LUNA and Terra in the first place. The new Terra has been thrust into the community's hands. (6/7)

This plan smells of shirking responsibility as the revenue model has not been clear and no debt overhang clearing has been described other than airdropping potentially valueless tokens to UST holders that they didn't ask for. What are your thoughts on this plan? (7/7)