FatMan

1/ A thread on why pre-depeg UST holders and post-depeg UST holders should not be separated into different classes. Seriously - it is for everyone's benefit. There is a perfectly good reason - please read before you send hate.

2/ The TFL-favored proposals have split up stakeholders into the same few classes: (a) the pre-depeg Luna holders, (b) the Luna holders now, (c) the pre-depeg UST holders, (d) the UST holders now and the (e) developers / community pool.

3/ I understand that Luna post-depeg buyers will hate me for saying this but the Luna split is sensible in the circumstances. It would simply not be equitable to have post-depeg Luna buyers in the same class as pre-depeg Luna holders given the hyperinflation that ensued.

4/ Yet I cannot for the life of me understand the rationale for splitting up UST holders pre-depeg and UST holders now. Keeping them in the same class increases the trading price of UST today, which gives UST holders who held through the crisis a better price for exit.

5/ If you had say a 10% allocation to pre-depeg UST and 10% to current UST, you would expect current UST to trade at half of what it would trade at if you had the full 20% allocation to UST holders without distinction.

6/ This also avoids the moral quandary of actually rewarding pre-depeg UST holders who sold at 0.9 (immediately after the snapshot) and fucking over the guys who held through it all!

7/ You would also have a group of holders in the new chain that holds the tokens because they actually want it rather than a group that holds them because they were forced to. These guys are market dumping the first chance they get.