Idea: a module implemented into major exchanges that can verify UST claims and calculate exact losses to the cent with one single click. Let me explain how (and why) I think this could work. (1/7)
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When a user clicks the button, in the background, the exchange: 1. checks if the deposited funds came from a pre-depg balance via Terra Finder 2. checks how much was sold and what the total loss was (sold at $0.30? Your loss is $0.70) (2/7)
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3. if none were sold and UST is near $0, your loss is $1 per UST held 4. a downloadable claim PDF is generated that includes a PGP-style cryptographic signature 5. on a dedicated exchange sub-page, losses can be authenticated by donors/trustees/lawyers via the signature (3/7)
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This would be a perfect way to verify exact losses that were inflicted on pre-depeg holders - both for people who held *and* people who sold. On-chain balances are easy to verify, so everything is sorted. Now, why the hell would exchanges do this? (4/7)
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They're being sued! Binance is being sued. OKX/Nexo will be sued. Who knows, maybe FTX will be sued. Exchanges retain liability based on the misrepresentations and risk disclosures (or lack thereof) made. One already refunded users out of fear of litigation & fines. (5/7)
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What if you told exchanges that for $50k in development costs, *other* people will help them make UST victims whole? It's a no-brainer - it reduces retail debt overhang, reduces the chances of litigation, helps the impoverished, and of course, looks amazing in the press. (6/7)
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Is it feasible? Yes - Do has exchange contacts and has likely put in place a special airdrop module for releasing vested LUNA over 2 years. This can totally happen if he hits up exchanges and outlines the benefits. A truly superior disbursement method for all stakeholders. (7/7)
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Thanks. Twitter will use this to make your timeline better. UndoUndo
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What if I didn't sell UST on a CEX directly, but instead burned it for LUNA (at the terra station) and then sold LUNA for USDT on CEX? My final price was 0.8 usdt per ust.
Thanks. Twitter will use this to make your timeline better. UndoUndo
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such a nice idea but there seems no motivation from TERRA community to reimburse anything . very poor communications , poor responding ... almost everyone has sold their USTs before reaching out to zero ! very complex situation to deal with ! requires whole crypto community !
Thanks. Twitter will use this to make your timeline better. UndoUndo
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I understand this but how can you do this for people who are active trading UST. They are buying for $0.05 and selling for $0.05 should they get $0.95 for every traded $.
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don't think he meant that.. 1. checks if the deposited funds came from a pre-depg balance via Terra Finder - pre-depeg being the key word here :)
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