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The Terra ecosystem completely unraveled last week, taking much of the cryptocurrency market down with it. Its algorithmic stablecoin TerraUSD (UST) crashed far below its $1 peg, and its sister token Luna collapsed to nearly zero.
Though the overall market is now recovering, the demise of UST and Luna wiped out many cryptocurrency investors’ life savings. This left the Terra community, including its creator Do Kwon, proposing plans to somehow fix the damage done.
One proposal on the Terra forum suggests that Terra should make investors “whole” again with its remaining funds—and Ethereum co-founder Vitalik Buterin is all for it, with a few tweaks.
Buterin agreed with one Twitter user who said that Terra should prioritize helping “smaller wallets,” or people who had “a couple thousand or more of UST deposited in Anchor,” rather than “rich whales.”
“If Terra just focussed on the ‘poorest’ 99.6% of wallets, then they could make this gigantic group 100% whole,” the user Tweeted on Friday.
Buterin retweeted the user on Saturday, saying: “Strongly support this. Coordinated sympathy and relief for the average UST smallholder who got told something dumb about ‘20% interest rates on the US dollar’ by an influencer, personal responsibility and SFYL [or sorry for your loss] for the wealthy.”
He added that the “obvious precedent is FDIC insurance,” being “up to...
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