Edward Kim proposes the first step to Terra’s stablecoin market recovery.
In a tweet today, reXx of the Terra Rebels announced that LUNC core developer Edward Kim had proposed to remove and secure the Terra stablecoin market swap, requesting comments on the proposal.
“LUNC community, @edk208 [Edward Kim] has proposed to remove and secure Stablecoin Market Terra Swap. Please comment on the recent agora,” tweeted reXx.
#LUNC community, @edk208 has proposed to remove and secure Stablecoin Market Terra Swap. Please comment on the recent agora
Agora:https://t.co/gbGuHvSC37
— reXx™ (@reXxTerraRebels) October 1, 2022
Notably, according to the proposal, the Terra Classic ecosystem has stablecoins supporting the top 23 fiat currencies. While swapping between LUNC and these stablecoins was disabled due to the Terra ecosystem collapse, swapping between these Terra stablecoins is still enabled via its Terra-to-Terra market swap module.
According to Kim, it is best to disable this feature to prevent further network exploitation and as a first step in its broader plan to rebuild the system with better capital controls.
“It is our recommendation that we either set the tobin tax to 100% or we remove fiat pairs from the whitelist via governance vote. We are leaning towards the tobin tax approach so that community members who may want to help build the oracle reward pool could do so by swapping their stablecoins to USTC, thus sending all swapped USTC to the oracle rewards pool.”
Notably, it is also the first step in the Terra Rebels roadmap released on Thursday.
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