Summary
In the aftermath of the recent Terra exploit, the ASTRO token has been destabilised by an increased circulating supply and mismatched tokens between the Neutron and Terra networks. This proposal seeks to slightly correct these discrepancies.
A separate proposal has been put forth to burn the 20M illegally minted ASTRO that is currently frozen in the attacker’s wallet on Terra, and another one proposed by the Phoenix Directive to rebuy ASTRO.
Implementation
The 19,000,000.86577 ASTRO tokens from the attacker’s account, currently held in the treasury, will be transferred to the Astroport’s Treasury account on Terra via IBC, then a second proposal on Terra will be posted to burn the same exact amount. This transfer will minimise the balance mismatch between the networks.
Should this second proposal together with the first burn proposal on Terra pass, that would leave around 14M ASTRO that still need to be dealt with. The proposal from the Phoenix Directive on Terra aims to address this last amount.
Conclusion
This proposal aims to correct the ASTRO balance and is one of the first steps in the recovery following the Terra exploit. Approval will allow the illegally minted ASTRO to be transferred, improving the accuracy of the IBC channel between Neutron and Terra.
Executable messages
[
{
"wasm": {
"execute": {
"contract_addr": "neutron19sq60cxtsjcx7vw25c63wyt27fxevuh6l7vxcn04u0t0rueyfpvq4mc75l",
"msg": "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",
"funds": []
}
}
}
]
Edit
(29 Aug, 2024)
The original proposal posted here intended to send the funds to the Terra IBC escrow account on neutron, but that wouldn’t solve the issue, since the funds would be effectively locked and not accounted for.
