Astro Snapshot Consideration for Terra 2.0

Proposals
1

First, I would like to say thank you to the Astroport team for continuing with Terra 2.0 and I look forward to the potential of Astroport branded AMM’s and the possibility of deploying Astroport to a new defi focused app chain. Reading the discord chats, I feel a lot of the community missed this information. Exciting things in the future!

I would also like to thank the team for considering Terra Classic Astro holders as they deploy on Terra 2.0. They have no obligation to do so, but it does show that they care about the community and this is one of the things I love about crypto.

As the team continues to make decisions about snapshot allocations for Terra 2.0. I would like to suggest an additional snapshot that more closely aligns with the Astro holders through the entire Terra Classic unravelling.

I understand there is no perfect way to take a snapshot and make everyone happy. I also understand that this can no longer be put to vote and that this decision is strictly on the Astroport team. Reason being, people that bought Astro post medium article would vote for 100% post-depeg allocation.

The current state of the snapshot is:

-A pre-depeg snapshot will be taken at Terra Classic block 7544910 (2022.05.07 23:00:04+08:00)
-A post-depeg snapshot will be taken at Terra Classic block 7790000 (2022.05.27 03:59:51+08:00)

My suggestion is to add a third snapshot, at the block the medium article was published. The team can add the % weight they feel is appropriate to each snapshot however my suggestion is below.

For example:
Pre-depeg Snapshot: 13% or 0.13 Astro for every Astro.
Pre-Medium Article Snapshot: 82% or 0.82 Astro for every Astro. (only eligible if holding at Post-depeg snapshot as well)
Post-depeg snapshot: 5% or 0.05 Astro for every Astro.

My reasoning is that there are strong community members and also weak / opportunistic members. By adding in the additional pre medium article snapshot and allocating weights accordingly, you reward the Astro holders that held and continued to add Astro during the downturn before official path forward announcement. Holding and adding during the downturn is true belief in the team. Those that held and added are the strongest community members. Those that only bought after the announcement are the weak / opportunistic holders.

Reward those community members who have demonstrated they believe the most.

Hope you consider this suggestion.

Thank you.

6 Likes
2

Thank you for your post. I fully support your suggestion and think that having 3 snapshots would be a great solution!

2 Likes
3

One key difference between the situation with Luna and the situation with ASTRO is that Luna experienced massive dilution, due to the exponential minting of Luna. If Luna v2 were distributed to users based on a “post-attack” snapshot only, then “pre-attack” Luna holders would get screwed. Because, even if the “pre-attack” Luna holders didn’t sell their Luna, their Luna holdings would constitute an inconsequential portion of the “post-attack” snapshot (due to the exponential minting). For this reason, it makes a lot of sense to use a “pre-attack” snapshot, and reward Luna holders at that time.

ASTRO tokens were not exponentially minted - the total supply was largely constant. ASTRO tokens decreased in price because of selling pressure. In particular, many people were looking to “cash out” and sell their ASTRO, and fewer people were willing to buy them.

By providing a non-zero weight to a “pre-attack” snapshot (as opposed to a 100% weight to a “post-attack” snapshot), the sole beneficiaries are those people who were in the “pre-attack” snapshot, but absent from the “post-attack” snapshot. That is, the sole beneficiaries are precisely those people who sold their ASTRO tokens, cashed out, and caused the token price to fall.

One should consider, in assigning weights to snapshot, whether it is better to reward: (a) those people who sold their ASTRO and have their cash sitting in the bank, or (b) those people who used their cash to buy ASTRO. It should be the latter.

In general, I am a proponent of providing ASTRO v2 tokens to the following categories of people:

(a) ASTRO holders BOTH at the pre-attack snapshot AND the post-attack snapshot.

(b) ASTRO holders at the post-attack snapshot.

Category (a) should get an additional reward over category (b).

But, ASTRO holders in the pre-attack snapshot, but absent from the post-attack snapshot, should get nothing. They cashed out. They chose to sell their tokens at fair market value, and they received fair consideration for their tokens. And, explained above, this category of people was responsible for causing the ASTRO price to fall – that shouldn’t be rewarded.

2 Likes
4

Why are we creating new governance token for new chain… sushi-swap has same token spread across different chains. When we already have astro token on lunc then distributing new one on luna chain will just dilute the value of existing tokens. Instead we should be allowed to bridge our tokens.

5

Big thumbs up for this proposal :+1: I fully agree with you, the once who sold should not get any tokens as it was their decision to cash out. I truly hope the team will consider this and make this right.

6

I believe it has to do with the token type and not being IBC compatible. Same reason why before you did not see any tokens on other IBC chains, only LUNA and UST which were the correct type. The new chain has upgraded IBC capability and will have the compatible tokens for transfer.