Discussion for a Flawless Repeg System for Terra Luna Classic (LUNC) - $250,000 Bounty
The Luna Classic community, in its pursuit to restore the stability and value of $USTC, hereby announces a bounty of $250,000 for the development of a flawless system to repeg USTC to its intended $1 value. This proposal outlines the requirements, process, and expectations for this initiative.
The primary goal is to design, develop, and implement a system that ensures USTC maintains its peg to the USD without the risks that led to the previous depegging event.
Requirements for the System:
1. **Stability:** The system must ensure that USTC remains pegged at $1, regardless of market conditions, through mechanisms that automatically adjust supply or demand without human intervention.
2. **Security:** Implementations must be secure against exploits, including but not limited to flash loans, arbitrage, and other known DeFi vulnerabilities.
3. **Transparency:** All algorithms and mechanisms must be open-source, allowing for community review and audit.
4. **Decentralization:** The system should not rely on a single point of failure or centralized entities for its operation.
5. **Economic Incentives:** Design incentives that encourage holders to maintain the peg, possibly through staking, yield farming, or other innovative financial instruments.
6. **Scalability:** The solution should be scalable to handle high transaction volumes without compromising on speed or cost.
7. **Interoperability:** The system should ideally integrate with existing DeFi protocols for liquidity and utility enhancement.
Discussion Submission:
-Proposals should include:
- A detailed whitepaper explaining the mechanics of the repeg system.
- Technical documentation including code snippets or full code if available.
- Security audits or plans for audits.
- Economic models showing how the system maintains the peg.
- A timeline for development, testing, and deployment.
**Evaluation Criteria:**
- **Feasibility:** How practical is the solution in terms of implementation and maintenance?
