The Terra validator THOR maximalist has released a complete chat log of events leading up to the release of LUNA 2.0.
This group was named “Terra Rebirth League” and included members of Terraform Labs, including DoKwon and most key verifiers. The conversation began on May 12, 2022 via Telegram, showing the chaotic turmoil of turmoil and uncertainty.
Promoting the release of Luna 2.0 was seen as an urgent issue within the “war room”. As a Terra validator, THOR maximalist said exclusively CryptoSlate:
“I think it was urgent and every day past the value was drifting. The protocol was thinking of moving to another chain or launching its own L1.
A project on the chain is a multiplier of the value of the community. Every day I would have passed the multiplier would have gone down. “
Organized turmoil
The internal group has defined it as a “professional ongoing task force that operates independently and always critically assesses all attack vectors / vulnerabilities” by the validator Smart Stake’s Big B. One member “suggested to place the five highest-voting verifiers here (at least for coordination).”
At one point, Do Kwon said, “Well, for one thing, the whale that Beth anchored and shorted the UST was trapped there for two days, so if the market had nuclear weapons, he would be messed up. That’s it. “
Apart from this, the three main issues identified on May 12 are:
“1) Market module is still running – Yun is working for a patch
2) The bridged asset is locked – I don’t know if you care about this
3) Distribution plan for new chains “
There is one thing that is clear from the conversation. Discussions were often fragmented without clear leadership. Members discussed which protocol should be considered. There was no single source of truth for dApps exposed to the decision to fork or restart a new chain.
LUNA 2.0 stablecoin
According to the log, the introduction of the new Stablecoin in LUNA 2.0 was part of the long-term plan discussed by the “War Room”. There was even a suggestion to use “longwave radio” to rebuild from scratch and create a blockchain that “doesn’t need the internet to work”. It’s not clear from the thread if this was a joke.
A Cryptographically backed algorithm stablecoin It was proposed to be included in the new LUNA chain. Stablecoin was shown in a dissertation written by members of IOHK, the company behind Cardano. It suggested:
“The stablecoin protocol, an algorithm that behaves like an autonomous bank that buys and sells stablecoin at a price fixed at a target price. In the sense that the bank has a volatile cryptocurrency in its reserve. It is backed by a code. Reserves are used to buy from users who want to sell Stablecoin, and the proceeds from selling Stablecoin to users are stored in reserves. “
Confusion about when to reboot
According to the chat, when the first call to restart the blockchain comes, many validators know the height of the block, or, in fact, when to restart the node at risk of “db corruption”. did not.
Members of Terraform Labs even asked, “Can anyone tell me the purpose or features of this new release?” The global distribution of validators also caused problems, as many were “sleeping after the last day of turmoil.” Rohit of Coinbase Cloud commented:
“No more confusion about something so serious.”
Do Kwon himself said in the group:
“Can someone summarize the problem? I’m pretty confused.”
Moreover, the group did not know if they had enough voting rights to make changes, even if they could reach an agreement on direction. Finally, the group created a Notion table to check the status of each validator before resuming the chain.
Do Kwon had the final say.
The verifier has decided to postpone the resumption of the chain, even with 63% approval, until it receives the “TFL Blessing to Resume the Chain”.
When the verifier was finally contacted by DoKwon, he delegated to another team member to “guide the network boot sequence … I haven’t had it for a while, so I forgot.”
At this point, SmartStake’s Big B writes:
“I understand that verifiers represent the interests of the community, but these decisions have a big impact. Tfl / others want to play safely for legal reasons, and these If the decision should be made by someone else, I think everyone should take a legal opinion before ringing the chime. TFL could not have been led from the beginning and now It’s up to the verifier or the community (not shown here). “
However, the verifiers were hesitant to restart the chain without a “blessing”, so Terraform Labs had to lead the process. In addition, at some point the members said that the next step was ” [Kwon] For green light + official announcement. “
After hours of debate, the group took a short break at 4am while waiting for contact from the wormhole.
Wormhole support was needed because the main reason for resuming the chain was to allow users to bridge assets to the native chain.
Will Luna Classic end in a month?
This group intended to resume the chain for only one month based on the chat logs. It is currently unknown if this is still the goal. The group finally decided to resume the chain without moving to community governance (because the chain is offline), at which point DSRV’s Jiyun declared:
“Let’s fail success. For the community.”
At this point, some of the group had almost given up on LUNA’s concept of on-chain governance. Peter from Chainlayer said:
“Did you realize that in the last few hours of the chain people were able to buy billions of terras in scratch? And that on-chain governance (they got some from it and everything was exchanged. Is it almost in the hands of the person who scooped up most Luna? “
Around 6am, the final decision to launch the chain seems to have come from DoKwon.
“Did you tell me to go? Let’s go!”
Post-release issues
Since its launch, there have been countless problems, including Oracle price discrepancies and the wrong amount of tokens being dropped in the air. Regarding the risk / reward-related issues that the release of LUNA 2.0 is rapidly evolving, followed by Oracle’s issues with the mirror protocol, THORmaximalist states: CryptoSlate:
“There is a problem, [Mirror Protocol] The team should have caught them very quickly. Currently, Luna is sitting near 10Bfdv. It would have been 1-2 in a week from now. I think the risk reward was good. “
The conversation was desperate and confusing all the time. However, the most frustrating thing about reading logs was that there were a lot of knowledgeable people in the room, but Telegram wasn’t the best medium for conversation.
Much of the crypto discussion is on Telegram, but it’s hard to accept that this was the most efficient way to decide to reopen a chain worth over $ 16 billion just a few hours ago. is.
A complete record of the internal conversation between Dokwon and the verifier is BlockchainWill be saved forever.
