USTC Quant Team Update
1/ Understandably, it's been a dramatic week for the #LUNC community, with disinformation and division taking the center stage. This thread will cut through all the noise and lay out the facts.
2/ We reached out to major exchanges via TGF and Rexx. Many exchanges initially reacted positively to the proposal 11487. The L1 team, due to their heavy involvement in the implementation, was in regular touch and has been supportive.
3/ When a major CEX had technical issues supporting the proposal, I shared this confidential information with LBA, the manager of the L1 team, with permission. Only Rexx, LBA, and I were privy to this information.
4/ Despite the issue, we saw it as a positive response and continued to discuss possible solutions. The problem lies with the algorithm powering their matching engines - something they would need to fix.
5/ Till last week, we were still in talks and they've made it clear that they have not closed the door on the proposal. Regretfully, LBA decided to circumvent the usual lines of communication, and he leaked confidential information.
6/ This brought into question our future relationship with CEXs, thereby endangering the entire repeg effort. We don't know why he decided to pursue this action, only that its outcome has severely hampered our ability to negotiate with exchanges.
7/ Lines of dialogue that were previously open are now in question, and we hope that exchanges will be able to work with us to move past this breach of trust.
8/ We also hope the community will rally behind the repeg effort, despite the recent attempts to damage the USTC team and its mission. We need to be looking forwards, not backwards. We need to all be working together as a united front, not attacking each other as different factions. It's gone on long enough.
9/ This is greater than any of us. A successfully repegged USTC will lead to an ecosystem revival for LUNC, so it is our genuine desire to see that through to the best of our ability!
In this turbulent time, we're striving for transparency and clarity. We'll continue to keep you updated as we move forward.
#LUNCCommunity #crypto
@edk208 When swaps and repeg? Q1 fuck all achieved. Q2's gonna cost $200k? Community is sick of grifters trying to squeeze as much money out of them as possible and delivering sweet fa. With respect no one cares about your sidechain given the negative impact this will have on LUNC.
@MikeOMara I don't know if this will assist, but one theory is that Covid is an NAD+ depletor. Maybe a link with vaccine? https://t.co/pcVuXdHFWX
Try NMN, as espoused by David Sinclair.
https://t.co/vZgHGDkP5w
Imo NMN is superb, but DYOR- it may have downsides. Hope you recover.
In consultation with members of the community and Binance, we are looking at refactoring the burn antehandler. Please see the discussion here, https://t.co/zJa67Ug0Su
@Aimalkh58871408 Reduce the tax to 0, use LUNC as liquidity to make whole USTC holders and give Alex, Akujuro and GCR $1 million each for their troubles?