coinedition.com
Famous Terra community member, FatMan, has stepped forward to address concerns surrounding the delayed implementation of Tron founder Justin Sun’s $10 million USDD pledge aimed at aiding victims affected by the UST crisis.
Initially, Sun’s initiative received widespread support, as it sought to assist the bottom 236,000 UST holders who were hit the hardest. However, updates have been scarce, leading some to question the genuineness of Sun’s commitment.
Any update on this @justinsuntron?
— FatMan (@FatManTerra) July 24, 2023
We spoke about it over a year ago, and your team was working on an on-chain distribution system for UST victims, but there has been no update since and you stopped replying in December.
I hope this wasn't just a PR stunt. https://t.co/PzReGOSRLP
The Terra Luna crash inflicted significant financial hardships on numerous investors, making urgent measures crucial. Sun’s pledge seemed like a beacon of hope for those affected, especially considering his continued activity on social media, particularly Twitter, where he frequently shares updates on his projects and engages with users’ tweets.
However, FatMan, who has been in contact with Sun regarding his initiative, reported that communication ceased in December of last year. Furthermore, there have been no updates on the progress of the promised on-chain distribution system since its initial announcement. These circumstances have fueled skepticism, with critics dismissing the pledge as nothing more than a public relations stunt. FatMan expressed his concern, stating, “I hope this wasn’t just a PR stunt.”
The Terra forum’s proposal, outlining two possible approaches for compensating the affected users, has added to the complexity of the situation. The first option entails returning 30 cents on each UST invested to every wallet. While this might offer some relief, concerns have been raised that it could disproportionately benefit the wealthy whales who held the majority of UST during the depeg.
Alternatively, the second option prioritizes smaller wallets, focusing on the “poorest” 99.6% of wallets to ensure they receive 100% recovery. This approach aims to address the needs of those who may have been hit the hardest by the UST crisis, offering a more equitable solution to the community.
Amid this growing sentiment, FatMan, alongside others, is calling for clarity and prompt updates on the status of the recovery efforts.