FatMan is planning to launch a compensation drive for victims of the apparent UST rug pull after weeks of exposing TFL and Do Kwon for their mishandling of things at Terra. He tweeted the news and announced the creation of a new account for the cause.
On Terra 2.0, an independent validator will be launched. This validator will be completely transparent and funded by the community. This validator, according to FatMan, will be free of the corruption and strong-arming that occurs in the Terra ecosystem.
Validator Will Be A Non-Profit Innovation
The validator will be a non-profit system, with all profits and a 10% commission going to compensate victims of the UST collapse.
Fattman said: “10% commission and all profits will be going to UST victims & litigation – it’s a non-profit validator.”
Every month or week, a randomizer will select a beneficiary. FatMan had announced on the new account, dubbed UST Zone, that the validator had received funding in the amount of 20k LUNA. A minimum of 100k LUNA is required for the validator to activate and begin operations. FatMan anticipates reaching this milestone in two weeks.
FatMan, as a validator, will be able to vote on proposals initiated on Terra 2.0 and present his own proposals. Essentially, the validator will be the Terra community’s voice behind FatMan. He went on to say that the community will use the validator’s voting rights to prevent Do Kwon from passing bad legislation.
“We can also stick it to Do Kwon in case he tries putting up another shady proposal – I will be voting Hell No With Prejudice.”
While some are skeptical of FatMan’s motives, most of the community appears to support his new endeavor. He claims to have received various suggestions on restoring sanity and compensation on Terra. Therefore, he chose this route rather than receiving money directly to compensate UST victims.
FatMan laid out his vision for the new validator.
“UST Zone is a Terra 2 validator focused on fair, thoughtful governance and UST restitution. We are going to make Terra 2 more equitable, decentralized, and successful. Here’s a bit more about our ethos.”
Related article: New Terra Luna Classic (LUNC) Burning Proposal Receives 80% Support
FatMan Will Aid LUNC Burn
When asked if he supported the recent proposal to burn LUNC, FatMan said he would vote YES. For example, the Terra community initially demanded a Luna burning mechanism, but this was ignored and replaced by Do Kwon and TFL’s launch of Terra 2.0.