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FatManTerra launches non-profit LUNA validator for UST compensation

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FatManTerra, the source of many Terraform Labs leaks, has announced that it has launched its own validator for LUNA 2.0. The validator, called UST Zone, charges a 10% fee and all profits will go to UST victims and litigation – this is a non-commercial validator,” says FatManTerra.

Community reaction

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Some community members took to Twitter to demand“That was the goal all along… it’s nice to know I was right about your plans.” Another user declared“We all knew you’d try something like this at some point.” Other users were confused by this move, saying “Bro I hope this is a fucking joke… now this whole shit looks like a promo… haha ​​I’m so confused right now.”

Motivation FatManTerra

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However, it appears that the community’s concerns may be unnecessary; as exclusively told by FatManTerra cryptoslate,

“People have been pouring in with offers of donations, and while I would love to accept them and distribute them myself, as they offer, this is just wrong and not transparent.

While we’re trying to partner with trusted protocols to create donation portals, building these things takes time, and in the meantime I’ve been trying to come up with methods to make life easier for small UST holders without having to spend a dime or risk money.

A friend came up with the idea of ​​a validator a few days ago and I thought it was perfect – people who think like me can have a say in running Terra through my validator, and any extra profits made can be given to small holders to let them them entirely or may be used for litigation.

Ultimately, I decided to make the validator 100% non-commercial – I hope it helps people a little, but even if it fails to cover the operating costs, it’s okay, since no one (except me) will lose anything. After all, even if one person is able to recover through this, I will consider it a successful endeavor.”

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After talking multiple times with FatManTerra after the May chaos, launching a validator to take advantage of the community would have been highly out of character for him. He told me that he plans to be as transparent as possible and show donations from people “getting their money back.” Additional information has also been posted on Discord, as shown in the screenshot below.

fat man validator
Source: Discord

Validator Mission Statement

FatManTerra launched a new Twitter account to run the UST Zone validator, where he posted a thread detailing his manifest. Topic open ad,

“UST Zone is a Terra 2 validator focused on fair, thoughtful UST governance and restitution. We are going to make Terra 2 more fair, decentralized and successful.”

FatManTerra said that Terra’s ecosystem management system is “rife with manipulation, bribery and the use of force.” He then stated that the validator would vote using “common sense” and from a “rational and objective point of view”. The statement then went on to say that “part of our post-expenditure is related to efforts to restitute the UST.” In a conversation with FatManTerra, he clarified that the validator will be “100% non-commercial”, which means that it will not receive income from the income of the delegator.

As a holder of the UST, he can theoretically offer to reimburse him the commission in the future. However, FatManTerra never once hinted at using any possibility to pay himself. The thread ended with a statement that the goal of the validator is to “steer Terra 2 in the best possible direction forward.”

Challenge against Do Kwon

In a rally call on Discord, FatManTerra stated:

“We can also force this on Do Kwon in case he tries to come up with another dubious proposal – I’ll vote for Hell No With Prejudice.”

At the time of writing, the validator received 20k LUNA in delegations. For a validator to become active and be allowed to participate in governance voting, it must reach 100,000 LUNA. FatManTerra hopes that reaching this milestone “will not take more than two weeks.”





Credit : cryptoslate.com

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