Will there be a TOG (Token of Guarantee) From Terra UST?

Some Terra enthusiasts believe that Terra is more than UST.  However, there were others who did not agree, and they stated that with Terra UST was the point. This they claim by referencing to the first You Tube Video on Terra by Do Kwon:

“Terra is a price-stable cryptocurrency that is pegged to several of the world’s major fiat currencies…” –Do Kwon

Vijay Boyapati: “One lesson from the 2008 financial crisis: when one cockroach scuttles out from under the cupboard you can be sure there are many more waiting to reveal themselves.

When a major collateral asset breaks the buck like UST, many other parts of the ecosystem will break. It’s only a matter of time before these cracks appear.”

A TYPICAL TERRA MEME

Do kwon: Terra is decentralized money and $UST most important part of the ecosystem

People: We believe in Terra $LUNA and we will put our life savings in UST anchor.

Do Kwon: Terra is more than UST.  We will do a chain without UST

People: What?

The Community are not furious because, The UST and its application motivated investors to invest in Terra.  Now that it failed, instead of correcting the error they want to make investors believe that the UST does not matter so that they continue buying Terra in the new chain.

The reality is that many investors are having a hard time imagining what Terra DeFi would be like without UST.  The UST stable coin was the major reason behind Terra’s TVL and adoption. This is a wake up call and this has irreparably destroyed confidence and credibility of the whole system. Some of them lost their live savings investing in stable coins.

Some of them believe that It’s best to move through the stages of grief rather than to be permanently stuck in denial. Many feel let go of Terra is ideal.  They are not for the idea of alternative proposals like burning.

One of them proposed an idea which was like:  Why not create a token of guarantee (TOG) and allow Luna and UST holders who are still holding the excess coins in supply and ask them to exchange their coins for the TOG for the value they purchased it. The TOG can then be staked mandatorily till UST and Luna becomes 1:1.

Many feel the idea of Token of Guarantee is better than the other plans they are making in the ecosystem.

Despite all, The Terra ecosystem and its community are considered worth preserving and revival plans are underway. Forking, Burning and more in the list.