NOTE: Because Snapshot does not allow <24h votes, we will be taking the results we have at 5am UTC or 8 hours from launch of this flash vote. We decided this due to the urgency of the situation. Also Snapshot votes are merely to gauge community sentiment and do not result in on-chain changes.
Re-pegging ZAI is a straightforward solution to a hard problem. The community has bounced around many, many ideas (head on over to #governance in discord for more details). A re-peg simultaneously addresses hyperinflation head-on while also being simple enough in code that -- given the urgency of the situation -- we can push quickly.
$0.25 (Operation Quarterz): A 25c re-peg resets us back to pre-inflation-bug value essentially. We were at 100m supply before the expansion bug, and are now hovering around 400mm. This will leave us with a mcap of 15mm. It will also be harder to reach peg vs. lower options. This is the equivalent of having the current price of ZAI ($0.04) be $0.16 if the bug never happened.
$0.10 (Operation Bonzai): A 10c re-peg is more psychologically palatable (base 10) and we have likely experienced heavier capital flight than other algo-stables with no inflation bug. This will lower the mcap to around 6mm. This is the equivalent of having the current price of ZAI ($0.04) be $0.40 if the bug never happened.
No Repeg: We wait for a better solution. The risk here is a huge amount of capital is being freed in two days and without proposing a solution to inflation, most of that capital will sell and leave the protocol for good. The upside to voting No Re-peg is potential for a better solution. We feel that we have vetted many options and have a dearth of solidity developers at our disposal, so do not feel No re-peg is a good idea.
NOTE: We are still reviewing implications of re-peg. At present, because the code merely checks the uniswap TWAP price for expansion and debt, there shouldn't be any changes required to LP's. This is not an on-chain vote, just to gather community sentiment.