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Did Someone Deliberately Attack Terra/Luna to Kick off a Death Spiral? - Ep.351

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9.1K views 3 years ago Unchained
Jon Wu, head of growth at Aztec Network, recaps a historically chaotic week in the Terra ecosystem that saw $UST depeg, Anchor depositors flee, and $LUNA fall 99%. Show highlights: ● how $UST, $LUNA, Luna Foundation Guard (LFG), and Anchor Protocol are supposed to work ● why Jon compares the Terra blockchain with VISA, LFG with the Fed, and Do Kwon with Jerome Powell ● how a previous $UST de-peg foreshadowed this week’s dystopian price action ● how a bitcoin short seemed to have kickstarted $UST’s depeg and why Jon thinks it was a deliberate attack ● why Luna Foundation Guard originally purchased Bitcoin – and how that plan backfired and made the Terra death spiral even more violent ● why $UST had such low liquidity this week – making it more susceptible to a bank run ● what Jon’s predictions are for $UST and $LUNA going forward ● what were the reasons behind Terra halting ● why Jon does not think this will be the end of algorithmic stablecoins …...more
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Did Someone Deliberately Attack Terra/Luna to Kick off a Death Spiral? - Ep.351
315Likes
9,182Views
2022May 13
Jon Wu, head of growth at Aztec Network, recaps a historically chaotic week in the Terra ecosystem that saw $UST depeg, Anchor depositors flee, and $LUNA fall 99%. Show highlights: ● how $UST, $LUNA, Luna Foundation Guard (LFG), and Anchor Protocol are supposed to work ● why Jon compares the Terra blockchain with VISA, LFG with the Fed, and Do Kwon with Jerome Powell ● how a previous $UST de-peg foreshadowed this week’s dystopian price action ● how a bitcoin short seemed to have kickstarted $UST’s depeg and why Jon thinks it was a deliberate attack ● why Luna Foundation Guard originally purchased Bitcoin – and how that plan backfired and made the Terra death spiral even more violent ● why $UST had such low liquidity this week – making it more susceptible to a bank run ● what Jon’s predictions are for $UST and $LUNA going forward ● what were the reasons behind Terra halting ● why Jon does not think this will be the end of algorithmic stablecoins ● why Jon thinks this should not affect ETH directly, even though there is a high amount of staked ETH in the Terra ecosystem Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unconf... Coinchange: https://coinchange.io Episode Links Jon Wu Twitter   / jonwu_   Jon’s Write-Up on the UST Depeg Article: https://www.notboring.co/p/terra-to-t... Thread: https://twitter.com/jonwu_/status/152... Previous Unchained Coverage of Terra Do Kwon on backing UST with BTC ​​https://unchainedpodcast.com/do-kwon-... Kevin Zhou on the risk of UST’s death spiral https://unchainedpodcast.com/heres-wh... Terra: Terra proposal to accelerate the burn of UST and increase the base pool: https://station.terra.money/proposal/... https://www.theblockcrypto.com/post/1... Terra halting the network: https://twitter.com/terra_money/statu... Terra going live again: https://twitter.com/terra_money/statu... Regulatory risks: https://www.theblockcrypto.com/post/1... Other Recaps on Terra: CoinDesk on how Do Kwon was behind previous algorithmic stablecoin: https://www.coindesk.com/tech/2022/05... Rekt: https://rekt.news/luna-rekt/
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