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: <ul> <li style="font-weight: 400;" aria-level="1">how $UST, $LUNA, Luna Foundation Guard (LFG), and Anchor Protocol are supposed to work</li> <li style="font-weight: 400;" aria-level="1">why Jon compares the Terra blockchain with VISA, LFG with the Fed, and Do Kwon with Jerome Powell</li> <li style="font-weight: 400;" aria-level="1">how a previous $UST de-peg foreshadowed this week’s dystopian price action</li> <li style="font-weight: 400;" aria-level="1">how a bitcoin short seemed to have kickstarted $UST’s depeg and why Jon thinks it was a deliberate attack</li> <li style="font-weight: 400;" aria-level="1">why Luna Foundation Guard originally purchased Bitcoin – and how that plan backfired and made the Terra death spiral even more violent</li> <li style="font-weight: 400;" aria-level="1">why $UST had such low liquidity this week – making it more susceptible to a bank run</li> <li style="font-weight: 400;" aria-level="1">what Jon’s predictions are for $UST and $LUNA going forward</li> <li style="font-weight: 400;" aria-level="1">what were the reasons behind Terra halting</li> <li style="font-weight: 400;" aria-level="1">why Jon does not think this will be the end of algorithmic stablecoins</li> <li style="font-weight: 400;" aria-level="1">why Jon thinks this should not affect ETH directly, even though there is a high amount of staked ETH in the Terra ecosystem</li> </ul>   Thank you to our sponsors! Crypto.com: <a href= "https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021"> https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021</a>      Coinchange: <a href= "https://coinchange.io/">https://coinchange.io</a>      Episode Links   Jon Wu <ul> <li style="font-weight: 400;" aria-level="1">Twitter</li> <li style="list-style: none; display: inline"> <ul> <li style="font-weight: 400;" aria-level="2"><a href= "https://twitter.com/jonwu_?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor"> https://twitter.com/jonwu</a></li> </ul> </li> </ul>   Jon’s Write-Up on the UST Depeg <ul> <li style="font-weight: 400;" aria-level="1">Article: <a href= "https://www.notboring.co/p/terra-to-the-moon-and-back"> https://www.notboring.co/p/terra-to-the-moon-and-back</a> </li> <li style="font-weight: 400;" aria-level="1">Thread: <a href= "https://twitter.com/jonwu_/status/1523793482850050048?s=20&t=lvB1zdz98wu5TE5emh4fCw"> https://twitter.com/jonwu_/status/1523793482850050048?s=20&t=lvB1zdz98wu5TE5emh4fCw</a> </li> </ul>   Previous Unchained Coverage of Terra <ul> <li style="font-weight: 400;" aria-level="1">Do Kwon on backing UST with BTC</li> <li style="list-style: none; display: inline"> <ul> <li style="font-weight: 400;" aria-level="2">​​<a href= "https://unchainedpodcast.com/do-kwon-is-backing-ust-with-bitcoin-and-heres-what-else-he-is-building/">https://unchainedpodcast.com/do-kwon-is-backing-ust-with-bitcoin-and-heres-what-else-he-is-building/</a></li> </ul> </li> <li style="font-weight: 400;" aria-level="1">Kevin Zhou on the risk of UST’s death spiral</li> <li style="list-style: none; display: inline"> <ul> <li style="font-weight: 400;" aria-level="2"><a href= "https://unchainedpodcast.com/heres-why-usdn-de-pegged-from-the-dollar-and-why-ust-might-too/"> https://unchainedpodcast.com/heres-why-usdn-de-pegged-from-the-dollar-and-why-ust-might-too/</a> </li> </ul> </li> </ul>   Terra: <ul> <li style="font-weight: 400;" aria-level="1">Terra proposal to accelerate the burn of UST and increase the base pool: <a href= "https://station.terra.money/proposal/1164">https://station.terra.money/proposal/1164</a> </li> <li style="list-style: none; display: inline"> <ul> <li style="font-weight: 400;" aria-level="2"><a href= "https://www.theblockcrypto.com/post/146254/terraform-labs-ceo-do-kwon-unveils-plan-to-restore-ust-peg"> https://www.theblockcrypto.com/post/146254/terraform-labs-ceo-do-kwon-unveils-plan-to-restore-ust-peg</a></li> </ul> </li> <li style="font-weight: 400;" aria-level="1">Terra halting the network: <a href= "https://twitter.com/terra_money/status/1524785058296778752?s=20&t=FUJkFuN8PyxRoF9TCPgrGg"> https://twitter.com/terra_money/status/1524785058296778752?s=20&t=FUJkFuN8PyxRoF9TCPgrGg</a></li> <li style="font-weight: 400;" aria-level="1">Terra going live again: <a href= "https://twitter.com/terra_money/status/1524812171179327488?s=20&t=FUJkFuN8PyxRoF9TCPgrGg"> https://twitter.com/terra_money/status/1524812171179327488?s=20&t=FUJkFuN8PyxRoF9TCPgrGg</a></li> <li style="font-weight: 400;" aria-level="1">Regulatory risks: <a href= "https://www.theblockcrypto.com/post/146426/the-sec-has-already-sued-terraform-labs-it-has-every-reason-to-investigate-ust-lawyers-say"> https://www.theblockcrypto.com/post/146426/the-sec-has-already-sued-terraform-labs-it-has-every-reason-to-investigate-ust-lawyers-say</a> </li> </ul>   Other Recaps on Terra:  <ul> <li style="font-weight: 400;" aria-level="1">CoinDesk on how Do Kwon was behind previous algorithmic stablecoin: <a href= "https://www.coindesk.com/tech/2022/05/11/usts-do-kwon-was-behind-earlier-failed-stablecoin-ex-terra-colleagues-say/"> https://www.coindesk.com/tech/2022/05/11/usts-do-kwon-was-behind-earlier-failed-stablecoin-ex-terra-colleagues-say/</a> </li> <li style="font-weight: 400;" aria-level="1">Rekt: <a href= "https://rekt.news/luna-rekt/">https://rekt.news/luna-rekt/</a></li> </ul>

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

Unchained