Kevin Zhou, co-founder of Galois Capital, discusses a crazy week in the world of algorithmic stablecoins that saw USDN de-peg from the dollar and Terra unveil plans to create a new liquidity pool on Curve to strengthen UST. Show highlights: <ul> <li style="font-weight: 400;" aria-level="1">how USDN and Waves works</li> <li style="font-weight: 400;" aria-level="1">what made USD de-peg</li> <li style="font-weight: 400;" aria-level="1">why Kevin thinks algorithmic stablecoins fail so often</li> <li style="font-weight: 400;" aria-level="1">what Kevin thinks about backing UST with BTC</li> <li style="font-weight: 400;" aria-level="1">how 4pool works in the context of Curve Finance, 3pool, UST, Frax Finance, and Redacted Cartel</li> <li style="font-weight: 400;" aria-level="1">why Kevin believes Anchor is the reason UST could de-peg</li> <li style="font-weight: 400;" aria-level="1">what might happen to Terra and the crypto market writ large if UST were to de-peg</li> <li style="font-weight: 400;" aria-level="1">why lowering yields on Anchor could depress LUNA’s price by 8x</li> <li style="font-weight: 400;" aria-level="1">how UST and LUNA redemptions work</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>    OnJuno: <a href= "https://onjuno.com/">https://onjuno.com/</a>    Episode Links   Kevin Zhou <ul> <li style="font-weight: 400;" aria-level="1">LinkedIn: <a href= "https://www.linkedin.com/in/kevin-zhou-82938324/">https://www.linkedin.com/in/kevin-zhou-82938324/</a> </li> </ul> <ul> <li style="font-weight: 400;" aria-level="1">Galois Capital: <a href= "https://twitter.com/Galois_Capital">https://twitter.com/Galois_Capital</a> </li> </ul>   UST <ul> <li style="font-weight: 400;" aria-level="1">Proposal</li> </ul> <ul> <li style="font-weight: 400;" aria-level="1"><a href= "https://agora.terra.money/t/ust-goes-interchain-the-4pool-and-redacted-cartel/5648"> https://agora.terra.money/t/ust-goes-interchain-the-4pool-and-redacted-cartel/5648</a></li> </ul> <ul> <li style="font-weight: 400;" aria-level="1">Why Terra would want to implement 4pool (in the context of the curve wars)</li> <li style="list-style: none; display: inline;"> <ul> <li style="font-weight: 400;" aria-level="2"><a href= "https://twitter.com/CryptoHarry_/status/1510244225304117252"> https://twitter.com/CryptoHarry_/status/1510244225304117252</a> </li> </ul> </li> <li style="font-weight: 400;" aria-level="1">Do Kwon on trying to make DAI less relevant</li> <li style="list-style: none; display: inline;"> <ul> <li style="font-weight: 400;" aria-level="2"><a href= "https://twitter.com/stablekwon/status/1511017532764803078"> https://twitter.com/stablekwon/status/1511017532764803078</a> </li> </ul> </li> <li style="font-weight: 400;" aria-level="1">FXS price jump</li> <li style="list-style: none; display: inline;"> <ul> <li style="font-weight: 400;" aria-level="2"><a href= "https://www.coindesk.com/markets/2022/04/04/frax-finances-fxs-jumps-as-terra-introduces-stablecoin-pool-4pool/"> https://www.coindesk.com/markets/2022/04/04/frax-finances-fxs-jumps-as-terra-introduces-stablecoin-pool-4pool/</a> </li> </ul> </li> <li style="font-weight: 400;" aria-level="1">Galois Twitter threads</li> <li style="list-style: none; display: inline;"> <ul> <li style="font-weight: 400;" aria-level="2"><a href= "https://twitter.com/Galois_Capital/status/1511455703642394628"> https://twitter.com/Galois_Capital/status/1511455703642394628</a> </li> <li style="font-weight: 400;" aria-level="2"><a href= "https://twitter.com/Galois_Capital/status/1511198930951938049"> https://twitter.com/Galois_Capital/status/1511198930951938049</a> </li> </ul> </li> <li style="font-weight: 400;" aria-level="1">UST vs LUNA market cap risk</li> <li style="list-style: none; display: inline;"> <ul> <li style="font-weight: 400;" aria-level="2"><a href= "https://twitter.com/0xHamz/status/1506372692005593090"> https://twitter.com/0xHamz/status/1506372692005593090</a> </li> <li style="font-weight: 400;" aria-level="2"><a href= "https://twitter.com/Galois_Capital/status/1511198930951938049"> https://twitter.com/Galois_Capital/status/1511198930951938049</a> </li> <li style="font-weight: 400;" aria-level="2"><a href= "https://twitter.com/Galois_Capital/status/1507651829366145030"> https://twitter.com/Galois_Capital/status/1507651829366145030</a> </li> </ul> </li> <li style="font-weight: 400;" aria-level="1">Why curve wars matter</li> <li style="list-style: none; display: inline;"> <ul> <li style="font-weight: 400;" aria-level="2"><a href= "https://twitter.com/JackNiewold/status/1511484763630194699"> https://twitter.com/JackNiewold/status/1511484763630194699</a> </li> </ul> </li> <li style="font-weight: 400;" aria-level="1">Terraform Labs’ CEO Do Kwon’s appearance on Unchained</li> <li style="list-style: none; display: inline;"> <ul> <li style="font-weight: 400;" aria-level="2"><a href= "https://www.youtube.com/watch?v=NMRbP_b4JXM">https://www.youtube.com/watch?v=NMRbP_b4JXM</a> </li> </ul> </li> <li style="font-weight: 400;" aria-level="1">Anchor</li> <li style="list-style: none; display: inline;"> <ul> <li style="font-weight: 400;" aria-level="2"><a href= "https://medium.com/@_0xfr/anchor-protocol-how-the-dev-team-rigged-liquidations-a188fb87a99f"> https://medium.com/@_0xfr/anchor-protocol-how-the-dev-team-rigged-liquidations-a188fb87a99f</a> </li> </ul> </li> </ul> USDN <ul> <li style="font-weight: 400;" aria-level="1">Recap of Waves x Alameda Drama</li> <li style="list-style: none; display: inline;"> <ul> <li style="font-weight: 400;" aria-level="2"><a href= "https://thedefiant.io/waves-ftx-ponzi-accusations/">https://thedefiant.io/waves-ftx-ponzi-accusations/</a> </li> </ul> </li> <li style="font-weight: 400;" aria-level="1">OG thread pointing out Waves market manipulation</li> <li style="list-style: none; display: inline;"> <ul> <li style="font-weight: 400;" aria-level="2"><a href= "https://twitter.com/0xHamz/status/1509581295621451779"> https://twitter.com/0xHamz/status/1509581295621451779</a> </li> <li style="font-weight: 400;" aria-level="2"><a href= "https://twitter.com/0xHamz/status/1502381061925261312"> https://twitter.com/0xHamz/status/1502381061925261312</a> </li> </ul> </li> <li style="font-weight: 400;" aria-level="1">Waves founder blaming Alameda</li> <li style="list-style: none; display: inline;"> <ul> <li style="font-weight: 400;" aria-level="2"><a href= "https://twitter.com/sasha35625/status/1510589983920656385"> https://twitter.com/sasha35625/status/1510589983920656385</a></li> </ul> </li> <li style="font-weight: 400;" aria-level="1">Governance proposal to kill Alameda’s short</li> <li style="list-style: none; display: inline;"> <ul> <li style="font-weight: 400;" aria-level="2">​​<a href= "https://unchainedpodcast.us19.list-manage.com/track/click?u=0085a41334b3edf854fd51f9b&id=2fb7761d5b&e=3c1178619e">https://unchainedpodcast.us19.list-manage.com/track/click?u=0085a41334b3edf854fd51f9b&id=2fb7761d5b&e=3c1178619e</a></li> </ul> </li> </ul>

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Here’s Why USDN De-Pegged From the Dollar – And Why UST Might Too - Ep.339

Unchained