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

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:
how USDN and Waves works
what made USD de-peg
why Kevin thinks algorithmic stablecoins fail so often
what Kevin thinks about backing UST with BTC
how 4pool works in the context of Curve Finance, 3pool, UST, Frax Finance, and Redacted Cartel
why Kevin believes Anchor is the reason UST could de-peg
what might happen to Terra and the crypto market writ large if UST were to de-peg
why lowering yields on Anchor could depress LUNA’s price by 8x
how UST and LUNA redemptions work
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021    
Coinchange: https://coinchange.io   
OnJuno: https://onjuno.com/ 
Galaxis: https://galaxis.xyz/
Episode Links
 
Kevin Zhou
LinkedIn: https://www.linkedin.com/in/kevin-zhou-82938324/ 
Galois Capital: https://twitter.com/Galois_Capital 
 
UST
Proposal
https://agora.terra.money/t/ust-goes-interchain-the-4pool-and-redacted-cartel/5648
Why Terra would want to implement 4pool (in the context of the curve wars)

https://twitter.com/CryptoHarry_/status/1510244225304117252 

Do Kwon on trying to make DAI less relevant

https://twitter.com/stablekwon/status/1511017532764803078 

FXS price jump

https://www.coindesk.com/markets/2022/04/04/frax-finances-fxs-jumps-as-terra-introduces-stablecoin-pool-4pool/ 

Galois Twitter threads

https://twitter.com/Galois_Capital/status/1511455703642394628 

https://twitter.com/Galois_Capital/status/1511198930951938049 

UST vs LUNA market cap risk

https://twitter.com/0xHamz/status/1506372692005593090 

https://twitter.com/Galois_Capital/status/1511198930951938049 

https://twitter.com/Galois_Capital/status/1507651829366145030 

Why curve wars matter

https://twitter.com/JackNiewold/status/1511484763630194699 

Terraform Labs’ CEO Do Kwon’s appearance on Unchained

https://www.youtube.com/watch?v=NMRbP_b4JXM 

Anchor

https://medium.com/@_0xfr/anchor-protocol-how-the-dev-team-rigged-liquidations-a188fb87a99f 

USDN
Recap of Waves x Alameda Drama

https://thedefiant.io/waves-ftx-ponzi-accusations/ 

OG thread pointing out Waves market manipulation

https://twitter.com/0xHamz/status/1509581295621451779 

https://twitter.com/0xHamz/status/1502381061925261312 

Waves founder blaming Alameda
https://twitter.com/sasha35625/status/1510589983920656385

Governance proposal to kill Alameda’s short
​​https://unchainedpodcast.us19.list-manage.com/track/click?u=0085a41334b3edf854fd51f9b&id=2fb7761d5b&e=3c1178619e

 
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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:

how USDN and Waves works what made USD de-peg why Kevin thinks algorithmic stablecoins fail so often what Kevin thinks about backing UST with BTC how 4pool works in the context of Curve Finance, 3pool, UST, Frax Finance, and Redacted Cartel why Kevin believes Anchor is the reason UST could de-peg what might happen to Terra and the crypto market writ large if UST were to de-peg why lowering yields on Anchor could depress LUNA’s price by 8x how UST and LUNA redemptions work

Thank you to our sponsors!

Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021    

Coinchange: https://coinchange.io   

OnJuno: https://onjuno.com/ 

Galaxis: https://galaxis.xyz/

Episode Links

 

Kevin Zhou

LinkedIn: https://www.linkedin.com/in/kevin-zhou-82938324/  Galois Capital: https://twitter.com/Galois_Capital 

 

UST

Proposal https://agora.terra.money/t/ust-goes-interchain-the-4pool-and-redacted-cartel/5648 Why Terra would want to implement 4pool (in the context of the curve wars)
https://twitter.com/CryptoHarry_/status/1510244225304117252  Do Kwon on trying to make DAI less relevant
https://twitter.com/stablekwon/status/1511017532764803078  FXS price jump
https://www.coindesk.com/markets/2022/04/04/frax-finances-fxs-jumps-as-terra-introduces-stablecoin-pool-4pool/  Galois Twitter threads
https://twitter.com/Galois_Capital/status/1511455703642394628 
https://twitter.com/Galois_Capital/status/1511198930951938049  UST vs LUNA market cap risk
https://twitter.com/0xHamz/status/1506372692005593090 
https://twitter.com/Galois_Capital/status/1511198930951938049 
https://twitter.com/Galois_Capital/status/1507651829366145030  Why curve wars matter
https://twitter.com/JackNiewold/status/1511484763630194699  Terraform Labs’ CEO Do Kwon’s appearance on Unchained
https://www.youtube.com/watch?v=NMRbP_b4JXM  Anchor
https://medium.com/@_0xfr/anchor-protocol-how-the-dev-team-rigged-liquidations-a188fb87a99f 

USDN

Recap of Waves x Alameda Drama
https://thedefiant.io/waves-ftx-ponzi-accusations/  OG thread pointing out Waves market manipulation
https://twitter.com/0xHamz/status/1509581295621451779 
https://twitter.com/0xHamz/status/1502381061925261312  Waves founder blaming Alameda https://twitter.com/sasha35625/status/1510589983920656385 Governance proposal to kill Alameda’s short ​​https://unchainedpodcast.us19.list-manage.com/track/click?u=0085a41334b3edf854fd51f9b&id=2fb7761d5b&e=3c1178619e

 

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