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 Learn more about your ad choices. Visit megaphone.fm/adchoices