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April 8, 2022by Laura Shin

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

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

 

Posted in: 2022, Shows, UnchainedTagged in: 3pool, algorithmic stablecoins, and Redacted Cartel, BTC, Curve Finance, Frax Finance, Galois Capital, Kevin Zhou, Luna, Terra, USDN, UST

Our guest on this episode:
Kevin Zhou, Co-founder of Galois Capital

Kevin Zhou

Co-founder of Galois Capital

© Copyright 2022 – 2023 Laura Shin Media LLC. All Rights Reserved.

Website by Zach Swinehart.

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Unchained Podcast

  • Podcast
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