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Do Kwon 🌕 Profile picture
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May 13 • 6 tweets • 1 min read
1/ I’ve spent the last few days on the phone calling Terra community members – builders, community members, employees, friends and family, that have been devastated by UST depegging.

I am heartbroken about the pain my invention has brought on all of you.
2/ I still believe that decentralized economies deserve decentralized money – but it is clear that $UST in its current form will not be that money.
3/ Neither I nor any institutions that I am affiliated with profited in any way from this incident. I sold no luna nor ust during the crisis.
4/ We are currently working on documenting the use of the LFG BTC reserves during the depegging event. Please be patient with us as our teams are juggling multiple tasks at the same time.
5/ There are multiple proposals on Agora on the best steps to move forward for the community – after having read many of them, I’ve put down my thoughts of what I think the best steps are:
Terra Ecosystem Revival Plan Hi Do. I hope you’re doing okay. Please check out this proposal to use the remaining funds as a tiered refund pool to lower level UST holders. I believe it’s the best way forward. Thank you. Edit: … https://agora.terra.money/t/terra-ecosystem-revival-plan/8701/4
6/ What we should look to preserve now is the community and developers that make Terra’s blockspace valuable – I’m sure our community will form consensus around the best path forward for itself, and find a way to rise again.

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More from @stablekwon

Do Kwon 🌕 Profile picture
May 11
1/ Dear Terra Community:
2/ I understand the last 72 hours have been extremely tough on all of you - know that I am resolved to work with every one of you to weather this crisis, and we will build our way out of this.

Together.
3/ First, if you don’t understand how Terra’s peg stabilization mechanism works, here is a good overview:

Read 14 tweets
Do Kwon 🌕 Profile picture
May 9
1/ The LFG Council just voted to deploy 1.5B in capital (0.75B in BTC, 0.75B in UST) to allay market concerns around UST. Some more context on why and how:
2/ First, *LFG is not trying to exit its bitcoin position*.

The goal is to have this capital in the hands of a professional market maker such that:

1) Buy UST if price < peg
2) Buy BTC if price >= peg

thus significantly strengthening the liquidity around UST peg
3/ While buys and sells of UST are not meaningfully directional now, we felt it was valuable to have capital ready to be deployed in the current market.

As markets recover, we plan to have the loan redeemed to us in BTC, increasing the size of our total reserves.
Read 9 tweets
Do Kwon 🌕 Profile picture
Apr 25
1/ Expedition is a gamified user activation platform disguised as a pokemon go clone on @terra_money
2/ Across web3 teams struggle with intelligent allocation of user incentives to maximize acquisition, engagement and retention- this is because onchain data is (for now) limited in verifying user actions
3/ With expeditions, imagine an AR game where users can perform certain actions in meatspace to win nfts like collecting pokemon

And now imagine this becomes an open platform for any project or nft collection to incentivise targeted user behavior
Read 5 tweets
Do Kwon 🌕 Profile picture
Apr 9
1/ The only bankrun that happens during bear markets is on my time

The cost to saying made up clickbait is close to none:

1. Likely stablekwon won't respond to it
2. Maybe im right
3. Even if he responds and I'm wrong, I get more engagment

2/

Luna does get burned 1:1 with UST minted - all you need to do is to try to do it yourself

Go to the "swap" section of Terra station, mint 100 ust, and check out supply changes on the dashboard section for Luna

But of course he didn't try it
3/

Ignorant noise
Read 8 tweets
Do Kwon 🌕 Profile picture
Apr 8
1/ Five years ago, when I had the idea to create decentralized money for decentralized blockchains, all of crypto was running on centralized stablecoins.

Since then, the algorithmic stablecoin category created by $UST has become industry standard
2/ $USN by @NEARProtocol :

3/ THOR.USD by @THORChain

decrypt.co/94849/thorchai…
Read 8 tweets
Do Kwon 🌕 Profile picture
Apr 8
1/ All your $AVAX are ours.

a 🌕🔺 #TERRAVAX thesis 🧵 :

theblockcrypto.com/linked/141136/…
2/ Today, none can deny that @avalancheavax is one of the most exciting ecosystems in web3.

It is currently one of the most heavily trafficked L1s with hundreds of apps spanning DeFi and gaming.

The numbers are great: defillama.com/chain/Avalanche
3/ But the future is even brighter for avalanche.

Every bull market we are reminded of a need for a horizontally scaled future, as blockspace gets clogged and monolithic chains struggle.

Web3 will run on multiple chains, and many of those chains will be Avalanche subnets.
Read 9 tweets

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