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Unchained episodes
- The Department of Justice Goes After Its First NFT Insider Trading Case - Ep 359
Jason Gottlieb, a crypto attorney and partner at Morrison Cohen, discusses the insider trading case being built by the US Department of Justice against former OpenSea employee Nathaniel Chastain. Show topics:
- why Nathaniel is being charged with wire fraud and money laundering instead of insider trading
- what makes NFT insider trading different from usual insider trading indictments
- why an employee’s “duty of confidentiality” can be important when building an insider trading case
- whether the money laundering charge makes sense
- whether moving money between self-custodied wallets constitutes money laundering
- why Jason does not think this particular case will have widespread implications for the NFT and crypto space
- Jason’s advice for employees at crypto exchanges and companies who may be tempted to trade on private information
- what happens next in the Chastain case
- why the potential sentences are so long – 20 years for each charge
- how likely it is that Chastain has to serve jail time
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Ava Labs: https://avax.network
Episode Links
Jason Gottlieb
- Website: https://www.morrisoncohen.com/jgottlieb
- Twitter: https://twitter.com/ohaiom
Department of Justice Press Release
https://www.justice.gov/usao-sdny/pr/former-employee-nft-marketplace-charged-first-ever-digital-asset-insider-trading-schemeNathaniel Chastain
- Arrest
-
- https://www.coindesk.com/policy/2022/06/01/us-charges-ex-opensea-exec-with-nft-insider-trading/
- https://www.theblockcrypto.com/linked/149685/former-head-of-product-for-opensea-indicted-after-insider-trading-scandal
- Resignation
-
- https://www.coindesk.com/business/2021/09/16/opensea-exec-accused-of-insider-trading-leaves-company/
- Insider trading allegations
-
- https://www.coindesk.com/business/2021/09/15/insider-trading-allegations-rock-opensea-nft-marketplace-responds/
-
https://twitter.com/natechastainInsider Trading and Crypto
- https://www.morrisoncohen.com/siteFiles/files/Insider%20Trading%20and%20Cryptocurrency%20-%20A%20Primer%20for%20Traders.pdf
- https://papers.ssrn.com/sol3/papers.cfm?abstract_id=132529
Taylor Monahan Recap of the Case
https://twitter.com/tayvano_/status/1532085029857284101Learn more about your ad choices. Visit megaphone.fm/adchoices
43 min - The Chopping Block: Does the New Terra Have Any Chance? - Ep. 358
Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news in the digital asset industry. Since Robert Leshner couldn’t make it, Laura also decided to hop on the show too! Show topics:
- how Terra is trying to rebuild
- what its value proposition is
- why Laura is surprised at how fast Do Kwon began shitposting again
- how teams affected by the Terra collapse, like Delphi Digital and Mars Protocol, are responding
- how its implosion will affect Cosmos
- why Tarun thinks Osmosis’ purchase of Keplr was the “best” purchase in crypto history
- whether the collapse of UST could help Cosmos in the long run
- what the legal implications of UST’s depeg will be
- whether Terra was a fraud like Theranos
- why Tarun thinks that investors should be sued for getting clients involved in Terra
- why Tarun thinks regulators are against 24-hour trading
- why Tarun thinks Matt Levine is a “boomer”
- what FTX’s chances are in getting approval from the CFTC to be the engine for 24-hour derivatives trading
- why NFTs are denominated in ETH/SOL instead of fiat
- why Tom doesn’t think airdrops matter
- what went wrong with the OP token drop
Hosts
- Haseeb Qureshi, managing partner at Dragonfly Capital
- https://twitter.com/hosseeb
- Tom Schmidt, general partner at Dragonfly Capital
- https://twitter.com/tomhschmidt
- Tarun Chitra, managing partner at Robot Ventures
https://twitter.com/tarunchitraGuest
- Laura Shin, host of Unchained
https://twitter.com/laurashinShow Topics
- Terra revival plan
https://www.protocol.com/bulletins/terra-blockchain-restart-approved- LUNA 2.0
https://fortune.com/2022/05/30/do-kwon-luna-2-airdrop-plunges/- LUNA airdrop calculation issues:
https://twitter.com/terra_money/status/1531410663674888192https://agora.terra.money/t/terra-ecosystem-revival-plan-2-passed-gov/18498- Delphi Digital
https://www.theblockcrypto.com/post/147755/delphi-digital-admits-we-were-wrong-on-terra-stablecoin-risks- Luna Classic
https://www.theblockcrypto.com/post/149361/mirror-protocol-suffers-new-exploit-and-could-be-drained-in-hourshttps://www.theblockcrypto.com/post/149342/a-90-million-defi-exploit-on-terra-went-unnoticed-for-seven-months- Korean prosecutors are looking to crackdown on Terra
https://www.theblockcrypto.com/post/149309/terraform-labs-employees-summoned-korea-prosecutors-ust-luna- Adam Neumann crypto project
- https://www.vox.com/recode/23142106/adam-neumann-crypto-carbon-credit-offset-flowcarbon
- FTX and CFTC and CME
https://twitter.com/aguye_/status/1529547230318718976- https://www.theblockcrypto.com/linked/143792/as-it-weighs-ftx-proposal-cftc-announces-a-roundtable-on-disintermediation
https://www.theblockcrypto.com/post/148786/cftc-roundtable-on-ftx-proposal-highlights-barriers-in-clearing-of-digital-vs-physical-assets- Farmers vs FTX
https://twitter.com/fintechfrank/status/1531605653269188608- CME word salad
https://twitter.com/fintechfrank/status/1524811596421382144- Optimism Airdrop
- https://twitter.com/epolynya/status/1531719021833334784?s=21&t=MoImAkB4p8qwOV3p63sSnw
https://dune.com/hildobby/op-airdropUnchained Coverage on Optimism
https://unchainedpodcast.com/will-optimisms-op-token-draw-people-back-to-layer-2s-on-ethereum/Unchained Coverage on Osmosis and Keplr
https://unchainedpodcast.com/how-osmosis-is-trying-to-improve-the-crypto-user-experience/Unchained Coverage on FTX x CFTC
- https://unchainedpodcast.com/ftx-wants-to-compete-with-cme-heres-why-its-a-big-deal/
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1 hr 2 min - How Osmosis Is Trying to Improve the Crypto User Experience - Ep.357
Sunny Aggarwal, co-founder of Osmosis Labs, talks about how Osmosis is being built, the innovations that are coming, the reasons to use app chains, and much more. Show highlights:
- how Sunny got into crypto
- how the DAO hack turned him off Ethereum at first
- how the scaling issues with Ethereum got him interested in the Cosmos vision of app-chains
- why he is interested in Proof of Stake
- what the vision of Cosmos is
- how Sunny compares the evolution of blockchains with human evolution
- why he thinks that Cosmos integrates the best of Bitcoin and Ethereum networks
- why he thinks that having more than one Proof of Work chain is fundamentally insecure
- which three technologies are necessary for Cosmos to succeed
- what IBC and the Cosmos SDK do
- why Sunny decided to build Osmosis
- how automated market makers are massively underexplored
- why UX is such a priority for the Osmosis team
- why Sunny does not want to list the OSMO token on other exchanges
- why Osmosis has a curated dex as well as a permissionless one
- how Osmosis governance works
- how security is provided on Osmosis
- what superfluid staking is
- how CosmWasm helps Osmosis compete with centralized exchanges
- how Osmosis is solving frontrunning with threshold encryption
- why the Osmosis team chose Axelar for bridging
- whether Yuga Labs could have used an app chain
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Beefy Finance: https://beefy.finance/
EPISODE LINKS
Sunny Aggarwal
- Twitter: https://twitter.com/sunnya97
- LinkedIn: https://www.linkedin.com/in/sunnya97/
COSMOS
- What is Cosmos: https://v1.cosmos.network/intro
- Cosmos whitepaper: https://v1.cosmos.network/resources/whitepaper
- CosmWasm: https://cosmwasm.com/
- Cosmos IBC: https://www.coinbase.com/es/cloud/discover/dev-foundations/ibc-protocol#:~:text=The%20Cosmos%20ecosystem%20has%20a,protocol%20(IBC)%20was%20created.
- Cosmos SDK: https://v1.cosmos.network/sdk
OSMOSIS
- Twitter: https://twitter.com/OsmosisZone
- Website: https://osmosis.zone/
- Superfluid staking: https://medium.com/osmosis/osmosis-superfluid-staking-launch-feb-28-45f8e43064af
- Osmosis Vision: https://medium.com/osmosis/vision-for-osmosis-e68e796ff1c2
- Threshold Encryption: https://medium.com/zero-knowledge-validator/privacy-in-cosmos-defi-edition-event-summary-8cafda021aa6#:~:text=Threshold%20encryption%2C%20applied%20by%20Osmosis,of%20votes%20required%20for%20consensus.
- Osmosis Governance: https://docs.osmosis.zone/overview/governance.html
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1 hr 11 min - Hester Peirce's Former Counsel on Terra 2.0, XRP and a Bitcoin Spot ETF - Ep.356
Coy Garrison, former counsel to SEC Commissioner Hester Pierce and partner at Steptoe & Johnson, discusses the role of regulation in the crypto industry and what the SEC could be doing to make crypto a better space. Show notes:
- how Coy started working with crypto
- why Coy decided to leave the SEC
- why recent comments by SEC chair Gary Gensler made him hopeful in how the SEC approaches crypto
- how the crypto industry has grown and evolved over the years
- whether the regulations are impeding innovation in the crypto space
- how stablecoins should be regulated
- what Coy thinks about the UST collapse
- what is the SEC’s take on decentralization
- whether ETH is centralized and whether it is a commodity
- why the SEC has not approved a BTC spot ETF
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Coinchange: https://coinchange.io
Ava Labs: https://avax.network
The Graph: https://thegraph.com/graph-day
EPISODE LINKS
Coy Garrison
- Linkedin: https://www.linkedin.com/in/coygarrison/
Steptoe & Johnson: https://www.steptoe.com/en/
Previous coverage of Unchained on regulation:
- Why the SEC’s Proposed Rules Affecting DeFi Could Violate the First Amendment: https://unchainedpodcast.com/why-the-secs-proposed-rules-affecting-defi-could-violate-the-first-amendment/
- Why Crypto Twitter’s Disrespect Toward Regulators Is a ‘Really Bad Business Decision’: https://unchainedpodcast.com/why-crypto-twitters-disrespect-toward-regulators-is-a-really-bad-business-decision/
- Can a DeF Smart Contract Be Regulated? Two CFTC Commissioners Discuss: https://unchainedpodcast.com/can-a-defi-smart-contract-be-regulated-two-cftc-commissioners-discuss/
Terra/Luna:
- Why Terra Collapsed and Whether an Algo Stablecoin Can Ever Succeed: https://unchainedpodcast.com/why-terra-collapsed-and-whether-an-algo-stablecoin-can-ever-succeed/
- Did Someone Deliberately Attack Terra/Luna to Kick off a Death Spiral?: https://unchainedpodcast.com/did-someone-deliberately-attack-terra-luna-to-kick-off-a-death-spiral/
- The Chopping Block: Kevin Zhou on Why He Knew Terra Would Crash: https://unchainedpodcast.com/the-chopping-block-kevin-zhou-on-why-he-knew-terra-would-crash/
- The 5 Biggest Lessons From Terra/Luna’s Collapse, According to Tascha Che: https://unchainedpodcast.com/the-5-biggest-lessons-from-terra-lunas-collapse-according-to-tascha-che/
- Here’s Why USDN De-Pegged From the Dollar – And Why UST Might Too: https://unchainedpodcast.com/heres-why-usdn-de-pegged-from-the-dollar-and-why-ust-might-too/
Bitcoin Futures ETF vs Spot ETF:
- https://medium.com/@laurashin/why-investment-experts-say-a-spot-bitcoin-etf-would-be-superior-to-bitcoin-futures-etfs-aaab862262ff
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38 min - Cobie and Chris Burniske on How to Navigate a Crypto Bear Market - Ep.355
Cobie, co-founder of Lido and UpOnlyTv, and Chris Burniske, partner at Placeholder Ventures, talk about surviving a crypto bear market, the Terra collapse, lessons they’ve learned from their mistakes, and much more. Show highlights:
- whether Chris and Cobie think crypto is in a bear market
- why Chris says these are the times to buy
- what effect the Terra debacle will have on the crypto industry
- why Chris was expecting UST to blow up
- why Chris thinks there is going to be another massive liquidation event
- whether an algo stablecoin could work
- why bear markets are sometimes a good thing
- how USDT was stress tested and proved its resilience
- how macro is affecting the crypto space and what the role of the Fed is
- when will we see the bottom of this bear market
- how meme coins are the symptoms of a broken system
- why this crypto cycle is different
- whether regulations are helping VCs rather than the retail investors
- why risky assets are the ones that could increase 10,000x
- whether the future of crypto is multichain or not
- how developers signal what ecosystem is going to win in the next expansion cycle
- whether Cobie thinks staking is dying
- how Chris judges market bottoms and tops
- what lessons Cobie and Chris have learned from their mistakes
- what innovations will catalyze the next bull cycle
- what needs to happen in the future for crypto to succeed
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Cross River Bank: https://crossriver.com/crypto
Beefy Finance: https://beefy.finance
Episode Links
Cobie
- Twitter: https://twitter.com/cobie
- UpOnlyTv: https://uponly.tv/
- Substack: https://cobie.substack.com/
- L1 trading: https://cobie.substack.com/p/trading-the-metagame?s=r
- Death of staking: https://cobie.substack.com/p/apecoin-and-the-death-of-staking?s=r
- Token unlocks: https://cobie.substack.com/p/on-the-meme-of-market-caps-and-unlocks?s=r
- Cycle Tweets:
- Why “the next cycle” reasoning scares him
- https://twitter.com/cobie/status/1524965475813568512
- What projects will survive the bear
- https://twitter.com/cobie/status/1469253171885318146
- His call to “buy” on March 12 2020
- https://twitter.com/cobie/status/1238282793244860417
- Which VCs will win
https://twitter.com/cobie/status/1515667977118826500Chris Burniske
- LinkedIn
- https://www.linkedin.com/in/burniske/
- Twitter
- https://twitter.com/cburniske
- Previous Unchained episode
- https://unchainedpodcast.com/chris-burniske-a-blank-slate-of-state/
- https://unchainedpodcast.com/chris-burniske-of-placeholder-on-the-downsides-of-icos/
- https://unchainedpodcast.com/want-to-diversify-your-portfolio-try-bitcoin-say-arks-chris-burniske-and-coinbases-adam-white/
- https://unchainedpodcast.com/how-to-value-a-crypto-asset/
- Cycle Tweets
- Feb 2022 bear call
- https://twitter.com/cburniske/status/1495468570708426754
- March 2022 bear call
https://twitter.com/cburniske/status/1523021991619428352- November 2021 top call
https://twitter.com/cburniske/status/1457884538806308868- DCA advice
- https://twitter.com/cburniske/status/1525906152881459200
https://twitter.com/cburniske/status/1500593438433021952- What could knock the market further down
- https://twitter.com/cburniske/status/1525157945079496705
https://twitter.com/cburniske/status/1524260987787902978- 2017 ATH calls
- https://twitter.com/cburniske/status/1524838447784947712
https://twitter.com/cburniske/status/1524524188366635008- Trying to time the bottom
https://twitter.com/cburniske/status/1523573129431240710Chris x Cobie
- Luna
https://twitter.com/cburniske/status/1524280637431164929- Feeling sorry for people who have lost $
- https://twitter.com/cburniske/status/1524267901456248832
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1 hr 28 min - The 5 Biggest Lessons From Terra/Luna's Collapse, According to Tascha Che - Ep.354
Tascha Che, founder of Tascha Labs, unpacks the Terra/Luna debacle and reveals what she believes are the five main takeaways from its collapse. Here are some highlights from the show:
- how stablecoin issuers make money
- what caused Terra’s downfall
- why Tascha is bullish on algo stablecoins
- whether she believes undercollateralized stablecoins can work
- how fast market cap expansion without actual network effect equals death for stablecoins
- why she doesn’t believe a stablecoin’s network effects mean much for its success
- why small(er) stablecoins are better
- how blockchains mirror national economies
- which stablecoins is Tascha excited about
- how FRAX is a stablecoin that resembles fiat currencies
- whether the UST collapse will affect the stablecoin development and further regulation
- how cross-chain agreements would be helpful for the stability of the crypto ecosystem
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Coinchange: https://coinchange.io
The Graph: https://thegraph.com/graphday
Episode Links
Tascha Che
- Twitter:
-
- https://twitter.com/TaschaLabs
- Tascha Labs:
-
https://taschalabs.com/- Tascha’s thread on nonobvious lessons from the Terra fallout:
-
- https://twitter.com/TaschaLabs/status/1526276308119932928?s=20&t=SCxfocBJoQqTEvCHadjYxA
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41 min - The Chopping Block: Kevin Zhou on Why He Knew Terra Would Crash - Ep.353
Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news in the digital asset industry. On this episode, Kevin Zhou, the CEO of Galois Capital and long-time critic of UST, also joined the conversation. Show topics:
- the UST depeg and Terra collapse
- Kevin on what it was like being one of the earliest naysayers of LUNA
- why Kevin believes that UST initially depegged and became a “fear cascade”
- how Galois Capital traded the UST depeg, from shorting LUNA to keeping their UST in Anchor until the last moment
- why Kevin was disappointed in the lack of transparency in how Luna Foundation Guard attempted to defend the UST peg
- the implications of UST’s collapse across the crypto and traditional financial markets
- whether Terra’s decline will lead to more regulation in the crypto industry
- why Anchor was the “cancer” of the Terra system
- why VCs are reticent to say something bad about protocols they don’t believe in
- why grifting is so much more prevalent in crypto
- what Jump Trading had to do with the Terra collapse
- the difference between the way trading and VC firms interact with crypto
- the issues with the Terra 2 proposal without UST
- which chains are receiving the people leaving the Terra ecosystem
- why Haseeb compared the collapse of UST to the collapse of the Soviet Union
- who Kevin believes should be reimbursed in the aftermath of the UST collapse
- how political considerations might affect how Terra continues to develop going forward
- why Terra NFTs were skyrocketing during the Terra meltdown
- whether crypto is in a bear or bull market
Hosts
- Haseeb Qureshi, managing partner at Dragonfly Capital
- https://twitter.com/hosseeb
- Tom Schmidt, general partner at Dragonfly Capital
- https://twitter.com/tomhschmidt
- Tarun Chitra, managing partner at Robot Ventures
https://twitter.com/tarunchitra- Robert Leshner, founder of Compound
https://twitter.com/rleshnerGuest
- Kevin Zhou, CEO of Galois Capital
https://www.linkedin.com/in/kevin-zhou-82938324/Previous Unchained Coverage
- Nic Carter, Erik Voorhees, and Eric Wall on the collapse of UST
https://unchainedpodcast.com/why-terra-collapsed-and-whether-an-algo-stablecoin-can-ever-succeed/- Do Kwon on backing UST with BTC
- https://unchainedpodcast.com/do-kwon-is-backing-ust-with-bitcoin-and-heres-what-else-he-is-building/
- Kevin Zhou on the risk of UST’s death spiral
https://unchainedpodcast.com/heres-why-usdn-depegged-from-the-dollar-and-why-ust-might-too/- Jon Wu on how Terra got depegged:
- https://unchainedpodcast.com/did-someone-deliberately-attack-terra-luna-to-kick-off-a-death-spiral/
- Do Kwon on The Chopping Block
https://www.youtube.com/watch?v=0xl8u7-KVwMHaseeb’s summary of the Terra collapse:
- https://medium.com/dragonfly-research/the-reign-of-terra-the-rise-and-fall-of-ust-208dabbc8e6e
Jon Wu’s write-up on the UST Depeg
- Article: https://www.notboring.co/p/terra-to-the-moon-and-back
- Thread: https://twitter.com/jonwu_/status/1523793482850050048?s=20&t=lvB1zdz98wu5TE5emh4fCw
Terra Background Info
- Twitter: https://twitter.com/terra_money
- UST Mechanics: https://angelprotocol.medium.com/how-does-ust-work-ec7b2f6e2c2c
- UST Bank Run: https://www.wsj.com/articles/crash-of-terrausd-shakes-crypto-there-was-a-run-on-the-bank-11652371839
- Speculation of a deliberate attack: https://onchainwizard.substack.com/p/how-to-make-800m-in-crypto-soros?s=r
- Do Kwon’s Proposed Terra’s Revival: https://www.coindesk.com/tech/2022/05/13/do-kwon-proposes-restart-of-terra-blockchain-as-ust-luna-plummet/
- Anchor: https://twitter.com/anchor_protocol
- Terra 2.0: https://unchainedpodcast.com/do-kwon-has-a-new-plan-again/
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1 hr 10 min - Why Terra Collapsed and Whether an Algo Stablecoin Can Ever Succeed - Ep.352
Nic Carter, general partner at Castle Island Venture, Eric Wall, former Chief Investment Officer of Arcane Assets, and Erik Voorhees, founder of ShapeShift, discuss what happened with the TerraUSD (UST) and LUNA fiasco, Do Kwon’s responsibility, the impact on the crypto ecosystem, and much more. Show highlights:
- how Erik used to feel that algo stablecoins were impossible and why he changed his mind
- why Eric considers that the demand for UST was tied to a sh*tcoin
- why Nic didn’t think LUNA would work
- how a stablecoin could theoretically be decentralized
- whether Nic, Eric, and Erik think this was a deliberate attack
- why they think whether or not there was a deliberate attack is not even relevant
- how the de-peg started with a liquidity issue on Curve
- why Nic thinks that Terra’s biggest mistake was the 19.5% APY on Anchor
- whether pursuing a decentralized stablecoin is a worthy goal
- what aspects of UST were decentralized, according to Erik
- whether algo stablecoins are dead or whether in the future, death spirals of algo stablecoins can be avoided
- why Erik believes that everything in the crypto space is an experiment, even BTC
- what it says that the VCs behind Terra knew were so reputable
- why Do Kwon's arrogance and inexperience might have caused this chaos
- whether Terra can be rebuilt
- whether this collapse imposes risks on other blockchains and other assets
- why the Luna Foundation Guard’s purchase of Bitcoin might have made the UST collapse even worse
- what Erik thinks about the global financial system and the US dollar
- how this event could trigger more regulation in the crypto space and why it might hurt the entire ecosystem
- how regulators might use the Terra case to impose CBDCs.
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Coinchange: https://coinchange.io
Beefy Finance: https://beefy.finance
Episode Links
Erik Vorhees
- Twitter: https://twitter.com/ErikVoorhees
Eric Wall
- Twitter: https://twitter.com/ercwl
Nic Carter
- Twitter: https://twitter.com/nic__carter
Previous Unchained Coverage of Terra
- Do Kwon on backing UST with BTC
-
- https://unchainedpodcast.com/do-kwon-is-backing-ust-with-bitcoin-and-heres-what-else-he-is-building/
- Kevin Zhou on the risk of UST’s death spiral
https://unchainedpodcast.com/heres-why-usdn-de-pegged-from-the-dollar-and-why-ust-might-too/- Jon Wu on how Terra got de-pegged:
- https://unchainedpodcast.com/did-someone-deliberately-attack-terra-luna-to-kick-off-a-death-spiral/
Terra
- Twitter: https://twitter.com/terra_money
- UST Mechanics: https://angelprotocol.medium.com/how-does-ust-work-ec7b2f6e2c2c
- Luna Foundation Guard: https://lfg.org/team/
- UST Bank Run: https://www.wsj.com/articles/crash-of-terrausd-shakes-crypto-there-was-a-run-on-the-bank-11652371839
- Speculation of a deliberate attack: https://onchainwizard.substack.com/p/how-to-make-800m-in-crypto-soros?s=r
- Do Kwon’s Proposed Terra’s Revival: https://www.coindesk.com/tech/2022/05/13/do-kwon-proposes-restart-of-terra-blockchain-as-ust-luna-plummet/
- Terra Blockchain Halted: https://www.coindesk.com/business/2022/05/12/luna-issuer-terra-halts-blockchain-after-week-of-losses/
Upcoming Regulation
- https://www.protocol.com/bulletins/terra-stablecoin-loses-peg
- https://www.theblockcrypto.com/linked/146583/yellen-says-the-stablecoin-market-is-still-too-small-to-pose-systemic-risk
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1 hr 22 min - Did Someone Deliberately Attack Terra/Luna to Kick off a Death Spiral? - Ep.351
Jon Wu, head of growth at Aztec Network, recaps a historically chaotic week in the Terra ecosystem that saw $UST depeg, Anchor depositors flee, and $LUNA fall 99%. Show highlights:
- how $UST, $LUNA, Luna Foundation Guard (LFG), and Anchor Protocol are supposed to work
- why Jon compares the Terra blockchain with VISA, LFG with the Fed, and Do Kwon with Jerome Powell
- how a previous $UST de-peg foreshadowed this week’s dystopian price action
- how a bitcoin short seemed to have kickstarted $UST’s depeg and why Jon thinks it was a deliberate attack
- why Luna Foundation Guard originally purchased Bitcoin – and how that plan backfired and made the Terra death spiral even more violent
- why $UST had such low liquidity this week – making it more susceptible to a bank run
- what Jon’s predictions are for $UST and $LUNA going forward
- what were the reasons behind Terra halting
- why Jon does not think this will be the end of algorithmic stablecoins
- why Jon thinks this should not affect ETH directly, even though there is a high amount of staked ETH in the Terra ecosystem
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Coinchange: https://coinchange.io
Episode Links
Jon Wu
- Twitter
- https://twitter.com/jonwu_
Jon’s Write-Up on the UST Depeg
- Article: https://www.notboring.co/p/terra-to-the-moon-and-back
- Thread: https://twitter.com/jonwu_/status/1523793482850050048?s=20&t=lvB1zdz98wu5TE5emh4fCw
Previous Unchained Coverage of Terra
- Do Kwon on backing UST with BTC
- https://unchainedpodcast.com/do-kwon-is-backing-ust-with-bitcoin-and-heres-what-else-he-is-building/
- Kevin Zhou on the risk of UST’s death spiral
https://unchainedpodcast.com/heres-why-usdn-de-pegged-from-the-dollar-and-why-ust-might-too/Terra:
- Terra proposal to accelerate the burn of UST and increase the base pool: https://station.terra.money/proposal/1164
- https://www.theblockcrypto.com/post/146254/terraform-labs-ceo-do-kwon-unveils-plan-to-restore-ust-peg
- Terra halting the network: https://twitter.com/terra_money/status/1524785058296778752?s=20&t=FUJkFuN8PyxRoF9TCPgrGg
- Terra going live again: https://twitter.com/terra_money/status/1524812171179327488?s=20&t=FUJkFuN8PyxRoF9TCPgrGg
- Regulatory risks: https://www.theblockcrypto.com/post/146426/the-sec-has-already-sued-terraform-labs-it-has-every-reason-to-investigate-ust-lawyers-say
Other Recaps on Terra:
- CoinDesk on how Do Kwon was behind previous algorithmic stablecoin: https://www.coindesk.com/tech/2022/05/11/usts-do-kwon-was-behind-earlier-failed-stablecoin-ex-terra-colleagues-say/
- Rekt: https://rekt.news/luna-rekt/
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50 min - Will Optimism's OP Token Draw People Back to Layer 2s on Ethereum? - Ep.350
Kain Warwick, founder of Synthetix, and Ben Jones, cofounder and chief scientist at Optimism Foundation, discuss the current state of Ethereum Layer 2s, Optimism’s new governance structure, why Synthetix chose to build on Optimism, and more. Show topics:
- what Optimism and Synthetix are
- how zero-knowledge rollups differ from optimistic rollups
- why Synthetix decided to build on Optimism
- what makes L2s more enticing to build on than other L1s
- how Optimism’s governance is going to change with the launch of the Optimism Collective and OP token
- what issues Synthetix has had with Discord governance and early token voting, and how they have now solved this by forcing users to consolidate wallet addresses
- what retroactive public goods funding is and how it could create a “flywheel” of development on Optimism
- why whales might be excluded from Optimism’s token grant to Synthetix
- why Ben thinks the future is about the “superchain” rather than multi-chain
- what Kain and Ben think about bridging between L2s and Mainnet
- why Optimism is a staunch backer of EIP 4844
- how the merge could affect Optimism and Synthetix
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Coinchange: https://coinchange.io
OnJuno: https://onjuno.com/
Episode Links
Guests
- Ben Jones: https://twitter.com/ben_chain
- Kain Warwick: https://twitter.com/kaiynne
Synthetix
- https://twitter.com/synthetix_io
Optimism
https://twitter.com/optimismPBCOptimism Collective
https://optimism.mirror.xyz/gQWKlrDqHzdKPsB1iUnI-cVN3v0NvsWnazK7ajlt1fISynthetix Launching on Optimism
https://blog.synthetix.io/optimism-launch-announcement/Synthetix Governance
https://docs.synthetix.io/governance/Kain’s Blog
https://blog.synthetix.io/author/kain/Rollups
- What are the biggest risks to optimistic rollup chains?
-
https://vitalik.ca/general/2021/01/05/rollup.html#:~:text=Anatomy%20of%20a%20fraud%20proof- What is the difference between optimistic and ZK rollups? And why did Synthetix choose Optimism?
-
https://blog.matter-labs.io/optimistic-vs-zk-rollup-deep-dive-ea141e71e075EIP 4844
- https://eips.ethereum.org/EIPS/eip-4844
- https://www.eip4844.com/
The Merge
https://unchainedpodcast.com/why-ethereums-merge-was-delayed-and-why-it-wont-reduce-gas-fees-much/Kain’s previous Unchained appearances
- Ethereum killers episode
-
- https://unchainedpodcast.com/how-solana-and-binance-smart-chain-could-take-ethereums-lead/
- How Synthetix became the second-largest DeFi platform
-
- https://unchainedpodcast.com/how-synthetix-became-the-second-largest-defi-platform/
- DeFi summer
-
https://unchainedpodcast.com/why-comp-5xed-on-day-1-and-what-this-means-for-a-defi-bull-market/Optimism’s Bridging Solution
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1 hr 12 min
About Unchained
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Crypto assets and blockchain technology are about to transform every trust-based interaction of our lives, from financial services to identity to the Internet of Things. In this podcast, host Laura…
Shin, an independent journalist covering all things crypto, talks with industry pioneers about how crypto assets and blockchains will change the way we earn, spend and invest our money. Tune in to find out how Web 3.0, the decentralized web, will revolutionize our world.