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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:\n how $UST, $LUNA, Luna Foundation Guard (LFG), and Anchor Protocol are supposed to work\n why Jon compares the Terra blockchain with VISA, LFG with the Fed, and Do Kwon with Jerome Powell\n how a previous $UST de-peg foreshadowed this week\u2019s dystopian price action\n how a bitcoin short seemed to have kickstarted $UST\u2019s depeg and why Jon thinks it was a deliberate attack\n why Luna Foundation Guard originally purchased Bitcoin \u2013 and how that plan backfired and made the Terra death spiral even more violent\n why $UST had such low liquidity this week \u2013 making it more susceptible to a bank run\n what Jon\u2019s predictions are for $UST and $LUNA going forward\n what were the reasons behind Terra halting\n why Jon does not think this will be the end of algorithmic stablecoins\n why Jon thinks this should not affect ETH directly, even though there is a high amount of staked ETH in the Terra ecosystem\n \xa0\n Thank you to our sponsors!\n Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021\xa0\xa0\xa0\xa0\xa0\n Coinchange: https://coinchange.io\xa0\xa0\xa0\n \xa0\n Episode Links\n \xa0\n Jon Wu\n Twitter https://twitter.com/jonwu_\n \n \xa0\n Jon\u2019s Write-Up on the UST Depeg\n Article: https://www.notboring.co/p/terra-to-the-moon-and-back\xa0\n Thread: https://twitter.com/jonwu_/status/1523793482850050048?s=20&t=lvB1zdz98wu5TE5emh4fCw\xa0\n \xa0\n Previous Unchained Coverage of Terra\n Do Kwon on backing UST with BTC \u200b\u200bhttps://unchainedpodcast.com/do-kwon-is-backing-ust-with-bitcoin-and-heres-what-else-he-is-building/\n\n \n Kevin Zhou on the risk of UST\u2019s death spiral \n https://unchainedpodcast.com/heres-why-usdn-de-pegged-from-the-dollar-and-why-ust-might-too/\xa0\n \n \xa0\n Terra:\n Terra proposal to accelerate the burn of UST and increase the base pool: https://station.terra.money/proposal/1164\xa0 https://www.theblockcrypto.com/post/146254/terraform-labs-ceo-do-kwon-unveils-plan-to-restore-ust-peg\n \n Terra halting the network: https://twitter.com/terra_money/status/1524785058296778752?s=20&t=FUJkFuN8PyxRoF9TCPgrGg\n\n Terra going live again: https://twitter.com/terra_money/status/1524812171179327488?s=20&t=FUJkFuN8PyxRoF9TCPgrGg\n\n Regulatory risks: https://www.theblockcrypto.com/post/146426/the-sec-has-already-sued-terraform-labs-it-has-every-reason-to-investigate-ust-lawyers-say\xa0\n \xa0\n Other Recaps on Terra:\xa0\n 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/\xa0\n Rekt: https://rekt.news/luna-rekt/\n\n \nLearn more about your ad choices. Visit megaphone.fm/adchoices