That's why Jump Capital and 3AC are involved (they were part of the consortium that bought $1 billion of Luna OTC in February).
They're deep-pocketed, sophisticated traders willing to do whatever it takes to prevent a $UST death-spiral.
So what's next?
Friendly marketmakers go to work on deploying a piece of the $BTC treasury to market-buy $UST and keep the peg up.
Hope is there's more (falling-knife) $BTC collateral in LFG than there is bank-run pressure from people fudding $UST.
Possible outcomes:
1) The treasury gets drained, but $UST stabilizes.
For now, $BTC seems to have stopped dumping on liquidations and liquidation fears.
1a) The LFG also seems aware & intent on buying $BTC back at low basis.
There's a win where:
β $BTC gets pressured to $30K
β $UST peg restores
β LFG buys back into $BTC at lower basis
"Sell" BTC, restore peg, buy BTC.
Profit!
Better yet, $BTC somehow moons and we get a @feiprotocol situation where despite a difficult situation, the underlying collateral goes up in value and the protocol ends up fully collateralized.
And for completeness, since it would never happen:
2) Do Kwon and the LFG cease their $UST defense, annihilating Luna holders and allowing the $UST to settle at collateral value
$UST is 100 magic dollars backed by 20 bitcorns and 80 magic beans, but some people don't think it's worth 100 real dollars, so LFG is selling bitcorns to buy more magic dollars to convince people they're worth 100 real dollars, all so the magic bean holders don't get sad
Oh and follow me if you want to learn more about DeFi, scaling, and crypto privacy ππ½ appreciate chyβall
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Hearing from a few teams who are scrambling to get a marketing strategy in place before we go parabolic.
You're fine. If you're struggling with narrative and positioning here's what to do in the next 30 days.
Plus 1 thing you absolutely should NOT do:
1) Founders: start tweeting every single weekday.
Four single posts, one long post.
No excuses. Drop whatever it is you're doing, stare at the screen, get it done. Marketing leaders: literally sit next to your CEO and encourage them.
Pat them on the head. Give them treats.
An A++ personal feed should look varied, with some mix of:
- explainers
- insights / "takes"
- shilling your project
- media (video, pictures)
- retweets of your partners & ecosystem
If you are just doing 1 content vertical, challenge yourself to vary it up. Do one type a day.
"White House confirms US has intelligence on Russian anti-satellite capability"
Here's what would happen if an adversary took out America's global positioning system:
(+ why you should have 30 days of supplies)
People are sleeping on the threat of anti-satellite weapons.
Even the White House downplayed the threat.
Spokesman John Kirby said it was "troubling," but claimed no immediate threat and that anti-satellite weapons couldn't cause physical destruction on Earth's surface.
So why then are anti-satellite weapons so "troubling?"
Because destroying GPS--a constellation of 31 satellites owned and operated by the US government--would send us back to the stone ages.