1/ Lots of newcomers in the @terra_money ecosystem, so this 🧡 is all about the πŸŒ•
2/ The most important function of cryptocurrency has been that of currency - a function best captured by the stablecoin.

If other assets play the role of equities of various disparate ecosystems, the stablecoin plays the role of money - forming liquidity, savings, and MoE.
3/ The stablecoin has found the strongest PMF in crypto by any metric - usership, ADV, and tx vol.

$USDT, $USDC, $DAI have been leading.

Yet no stablecoin before @terra_money has managed to form loyal communities - there's no asset succinctly capturing value.
4/ A bet on the moon is very simple:

- it goes up in value (inc. scarcity) the more Terra money is used
- it goes down in value (inc. dilution) the less Terra money is used

The moon's fate in the long run is tied to how widely the money gets used and transacted.
5/ In a vacuum, usage could go either way - but what we've witnessed is that LUNATICs have rolled up their sleeves to build products that make Terra stablecoins more useful.

Dozens of protocols incoming - @spar_protocol, @nebula_protocol, kash, @alice_finance all early examples
6/ Empirical evidence of an exploding ecosystem with just 3 major apps: $UST is about to become the largest decentralized stablecoin closing in on $DAI.

Imagine where we could be with just 10 more killer apps.
7/ Of course, this is crypto - and in the short term, prices will fluctuate.

I claim this is a good thing in the long run - $Luna will eventually become an NFT, and I plan to be the last whale holding one whole Luna.
8/ But in the long run, $Luna value is actionable - it grows as the ecosystem grows.

As a holder of the πŸŒ•, you then have three choices:
- Sit back and watch me kick ass
- Take profits and buy un-valuable assets
- Or you can roll up your sleeves and build cool shit
9/ I've said before that what we've built so far make up the MVP of terra stablecoins - it's just a demo.

The full product suite is just going to melt faces, and it is the great honor of my life to be building it with you all on the moon.


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More from @d0h0k1

29 Mar
1/ Let's talk about ETFs🧡
2/ Earlier, I noted that the launches of @mirror_protocol and @anchor_protocol completes the MVP launch sequence of @terra_money stablecoins.

You can now pay, invest, and save using Terra stablecoins.

But we are far from done.
3/ In traditional finance, ETFs are huge. Passive investing via ETFs dwarf active investing in single stocks - trillions and trillions of dollars.

Single stocks are signals, ETFs are narratives.
Read 9 tweets
23 Mar
. @bytemaster7 I know you're job searching rn, so just letting you know we have internship positions open at Terraform Labs.

All jokes aside, happy to answer @terra_money's stability mechanism on this thread.

Long live the king of algo stablecoins πŸŒ•
Reposted to tag Dan's correct handle and for maximal antagonization
1/ For those of you looking in for the first time, here are some resources:

White paper: terra.money/Terra_White_pa…

Primer: medium.com/terra-money/in….
Read 12 tweets
17 Mar
1/ Dear Lunatics,

After much drama, @anchor_protocol is now live.

2/ This is a behind the scenes story of what happened behind the launch.
3/ At around 4:50 pm KST, we noticed a meaningful scale DDoS attacks against Terra Station's public nodes, while at the same time attempts to swap into the yet unfunded ANC-UST pools.
Read 9 tweets
17 Mar
1/ Anchor public announcement #4:

Hello, $ANC.

1 hour away from the token generation event, this thread is all about why $ANC is valuable.
2/ Not investment advice.

But if you'd like to be informed, have a read through these two great reports by @arringtonXRPcap and @Delphi_Digital explaining $ANC's role in @anchor_protocol:


3/ While there are many phenomenal DeFi protocols, there are not many valuable DeFi assets.

That is, the protocol would work just fine without the asset,

and the asset does not capture value in the protocol.
Read 9 tweets
16 Mar
1/ Anchor public announcement #3:

This one is about $ANC’s token distribution.

If you’ve been frustrated by the whales always getting better deals than you, read through this thread:
3/ Terra is now in a position where it can be very selective about which investors we choose to work with – and all these investors are expected to add value to @anchor_protocol.
Read 16 tweets
15 Mar
1/ Anchor public announcement #2:

Anchor will target 20% fixed APR.

This is by far the highest stablecoin yield in the market.
2/ Wait, but how is this possible?

First, recall that Anchor lets you borrow stablecoins against your stake.

Instead of charging explicit borrowing rates, the system passes on your staking rewards to lenders.
3/ … With Luna staking yield at 12% p.a. and LTV at 50%, this means that the system is able to generate at least 24% staking revenue on deposits – more than enough to cover the 20%.
Read 8 tweets

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