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May 17 • 12 tweets • 8 min read
Based on the public info, the current #Terra scorecards look something like this:
1. TFL, up close to a billion
2. LFG, up 87 millions
3. VCs, it depends
4. Retail & others, down billions
A quick review 👇
Note that this is only being discussed & assessed in the court of public opinions, so take it w/ a grain of salt.

Also TFL & LFG could easily use their stack to compensate users or grow Terra v2, so I'm personally reserving judgment until after they formalise their plans
$LUNA had several funding rounds from well-known VC firms like Delphi Digital, Hashed, Arrington Capital etc. in 2018 & 2019. The total was around $50M and the tokens sold under $0.8
Last July, Galaxy Digital, Pantera Capital & Lightspeed Venture invested another $150 million, and in February this year Jump Crypto, Three Arrows Capital & others participated in a 1bn sale.
Jump allegedly spent another 700M trying to defend the UST peg, which would bring the amount invested by the VCs on TFL & LFG close to 2bn. And probably significantly more if you add the parallel investments into the Terra ecosystem projects
After buying $3.1bn in $BTC for several months, the LFG spent about $2.5bn on Gemini & Binance defending the peg, and recently communicated the status of the reserve, whose value in dollars stands around 87M (per @lawmaster)
@lawmaster However, before the crash TFL was unlocking 3M $LUNA per month to cover the "operating costs", including expenditures and "employee token distribution"..
@lawmaster ..which early "UST truther" @FreddieRaynolds worked out to be valued about 1B at the time
@lawmaster @FreddieRaynolds This is congruent with that Telegram message from Do unearthed by @FatManTerra
@lawmaster @FreddieRaynolds @FatManTerra To be fair, it's not clear whether or not all that $LUNA was in fact being sold for $USDC

Similarly it's not clear if the Terra insiders used the LFG purchases to exit $UST before the complete collapse
@lawmaster @FreddieRaynolds @FatManTerra It is very clear on the other hand that Terra's rise & fall should bring more spotlight to Cosmos : born from w/ Cosmos SDK, grew w/ IBC, failed independently & quickly replaced by new options
@lawmaster @FreddieRaynolds @FatManTerra And since I'm conveniently covering the entire #Cosmos ecosystem through educative & digestible threads on governance, airdrops, tokens, teams & projects, you may consider re-tweeting this & giving me a follow @ThyBorg_ ✌️

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More from @ThyBorg_

Thyborg Profile picture
May 19
Interchain security will be the most significant #Cosmos upgrade since IBC last year ; once it's implemented & sufficiently publicised, every new crypto project with ambition will at least consider starting their Cosmos chain. The why & the how 🧵
Cosmos is already the world leader in interoperable smart-contract blockchain, and has been since 2016.

The Tendermint consensus & the Cosmos SDK power close to 30 sovereign, scalable & configurable chains connected through IBC
Up until now, chains had to form their own validator set & create a staking token to secure the network, meaning only a small subset of a teams with the time & technical expertise could use the Cosmos stack

Think #Terra, #Osmosis, #SecretNetwork, #Juno etc. Image
Read 14 tweets
Thyborg Profile picture
May 17
Yesterday @DeanTribble & @zmanian introduced $IST at the @Gateway_Conf in Prague. Difficult to imagine a better timing to present an over-collateralised IBC-native stable 🌕 here's my summary of the mechanics of the Inter protocol 🧵
@DeanTribble @zmanian @Gateway_Conf $IST is the latest Cosmos stable to position itself in the starting blocks for the $UST replacement race & you can check out the others here (the list is missing $SILK on @SecretNetwork & $USDX on the @kava_platform & I'll cover both separately)
@DeanTribble @zmanian @Gateway_Conf @SecretNetwork @kava_platform Inter is a protocol on @agoric, a highly-anticipated IBC-enabled chain built on top of Tendermint. Agoric clearly deserves its own thread but the core value proposition is to let developers write smart-contract in JavaScript, the most dominant scripting language of the internet
Read 15 tweets
Thyborg Profile picture
May 16
If #Juno becomes the new home of the #Terra dApps, it's likely that some Terra's validators will look to join the active set & #LUNAtics will need to figure out where to delegate ; so I thought it'd be interesting to look at the revenue of the validators on #Juno 🧵
(If you're not sure why Juno is a compelling host candidate for the Terra projects, this thread on CosmWasm might be interesting)
The average validator revenue on Juno is around $33,000 per month (mid-May 2022, Bitcoin around $30,000).

It was around $48,000 in early May with Bitcoin at $38,000, and $200,000 at Juno all-time (early March)
Read 11 tweets
Thyborg Profile picture
May 15
It's been quite an eventful week in the #Cosmos ; and while today's round of Cosmos alpha is very Terra-heavy, it actually comes with a surprising number of bullish news for the entire ecosystem 🧵
First for #Osmosis. As Terra developers look for a new home, it's hard to imagine a better timing for the launch of their grant program & the Cosmwasm implementation. Osmosis co-founder @sunnya97 is on Twitter duty this weekend
@sunnya97 Second for #Juno who has already enabled permissionless CosmWasm contracts. Things are moving fast as a governance proposal carried by @KevinGarrison is up on Mintscan to use the community treasury for the creation of a Terra developer fund
Read 7 tweets
Thyborg Profile picture
May 14
This week's good actor in the #Cosmos ecosystem hails from Austria 🇦🇹 I'm talking about the validator @crypto_crew, who is now listed on my validator ranking 🧵
@crypto_crew As a reminder, the goal of the "Thyborg Cosmos Validator Ranking" (available below) is to complement the “default” Keplr list by presenting the most active community validators first, regardless of size. CryptoCrew nominated @lavender_five for next week
cosmosvalidators.org
@crypto_crew @lavender_five CosmosCrew is a team of 6 people with three engineers and three people on community support. They currently stand as Cosmos validator n°136 by number of delegations Image
Read 12 tweets
Thyborg Profile picture
May 11
Rumours are swirling around Twitter & Reddit about a potential coordinated attack on the $UST peg. Here's a simple thread to summarise and explain what's being hypothesised 🧵
First a second-hand account of the sequence that led to the initial de-peg: in short, an attacker with 3bn in borrowed BTC & 1bn in UST waited for the Terra team to remove $UST liquidity from Curve to dump it all on the market & create panic
That story somewhat corroborates with what @stablekwon explained the day before about Curve's liquidity
Read 9 tweets

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