Before voting on it, let's first look at 2 notable blockchain forks. Why we needed those forks, who proposed them, and how it ended.
Let's dive in. 👇 1/n1. The infamous DAO hack.
In 2016, a group of @ethereum users launched a DAO- an investment fund that allowed members to vote on and fund future Ethereum-related projects. They raised more than $160 million worth of #ETH from about 11k investors.
Then came the hackers. 🥲 2/n
May 11 • 23 tweets • 13 min read
#UST depeg explained. What started it, why the safety mechanisms failed and where we are rn.
Nuff said, let's dive in. 👇1/n
#UST is an algorithmic stablecoin. In other words, it is not meant to be backed by reserves. Instead, it uses an algorithm to maintain the peg.
We have talked about this mechanism in this thread.
Now that I've a (very) small amount of following here, I thought it'll be only fair of me to disclose my #LUNA position.
I've liquidated around 90% of my LUNA positions at a price of $17.2 just a few hours earlier. This is at a loss of ~50% when I minted LUNA yesterday.
This is the second day (or night, depending on where you are in the world) when the #UST dropped significantly in value.
Throughout the past 24 hours, Do Kwon has been very quiet. 2/n
May 10 • 20 tweets • 8 min read
#UST tanked like shit. #Terra is in a crisis. But do you know the initial plan for long-term #LUNA growth?
Here's part 2 of the breakdown on Terra Luna whitepaper. 10x your #crypto understanding in 5 minutes.
Let's dive in. 🧶 1/n
In our last breakdown, we talked about how maintaining #stablecoins liquidity and stablecoins peg are key to preserving global purchasing power.
We have discussed the magic mechanisms that preserve liquidity and peg. However, we stopped at a key problem. 2/n
May 9 • 4 tweets • 2 min read
The #crypto wars will diverge into 2 parallel paths- 1) the war for #stablecoin supremacy 2) the war for digital ownership supremacy
The first will be competing for ease and reliability of daily transactions. It will face competition and pressure from its #fiat counterparts.
May 9 • 5 tweets • 4 min read
This is centralisation, but centralisation is not inherently bad in itself.