Conversation

Do Kwon ๐ŸŒ•
@stablekwon
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.
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Do Kwon ๐ŸŒ•
@stablekwon
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.
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Do Kwon ๐ŸŒ•
@stablekwon
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.
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Do Kwon ๐ŸŒ•
@stablekwon
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
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Do Kwon ๐ŸŒ•
@stablekwon
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.
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Do Kwon ๐ŸŒ•
@stablekwon
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.
idris elba world GIF
GIF
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Do Kwon ๐ŸŒ•
@stablekwon
8/ But in the long run, $Luna value is actionable - it grows as the ecosystem grows. As a holder of the ๐ŸŒ•, 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
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