Conversation

Do Kwon 🌕
@stablekwon
5/ Why has Luna supply been increasing over the last few days? That’s what it’s supposed to do. Luna is burned to create UST, and is minted to redeem UST - it’s an elastic supply protocol. Sometimes economies contract, and Luna supply has increased to absorb it t.co/I1xUFZCRIT
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Do Kwon 🌕
@stablekwon
6/ But ser, what happened to Luna price? Note that the mechanism above makes demand for Luna _cyclical_ to Terra’s economic growth: during rapid growth, Luna does well as supply shrinks as fundamentals improve. During contractions, the opposite is true.
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Do Kwon 🌕
@stablekwon
8/ On
@mirror_protocol
, the number of users buying and LPing mAssets has indeed increased, as users take flight from crypto to more stable equity like instruments like mAppl. Result: TVL relatively unharmed despite declining yields due to price fall of $MIR
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Do Kwon 🌕
@stablekwon
9/ On
@anchor_protocol
, similar safe haven characteristics have been exhibited with new users coming in. Unfortunately, on the borrowing side, a lot of users have gotten liquidated due to cascading liquidations.
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Do Kwon 🌕
@stablekwon
11/ It’s always been interesting how the cockroaches come out of the woodwork to spread FUD and misinformation almost exclusively during the busiest and toughest of times. Where were these sage advisors during the good times? Lol
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Do Kwon 🌕
@stablekwon
13/ To address some of this bullshit anyway - has the team been dumping Luna? I hold the majority of the team’s Luna holdings, and I’ve bought 50M Luna in 2020 and also bought more Luna in 2021.
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Do Kwon 🌕
@stablekwon
14/ I don’t keep track of how much other employees buy and sell - this would be a very toxic workplace indeed. I hope they sell, and put food on their families’ plates. That’s why I pay them. That’s kind of how employment works.
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Do Kwon 🌕
@stablekwon
Replying to
@stablekwon
16/ Is $UST growth manipulated by Terraform Labs? Nobody who’s used mirror or anchor could believe this - but just for clarification we currently hold only ~59M $UST. Reminder that there’s currently over 2B in UST stablecoins.
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Do Kwon 🌕
@stablekwon
17/ In my view, none of the fundamentals in this ecosystem have changed: 1) the same apps are being developed 2) the same robust community exists 3) the ecosystem is significantly de-risked for having survived one of the worst market crashes in crypto
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Do Kwon 🌕
@stablekwon
18/ For those of you missing the ATH, all I can say is we didn’t come this far to get to anywhere but the top. Building pure, unbiased and decentralized money is the long game - and now I know which diamond hands will build it with me. ;)
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