Hello and welcome back to Chain reaction a podcast where we unpack and explain the latest crypto news, drama and trends, breaking them down block by block for crypto curiosities.
You have probably received the note that the markets are suffering and the cryptocurrency is particularly hard hit. In this week’s episode, we talked about what an impending “crypto winter” or downturn could mean for both public and private companies after a time when huge rounds of cryptocurrency seem to happen almost every day.
We followed the fiasco that is happening in Terraform Labs, which manages the algorithmic stablecoin UST and its sister currency LUNA. The UST has been tracking the US dollar as 1 UST = $ 1 all along, but lost its commitment this week and has been in chaos ever since, putting downward pressure on the largest cryptocurrencies, bitcoin and etherium. If this sounds abstract and confusing to you, we feel it. That’s why we took some time to understand what’s really going on behind the scenes with UST and why this emerging stable coin is so important to the crypto ecosystem right now.
Our guest: Kevin Rose from Moonbirds
Who better to share words of wisdom for startups and investors facing market collapse from someone like Kevin Rose, an investor in True Ventures, Who says is this his “10th or so” crypto decline? Kevin is also a co-founder of Proof Collective, a private community of NFT collectors that launched the Moonbirds NFT virus project last month. He told us about the ethics of managing a crypto project, why he took money from a traditional VC, even though he raised tens of millions from the Moonbirds Mint alone, and his plans to charge people $ 40,000+ JPEG (current Moonbird capture price) .