Weekend recommended reading: The beginning and end of the UST crash; what happened to Azuki?
Those wonderful articles will not be forgotten because of the passage of time. For the convenience of readers to review and collect high-quality content, track the latest developments of projects, understand market conditions, and study and discuss. Rhythm BlockBeats will regularly summarize high-quality content for readers. If you have any suggestions and opinions, contributions and viewpoints, please contact us through the information at the end of this article.
《84 million US dollars leveraged a 40 billion financial empire, the beginning and end of the UST collapse》
On May 10, due to capital hunting and debt crisis, the native algorithm Stablecoin UST of Terra ecology suffered a serious de-anchor event, and the lowest price fell to 0.6 US dollars. This second largest public chain ecology with a TVL of nearly 20 billion US dollars repeated the horror disaster of Thai baht and Lehman in just 2 days.
As the second largest public chain ecosystem in the encryption market, Terra has always been a subject of controversy. On the one hand, through the Luna-UST dual-coin mechanism, Terra Ecosystem has successfully promoted its own algorithm, Stablecoin UST, to the entire encryption market, rapidly increasing the price and market value of Luna; It has been criticized and generally considered to be an unsustainable "Ponzi scheme". Various conditions created a perfect storm for capital siege, so on the night of May 8th, the giants in the currency circle quietly launched their long-planned "encirclement and suppression plan". This article explains the whole story of the Terra crash.
《Nearly $5 billion evaporated in 2 hours, when the Luna crash was in progress》
"Everyone, deep down in his heart, is waiting for the end of the world to come." The phrase "everyone is looking forward to the end of the world" is more appropriate to describe the market sentiment since 2022 But that's all. Because the CPI index was overheated, the market was full of calls for interest rate hikes at the beginning of the year, 25 points, 50 points, 75 points...
Now that the interest rate hike is here, the market has collapsed, and people have ushered in the end that they have been calling for for a long time. Open the financial page, the headline is "Global stock markets have experienced the worst day in recent years", and the VIX panic index has reached an all-time high since the outbreak of the new crown. At 8 o'clock in the morning on the 10th, due to the price drop of Luna, which led to large-scale liquidation, Luna triggered the death spiral of "everyone expected". The Luna Ponzi collapsed again.
《A quick look at the reasons for Coinbase’s first-quarter loss: “Sorry, we split”》
I just witnessed Luna’s death spiral drama recently, and Coinbase’s quarterly report also came out on the other side. Coinbase, which made a profit of US$700 million in the same period last year, actually lost more than US$400 million in just three months this year. In view of the fact that many users cannot understand the financial report, this article will analyze how a business that is impossible to lose money in the eyes of everyone lost 400 million US dollars within 3 months.
《Brother Sun’s "Dream of Stability": The Fed and USDD》
USDD is an algorithm Stablecoin project based on the TRON public chain platform and issued and managed by TRON DAO Reserve (TRON DAO Reserve, referred to as "TRON Reserve"). To put it simply, USDD has basically copied Terra’s UST calculation stability model, but in the specific implementation of the model, many transformations with TRON characteristics have been carried out. In this article, let us see together how likely USDD is to achieve Zuckerberg Grid's unfulfilled dream.
《How crypto KOLs view the UST crash》
As Bitcoin and other cryptocurrencies plummeted, crypto KOLs were on the alert yesterday. And Terra’s stablecoin UST fell off a cliff, which completely put the social media platform into a state of ultra-high-speed operation. The question arose as UST started and continued to plummet: How could a Stablecoin be so... unstable? Why not stop? Why is this happening with UST and not other USD-pegged stablecoins? So, how do crypto KOLs view the UST crash? If you know the details, you'll know it all falls into place.
How to Find Alpha with Free Nansen? "
Nansen is one of the leading data analysis projects on the professional chain. At the same time, it has also received investment from top institutions such as A16Z, Tiger Global, and Coinbase.
Recently, Nansen announced the launch of a free version. For this reason, Rhythm BlockBeats invited Nansen to chat about some ideas and tips about the free version. Click the link to register for free: https://pro.nansen.ai/auth/login?utm_source=me&utm_medium=bt&utm_id=cn
《The founder left midway, tens of thousands of users questioned and accused, what happened to Azuki? 》
Since its birth, Azuki NFT has carried a variety of auras, the NFT project with the highest income, the PFP project that became the fastest blue-chip project, the NFT project that is most likely to surpass BAYC, etc. . A cohesive community, a personalized brand and a creative team are the keys to Azuki's ability to break through barriers one after another and become a phenomenon-level culture. However, just a few days ago, this dazzling NFT project fell from the altar because of the founder's past. The zagabond incident does not mean that Azuki is hopeless, and shouting to let zagabond leave is not the key to the problem, but he did give more entrepreneurs, including the Azuki team, a wake-up call. In the final analysis, in the world of web3, a creative team will bring more opportunities, and a mature team will determine whether it lasts.
《Encryption market dreams back to 2018, stick or leave? 》
This article was originally published in January 2022, when Bitcoin fell from its high to around $30,000, which once aroused market concerns. At that time, LUNA had not yet collapsed and even the price was still rising. Back in May 2022, LUNA did not seem to have escaped the curse of the death spiral, plummeting 99% from a high of $110 in just one day, and has currently fallen below $0.4. The 24-hour decline of most Altcoins in the market exceeded 30%, and the entire encryption market was shrouded in panic.
For users who just came into contact with Crypto last year, perhaps this is the first time you have felt the vagaries of the encryption market; For users who have experienced bulls and bears in the battlefield, there will also be moments of confusion. In the end is to stick or leave? After reading this article, you may have your own judgment in your heart.
《zkSync is sure to launch a native Token, these interactive tutorials need to be understood》
On May 8, according to the latest project-related documents on the official website of zkSync, an Ethereum layer-2 expansion solution, zkSync has confirmed that the project will launch its native token in the future, but the R&D team has been working on The development of zkSync and its security is expected that when zkSync is fully decentralized, users can pledge their native Tokens to become verifiers of the zkSync network. This article will reorganize the principles of zkSync and interactive tutorials for readers, hoping to be helpful to readers.
《Unanchored moonlight: Terra’s origin, dilemma, deduction, and way out》
In fact, Luna's problem is only related to one word: "liquidity". As a volatile asset with insufficient liquidity, Luna can mint UST at a 1:1 equivalent value, and with the help of Curve and other EX, it can obtain the fiat currency liquidity that Stablecoin only deserves. From that day on, it was doomed to die. And 20% APR is more of a total button for acceleration. This article will explain to readers the origin, dilemma, deduction, and way out of Terra. I would like to remind all investors not to gamble all your chips for social experiments.
《Avalanche protocol founder: I am still optimistic about UST》
Stablecoin is a winner-take-all market, and if a decentralized Stablecoin succeeds, it reaps the greatest value and the most proven team. This article is based on the views of Emin Gun Sirer, the founder and CEO of AVA Labs, the parent company of the Avalanche Protocol, on his personal social media platform. He believes that we all like dramatic events and can take advantage of the opportunity to trade and earn small profits. But at the same time, we also have to bear some unpredictable risks, such as CEX suspension of transactions or deposits. The real opportunity for Crypto lies in longer-term transactions. In short, UST will resume its peg, exactly as we have seen in past historical cases. After the dust settles, I'll be even more bearish on copycats and bullish on UST.
《Mintbase: NFT Grid Shop on Near｜Project Introduction "
Mintbase is not only a marketplace, but also a product building engine. Creators and developers can use the platform toolkit to create their own NFT stores, name them, deploy their own contracts, mint and sell NFTs such as music, artwork, tickets, photography, memberships, and even generate royalties. distribute. Users do not need to master programming knowledge to cast, and it is very easy for novices to get started. If you want to have your own NFT store, you can read this article to find out.
《Spruce: How does DID prove you are you? | Project Introduction
The digital identity authentication project Spruce led by A16z may be able to realize identity interoperability in the web3 world. Spruce includes two products, one is SpruceID, a decentralized identity toolkit, and the other is Kepler, a user-owned storage space. This article explains in detail what this project Spruce is, which tries to make the address on the chain and the network identity mutually authenticate.
《rLoopDAO : What can NASA and Apple engineers get together? ｜Project Introduction》
Maybe because of Elon Musk, rLoop DAO’s Token secondary market fluctuated violently a few days ago. Many current self-proclaimed DAO projects have made no concrete progress, but the rLoop DAO team does not seem to be messing around.
rLoop is an open and autonomous DAO aimed at addressing environmental and natural resource challenges such as climate change, energy, water and food. Currently, rLoop DAO has more than 2,000 DAO members with engineering and design backgrounds, and is the only DAO born on Reddit, during which time the company participated in various competitions and won 4 awards - 2 of which were from SpaceX. This project tells you, what can NASA and Apple engineers do together?
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