Hello and welcome back to the chain reaction podcast, where we unpack and explain the latest crypto news, drama, and trends, breaking it down block by block for the crypto-curious.
You probably got the memo that the markets are suffering, and crypto is being hit particularly hard. In this week’s episode, we discussed what an impending “crypto winter” or downturn could mean for both public and private companies after a period when massive crypto financing rounds seemed to be happening almost daily.
We tracked the fiasco at Terraform Labs, which runs the UST algorithmic stablecoin and its sister currency, LUNA. UST is supposed to follow the US dollar, always with 1 UST = 1 USD, but it lost its peg this week and chaos has ensued since then, putting downward pressure on the largest cryptocurrencies, Bitcoin and Ethereum. If that sounds abstract and confusing to you, we feel you. That’s why we took a moment to find out what’s going on behind the scenes with UST and why this emerging stablecoin 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 a market decline than someone like Kevin Rose, an investor at True Ventures, who says this is his “10th or so” crypto drop? Kevin also co-founded Proof Collective, a private community of NFT collectors, which launched the viral Moonbirds NFT project last month. He told us about the ethics of running a crypto project, why he took money from a traditional VC despite raising tens of millions from Moonbirds coin alone and his thoughts on charging people $40,000+ for a JPEG (the current price for a Moonbird).
