Do Kwon is the CEO of Terraform Labs and a director at Luna Foundation Guard. On Unchained, he explains why LFG is spearheading a plan to partially back Terra’s $15 billion stablecoin UST with Bitcoin. He also dives into another project idea that would transform developer salaries into financial assets that, as far as I can tell, he has not yet spoken about publicly.

Part 1: Everything you need to know about Terra, UST, and BTC.

how Terra works and why Do thinks UST will soon be the third-largest stablecoin
why Do and LFG decided to back UST with bitcoin
why Do thinks LUNA’s price will continue to appreciate despite UST’s new dependence on bitcoin
how UST might perform if the price of a bitcoin were to crash
why diversifying UST with different types of collateral could help Terra politically
how LFG plans to use bridges, smart contracts, and an AMM reserve pool to secure its bitcoin
why Do thinks Terra is now a Layer 2 project for Bitcoin
who is deciding to purchase bitcoin and who determines what other assets to purchase as collateral for UST
how a bitcoin reserve pool would help UST not de-peg from the dollar
whether Do thinks Anchor’s 19%+ yield is sustainable and why Anchor is moving to other chains

Part 2: Do, the self-described “toymaker” of DeFi.

why Do is fascinated with creating a fungible labor market
how developer working hours could become a token traded on an AMM and used to take out loans
why Do thinks developer salaries in crypto should be cyclical
how on-chain identity and history will be similar to credit scores
why Do is a personal fan of Thorchain – but is reticent to use it as a bridge for LFG
why Do is interested in Prism Protocol
what Do thinks the impact of a pro-crypto president will have on South Korea

Book events

Keep up on all the latest events here!

https://www.laurashin.com/book/#tour-dates

Thank you to our sponsors!

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Upcoming Book Events

Wednesday, March 30: I’ll be speaking (remotely) with Six Senses about The Cryptopians at 2 pm ET. Be sure to save your spot soon – space is limited!

Tuesday, April 5: I will be doing a reading and signing hosted by the City of Miami Beach and Future Perfect Ventures at Sky Yard from 6-8 pm. Jalak Jobanputra, CEO of Future Perfect Ventures will be interviewing me. You need to RSVP by April 1 to dianafontani@miamibeachfl.gov.

Saturday, April 9: I will be on a panel at the Annapolis Book Festival at 11 am.

Tuesday, April 12: I will be at StartupGrind’s global event in Redwood City, which is focused this year on Web3 (time → TBD).

May 4-7: I will be in conversation with author Jimmy Soni at the PBS Seattle Crosscut Festival, which takes place from May 4-7.

May 23-25: I will be at the Oslo Freedom Forum which takes place from May 23 to 25. Details on these events are TBD.

Episode Links

Do Kwon

https://twitter.com/stablekwon
Previous Unchained appearance: https://www.youtube.com/watch?v=683fXfedOZY

Terra

Twitter: https://twitter.com/terra_money
Luna Foundation Guard: https://lfg.org/team/

LFG Purchases

Pomp – the $10B Bitcoin Bet on Stablecoins
- https://pomp.substack.com/p/the-10-billion-bitcoin-bet-on-stablecoins?s=w
3/10 BTC purchase
- https://twitter.com/LFG_org/status/1503680315969060864
$1 BTC billion purchase
- https://twitter.com/terra_money/status/1496162889085902856
TFL x LFG relationship
- https://twitter.com/stablekwon/status/1502225674840555523

Terraform Labs proposal to make Terra inter-chain

https://agora.terra.money/t/ust-goes-interchain-reasonable-strats-part-five/5024
Anchor Going Cross Chain to Avalanche

https://twitter.com/CryptoHarry_/status/1504309092411920387

Jump’s BTC reserve proposal

https://twitter.com/terra_money/status/1506736478449127425

Recent worries about Anchor APY being sustainable

Do said Anchor yield shouldn't be sustainable (marketing scheme)
- https://twitter.com/stablekwon/status/1503154137420079107

Arca + Polychain proposal: https://twitter.com/jdorman81/status/1502024302526304262

South Korea’s new President

https://asia.nikkei.com/Spotlight/Cryptocurrencies/South-Korea-s-incoming-president-vows-big-cryptocurrency-push

SEC subpoena

https://www.coindesk.com/policy/2021/12/10/most-influential-2021-do-kwon/

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“Going from Conflict to Collaboration in the Workplace” with Liz Kislik | Ep. 061