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Summary

This script follows Do Kwon, the founder of the Terra blockchain, as he embarks on a mission to revolutionize the world of finance with his decentralized stablecoin, UST. Despite facing skepticism and challenges, Kwon’s relentless ambition pushes him to aggressively promote Terra’s potential. However, as the UST peg begins to falter, the situation spirals out of control, leading to a dramatic collapse of the system. With Terra's future at risk, Kwon proposes a bold move to save the ecosystem—forking the blockchain into Luna 2.0—highlighting his unwavering dedication to the Terra community and its future, despite the risks and failures faced along the way.

Takeaways

• 😀 Do Kwon had a vision to create a decentralized currency (Terra) to transform the global financial system.
• 😀 UST (Terra's stablecoin) was designed to be scalable, yield-bearing, and interchain, aiming to solve the limitations of other stablecoins like DAI.
• 😀 Do Kwon was confident in UST's ability to maintain its peg, dismissing concerns about its sustainability, even in the face of market challenges.
• 😀 Despite its unique features, the UST stablecoin was ultimately depegged from its $1 value, triggering a market crisis.
• 😀 Do Kwon and his team were determined to defend the UST peg and the value of Luna, even contemplating drastic measures like selling Bitcoin to stabilize the market.
• 😀 The collapse of UST caused significant panic and fear, leading to a market-wide sell-off of Luna, which dropped drastically in value.
• 😀 Do Kwon vanished when Terra needed him the most, leaving a void in leadership as UST continued to depeg.
• 😀 The script delves into Do Kwon's personal struggles and frustrations, illustrating his deeper motivations tied to his own past and desire for stability.
• 😀 Despite the chaos, the Terra community, known as Lunatics, remained loyal and passionate, believing in the long-term vision of the ecosystem.
• 😀 In response to the collapse, Do Kwon and the Terra community decided to fork the blockchain and create Luna 2.0, marking a fresh start without a stablecoin.

Q & A

What was the main vision of Do Kwon in the script?

Do Kwon aimed to re-invent the world's financial system by creating a truly decentralized currency for the masses, represented by the stablecoin UST.

How did Do Kwon respond to criticism about the sustainability of UST?

Do Kwon was dismissive of the concerns, claiming UST's decentralized nature, scalability, and yield-bearing features made it vital for the ecosystem, and he criticized competitors like DAI for being unscalable.

What was the key feature of UST that Do Kwon highlighted?

Do Kwon highlighted that UST was not just a stablecoin, but a yield-bearing, interchain, and scalable currency, which set it apart from other stablecoins like DAI.

What is the relationship between UST and Luna as explained by Do Kwon?

UST was designed to be supported by Luna. In case UST depegged, Luna was supposed to stabilize it. However, if UST lost its peg, it could lead to a death spiral with Luna's value plummeting.

What happened when UST depegged below a dollar?

When UST fell below a dollar, Do Kwon and his team attempted to defend the peg by selling Bitcoin reserves and reassuring investors, although the situation continued to worsen as the price of UST dropped further.

What led to the collapse of the Terra ecosystem, according to the script?

The collapse occurred when UST continued to depeg, and Luna's value crashed. Despite efforts to stabilize the market, the damage was irreversible, leading to the disappearance of Do Kwon from the scene.

What did Do Kwon's team think of his leadership during the crisis?

The team remained loyal to Do Kwon, expressing confidence in his leadership and their commitment to the project. They supported his vision and were willing to fight for the ecosystem's survival.

What personal and psychological challenges did Do Kwon face in the script?

Do Kwon struggled with feelings of attachment to UST and sought stability, reflecting on his past and his father's expectations. This personal conflict mirrored his professional challenges as the Terra project faced crisis.

How did the script portray the role of the Terra community?

The Terra community, referred to as 'Lunatics,' was portrayed as passionate and dedicated, with a sense of unity. Despite setbacks, they believed in the vision of rebuilding and continued to support the project.

What decision did Do Kwon make after the collapse of UST?

Do Kwon decided to fork the existing chain and start a new version of the blockchain, Luna 2.0, without a stablecoin, aiming to save the ecosystem and continue the project with the support of the community.