TLDR Crypto Daily Update 2022-05-10

UST depegs again 📉, Luna crashes and liquidates BTC 🌕, how to build a DAO 🛠️

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Innovation & Launches

Crypto Critic Nouriel Roubini Signals Plans for a Tokenized Dollar (2 minute read)

Nouriel Roubini, an economist famous for hating crypto, is working with Mysten Labs to develop the United Sovereign Governance Gold Optimized Dollar. The token aims to be a global store of value that will allow people to protect their assets against inflation. Roubini delivered a 37-page speech against crypto during a US Senate bank committee hearing in 2018. He also published an essay the same year saying that cryptocurrencies are not scalable, cheap, secure, or actually decentralized.

Compound Treasury Rated by S&P in Historic First for DeFi (2 minute read)

Compound Treasury is the first decentralized lending protocol to ever be rated by a major credit rating agency. The protocol received a rating of B- from S&P. While the rating puts the protocol in the 'junk' category of investments by the agency, it is a major acknowledgment by a pillar of traditional finance of DeFi's potential staying power. Compound Treasury only had 20 customers with $180 million invested in April.

Introducing Giza (4 minute read)

Giza is a machine learning platform built on StarkNet. It was designed to solve the challenge of deploying and scaling machine learning models and to open up new possibilities for decentralized app development in Ethereum. Giza uses the ONNX format to deploy any model developed in frameworks like TensorFlow, PyTorch, Scikit-Learn, and many more. It allows data scientists to deploy models without worrying about handling load or architecture.

Introducing Giza (4 minute read)

Giza is a machine learning platform built on StarkNet. It was designed to solve the challenge of deploying and scaling machine learning models and to open up new possibilities for decentralized app development in Ethereum. Giza uses the ONNX format to deploy any model developed in frameworks like TensorFlow, PyTorch, Scikit-Learn, and many more. It allows data scientists to deploy models without worrying about handling load or architecture.

UST Stablecoin Loses Dollar Peg for Second Time in 48 Hours, LUNA Market Cap Falls Below UST's (2 minute read)

TerraUSD (UST) has lost its dollar peg for the second time in three days. The price of LUNA has dropped 30% in 24 hours. The Luna Foundation Guard (LFG) announced on Sunday that it would loan out $1.5 billion of its bitcoin reserves to professional market makers to defend UST's dollar peg. While the system is experiencing its biggest stress test yet, the UST-LUNA market cap flip is not a cause for concern because of LFG's reserves.
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Guides & Resources

Unbundling the unit economics of venture capital via DAOs (7 minute read)

This article discusses the history of raising venture capital and how decentralized autonomous organizations (DAOs) are changing the market. There have been many attempts at disrupting venture capital in the past, such as angel investing, equity crowdfunding, and cryptonative crowdfunding via token sales. These efforts were able to generate a supply of passive capital for founders. DAOs allow founders to generate capital while also allowing investors to take an active role in the organization's success.

How To Build A DAO (15 minute read)

Decentralized Autonomous Organizations (DAOs) are online-only companies that operate according to rules written in code. They lack the hierarchical control structures that traditional companies have, opting instead for a model where everyone has a stake and no single person owns or controls the entire entity. This article discusses how to build a DAO. It covers topics such as smart contracts, Hardhat, Web3Modal, and Application Binary Interfaces.

The $UST Depeg Thread (8 minute read)

UST has depegged twice in the last few days. One UST can always be redeemed for $1 worth of LUNA, even if UST is worth less than a dollar. This mechanism is designed to stabilize the token. It also makes it so it doesn't matter what the total implied value of LUNA is. The Luna Foundation Guard has committed funds to defend the UST peg. More details about how UST and LUNA work and how the system maintains its stability are available in the thread.

Here's some perspective (2 minute read)

The crypto flash crash last year caused cascading liquidations on Anchor Protocol, resulting in a prolonged depegging of UST. Most of the issues that caused the depegging have since been resolved, and the ecosystem is now far more robust and better equipped to handle crises. The success of LUNA and UST has brought many new people into the ecosystem, many of whom don't fully understand the minting mechanism, resulting in a lot of FUD. This is not the first time UST has depegged and it won't be the last.

Here's some perspective (2 minute read)

The crypto flash crash last year caused cascading liquidations on Anchor Protocol, resulting in a prolonged depegging of UST. Most of the issues that caused the depegging have since been resolved, and the ecosystem is now far more robust and better equipped to handle crises. The success of LUNA and UST has brought many new people into the ecosystem, many of whom don't fully understand the minting mechanism, resulting in a lot of FUD. This is not the first time UST has depegged and it won't be the last.
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Miscellaneous

Luna Foundation Guard Loans $1.5B in Bitcoin, UST to Protect Stablecoin (3 minute read)

The Luna Foundation Guard (LFG) has voted to lend $1.5 billion in crypto to protect UST. The lent capital will be used to buy UST if the asset continues to fall below its peg and buy BTC if it rises above the peg. This will significantly strengthen the liquidity around the UST peg.

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