Terraform Labs co-founder Do Kwon was wrong about a lot of things. But he was right in his belief that a decentralised economy needs decentralised money. While Crypto gave us a lot of excellent protocols and tokens, they remain too volatile to serve as a proper medium of exchange. Imagine spending 0.1 AVAX on coffee to learn the next day that its value has risen by 1000% overnight. The case for stablecoins is pretty straightforward. Blockchain users need an asset that is “pegged” to some sort of stable value (usually 1 US Dollar).
Why do our stables keep failing?
Clicked for Shikamaru, stayed for the content. Great piece man!