CryptoClaire Meme Translation | Luna/UST Emperor: The Rise and Fall of Do Kwon

Do Kwon created the Terra empire and achieved many miracles in the world of cryptocurrency. However, the recent $40 billion cryptocurrency market crash was caused by his project, Terra. The video humorously reviews Do Kwon's rise and fall with Terra, along with his unique and distinctive tweets. (For a detailed explanation of the meme content, please refer to the article!)

Explanation of the meme

This is Do Kwon, the founder of a cryptocurrency project. His project Terra allows stakers to enjoy up to 20% APY in the UST stablecoin, which was once a popular target. UST is pegged to 1 USD and to sustain this peg, it must be exchangeable with $LUNA. Without delving into the mechanism of algorithmic stablecoins, this system worked fine until it was disrupted on May 12, 2022, causing UST to detach and spiral into a death spin.

Prior to the collapse, Do Kwon attempted to purchase a large amount of Bitcoin to maintain the peg of UST, approximately worth 1.5 billion USD, but it was not enough. The collapse of the Terra project not only affected other projects but also acted as a catalyst for the entire cryptocurrency market crash.

Before discussing the video tweet source, let's talk more about Do Kwon. Do Kwon, whose real name is Do-Hyung Kwon, is Korean and a graduate of Stanford. He even named his daughter Luna, reflecting his passion for the project he founded.

The following are cited tweets based on timestamps. Click the images to view the original tweets:

At 0:09 in the video, Do Kwon indeed named his daughter Luna, with a tweet below joking about naming a son Stable.

At 0:23 in the video, Do Kwon once sarcastically told @AlgodTrading on Twitter that their short position was too small to change any facts.

At 0:47 in the video, Do Kwon responded to @Frances_Coppola on Twitter. @Frances_Coppola is an economic commentator known for expressing views on macroeconomics and the banking system on Twitter.

At 1:52 in the video, Do Kwon consistently viewed DAI as a competitor to UST and expressed dissatisfaction with DAI, even launching attacks on DAI on Curve in an attempt to defeat it.
At 3:40 in the video, "By my hand $DAI will die."

At 8:45 in the video, Do Kwon's full text on Twitter expressed that Terra would fork into a new chain, hoping engineers in the Terra ecosystem would stay and help Terra grow again.

At 10:46 in the video, it was revealed that post-collapse, someone disclosed that Do Kwon had previously worked on a stablecoin project called BasisCash, which had failed before, leading to the birth of UST. Due to this, Do Kwon decided to fork Terra into Terra 2.0 this time without creating a stablecoin. He believes the project still holds value and Terra is not solely defined by UST.