AD-VERSE #1.05 Karma is a bitch.

We're like rain on your wedding day

DAI didn’t die but Do’s thing did

A month ago we covered how Terra’s Do Kwon was making death threats, and legit financial moves, on the DAI stablecoin.

Easily the best web3 drama of the past few weeks has been Terra, progenitor of the UST stable coin, making moves to literally starve MakerDAO, earth mother of the first stable coin DAI, to death. (Stable coins eat liquidity, so I’m using this correctly pedants amongst you.)

He failed to account for irony being the dominant theme of 2022 of course and here we are a few weeks later and it’s his “stable”coin, UST (and its floating pair LUNA), that is dead in the water.

There are plenty of theories about how this happened, how $40 billion was wiped out in a few days, destabilising all of crypto - but most of them are conspiracies. Maybe it was deliberate, or maybe someone just took advantage of the moment when Terra was most exposed to make some money and this had catastrophic consequences.

The specific irony here is that this moment came wh…