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Terra’s death spiral is hitting all its crypto friends

The stablecoin’s recent crash has wiped $17.5 billion from the raft of projects banking on its success.

Basis Cash: The failed algorithmic stablecoin Do Kwon didn’t learn from

CoinDesk revealed failed algorithmic stablecoin Basis Cash was created by Terra’s Do Kwon and BitClout’s Nader Al-Naji.

Third-largest stablecoin UST de-pegged from the US dollar, traded as low as $0.62, and lost over $4 billion in market capitalization.

Do Kwon is the founder of Terra, a DeFi ecosystem with $29 billion in value locked in its protocols. These are the steps he’s taken so far.

Terra is now second only to Ethereum in terms of total value locked inside its DeFi ecosystem, with Binance Smart Chain dropping to third.