Basis Cash: The failed algorithmic stablecoin Do Kwon didnt learn from

-Terra’s Do Kwon was the pseudonymous “Rick Sanchez” behind the failed algorithmic stablecoin Basis Cash.
-Basis Cash was a side project that Do Kwon used as a “test.”
-Basis Cash borrowed its name from an earlier project called Basis.
-Basis was shut down due to regulatory concerns.
-After Basis, Nader Al-Naji founded BitClout under the pseudonym “DiamondHands.”
-BitClout later rebranded to Decentralized Social (DESO) after somebody revealed DiamondHands’ real identity.
-Like Basis Cash before it, the similarly algorithmic stablecoin by Kwon TerraUSD (UST) is losing value and failing to hold its target peg of $1.

 

 

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