Welcome to the Tech Meme Ride Home for Thursday, May 12th, 2022. I'm Brian McCullough today.

Other algorithmic stable coins are now teetering. Meta is cutting back even when it comes to the

Metaverse. Could an Instacart IPO lead us out of this darkness? Disney's

streaming business is holding up for now and the AR demo that was the most exciting thing to me from the I.O.

keynote yesterday. Here's what you missed today in the world of tech.

Look a lot of today is going to come to you from the Everything Everywhere All

at Once file. Things continue to be dicey out there. After U.S. T's collapse, most rival algorithmic stable coins are now below the dollar peg.

Tether and U.S. D.C. the two largest are mostly holding their dollar pegs but they're not

algorithmic right? Tether the largest stable coin of any flavor briefly dropped to a

24-hour low of 96 cents though. So yeah, things are teetering all across the ecosystem, quoting

Bloomberg. Most rival algorithmic stable coins which use a complex combination of computer

code and trader incentives to maintain their pegs of one to the dollar are also below that threshold though not at the 80% extreme seen by Terry USDA's Dye slipped 0.4% before recovering to its peg and

Fai slipped 0.5%. Neutrino USDA fell 20% over the same period of time

according to data from coin market cap.

Terra U.S.T. and its related token, Luna, had a long way to fall.

They both recently climbed into the top 10 tokens by market value after Tara founder

Du Kwan established the Luna Foundation Guard which bought billions of dollars

of Bitcoin to back it up. Investors had rushed to take advantage of yields that might

reach almost 20% on Anchor Protocol,

which is powered by the Terra blockchain.

On Wednesday, Kwan announced measures aimed at bringing Terra USDAUSD back to the dollar peg, which includes

minting

...