Gm. In Monday's edition of Homescreen, we asked if you were taking Memorial Day off from work or continuing to grind.

A whopping 92% of you said you were continuing to grind. Wow.

Shout out to the crew of relentless builders we have reading Homescreen (but please take your breathers when necessary.)

FRESH POWDER

Looking at three funds that recently topped up their coffers.

CRYPTO

Luna 2.0 has been to the moon and back

Like a stubborn back pimple, Luna and its outspoken founder, Do Kwon, just keep coming back. Less than a month after the original token collapse, Luna 2.0 officially launched on Saturday as a replacement for the now defunct Luna token. Five days later, the community is divided, the price is unstable, and lots of money is once again at stake. Here’s what you need to know about the rebirth.

First, a quick recap of the carnage: UST, an algorithm stablecoin created by the same company that made Luna, used Luna to help maintain its peg to the US dollar. But due to a confluence of circumstances, the relationship between the two coins got out of whack, UST lost its peg, and Luna entered a death spiral. After the dust had settled over $60 billion in market value had been wiped out.

But now Luna is back

After a rocky few weeks, the team at Terraform Labs submitted a proposal to the community to bring Luna back. The old coins—Luna and UST—would continue to exist as Luna Classic and TerraClassicUSD, but all new activity would move to the new chain. The community accepted and Luna was reborn (though UST wasn’t as lucky.)

• It’s been a wild ride so far: After debuting at a price of $17.80, Luna immediately tanked 80% on Saturday to $6.17. Then, news broke that Binanace, the world’s largest crypto exchange, was listing the coin and the price shot back up 97% to $11.97. It has since settled around the $8-$9 range as of writing.

Bottom line: Yes you can relaunch Luna under the same name and pretend things will go back to normal. But one thing you can’t rebuild is trust. “One of the most important things about crypto is the brand or marketing and community,” Fadi Aboualfa, head of research at crypto prime brokerage Copper, told Bloomberg. “Terra has burned its community, and its brand is tarnished,” he said. If that trust never returns, everything from here on out may be for naught.

ROUND UP

Checking in on the creator economy

With the public and private markets crashing harder than Mick Schumacher at Monaco we haven’t even thought about the words “creator economy” in months. So let's do a little temperature check to see how the buzzy startup sector has been faring.

The Jonas Brothers have entered the chat: Kevin, Nick, and Joe are slipping into the lava startup game with a creator subscription company called Scriber. The bros have equity in the company, but are also the platform's first creators. Catering to more established stars, Scriber differentiates itself by functioning solely via SMS. Fans can pay a subscription fee to text a creator’s number and receive exclusive content in return, an interesting take on the direct-to-fan model that has become more popular in recent years.

Substack can’t raise a dime: The NYT published a piece last week that revealed Substack was having serious trouble raising its Series C round. Last valued at $650 million, the popular newsletter company has run into a familiar problem for 2022 startups: not having enough revenue. It reportedly grossed roughly $9 million last year despite its latest fundraising discussions valuing the company between $750 million and $1 billion.

Netflix stumbles in Peru: Can we call Netflix a creator company? Regardless, the once-mighty streaming giant is facing even more setbacks after rolling out its charging for password-sharing test in Peru to mixed reviews. Consumers have reportedly pushed back against Netflix’s vague definition of “household” and the opacity around pricing decisions. Things keep going from bad to worse at Netflix, but at least Stranger Things 4 is breaking records.

QUICK HITS

Seed Round

Stat: 60% of consumers have no interest in buying virtual goods, according to a new report from Productsup. Put another way, 40% of consumers are interested in buying virtual goods that may or may not have any utility IRL.

Story we’re watching: Sky Mavis, the creator of the play-to-earn phenomenon Axie Infinity, is dipping its toes in the Roblox model by moving into user generated content. It’s part of a growing cadre of gaming companies incentivizing creators to build on their platforms that also includes Epic Games. In the past, a game was a static thing you bought and played. Now games are constantly evolving worlds that you can influence—and earn—from. Definitely a trend to watch.

Rabbit hole: DALLE-2’s secret language (Twitter).

WHAT ELSE IS GOING ON

• RTFKT, recently acquired by Nike, bought the dotswoosh.eth domain name for $35,000

• TikTok is testing a clear mode to minimize distractions while scrolling the app, because we all needed a way to spend more time on TikTok.

• President Biden released his three-part plan to fight inflation.

• Ultima Genomics, a biotech startup, has emerged from stealth to claim it can sequence a full human genome for as little as $100.

THREE HEADLINES AND A LIE

Three of these headlines are made up stories from The Onion, but one is actually true. Can you sperate the fakes from the truth?

A. “Man dressed as old woman throws cake at Da Vinci painting”

B. “Dr. Oz sells Garcinia Cambogia supplement guaranteed to lower taxes”

C. "Eric Adams announces $4 billion budget increase for NYPD to fight ghosts"

C. “Enron reopens”

FOUNDERS CORNER

The best resources we came across that will help you become a better founder, builder, or investor.

🖼️ a16z’s three-part framework for navigating down markets

🙋 Important questions and decisions to think through when starting a business

💻 An essay on building technical teams from scratch

THREE HEADLINES ANSWER

A. A man really did dress up as an old woman and attack the Mona Lisa with a cake in the name of climate change. Little did he know the Louvre keeps the painting behind a bullet (and cake) proof glass.