Encrypted dark week: review of the $10 billion Terra ecological collapse

Bitpush news 2022-05-14 10:50:01 阅读数:410


For a week “ The holocaust ” after , Based on the Terra The two major encryption assets on the blockchain have plummeted to near zero ,LUNA The lowest fell to each 0.000001 dollar , once “ Stable ” The algorithm is stable TerraUSD (UST) Once fell to every 0.044 The low point of the dollar , Once sought after as “ Steady tap ” Of Terra The project fell in a few days “ shrines ”, The incident is also regarded by the industry as one of the biggest crashes in the history of encryption .

Do Kwon Make fun of the anchor off “ Interesting morning ” Become “ Terrible reality ”

Last weekend, , Some traders with a keen sense of smell began to notice the stability of the currency UST, Because it is related to 1 The anchoring of the dollar has begun to deviate . at that time , About Terra Rumors and speculation about the failure of the stabilization currency quickly ferment on social media . However ,Do Kwon — 29 Year old Terraform Labs cofounder — He joked in his tweets , This is a “ An interesting morning ”, And said Terraform Labs My critics are now “ They are all poor ”.Kwon claim ,UST A temporary decoupling is no big deal ,Terra The community also believes in this .


Then go to the centralized exchange (DEX)Curve Finance I noticed a lot of... On the trading platform UST Sell off ,Curve The official tweeted that :“ yesterday , Someone began to sell in large quantities UST, So it began to break down , however , There seems to be a lot of resistance , The anchor was quickly restored . To get enough dollars , And sold a lot of ETH and stETH”. Regarding this ,Terra The team Luna Foundation Guard (LFG) explains , It is offering... To professional market makers 15 $ The currency and UST To maintain the anchor .

What caused the crash ?

Luna and UST At the same time, it plummeted , Observers call it the death spiral . let me put it another way , Investors are eager to sell their digital assets before the algorithm stabilizer works .

Luna The market value of 810 $billion plummeted to 2.4 Around $100 million , Triggered a sell-off and trust crisis in the entire encryption industry , and UST The decoupling of is considered to be the main fuse of the whole collapse .


In the history of ,UST Decoupling has occurred , Once in 2020 year 12 month , And then there was 2021 year 5 month .

Terra The following measures have been taken to prevent the anchor from falling off :

  • Terra Agree on 2021 year 7 Monthly direction Anchor Yes 70,000,000 The dollar UST, Because it's running out of liquidity . To think that Anchor Long term interest rates are unsustainable for investors , It's a sign of danger , Many people don't know .

  • Terra On 2022 year 3 The acquisition value was announced in June 100 Billion dollars of bitcoin . Bitcoin should be used as UST Reserve assets . Terra Have no choice but to , Can only sell their BTC To save the anchor . Luna The foundation cleared all the... Two days ago 42,530 individual BTC, And then BTC Prices fell further , Drive the whole cryptocurrency market down .

  • Terra On 2022 year 4 month 1 It's announced today 4pool, This is a new Curve pool , from UST、FRAX、USDC and USDT form .Curve Upper 3pool Dominant at the time of disclosure ,Terra Ready to migrate to 4pool. Terra Must be from 3pool To transfer funds to 4pool. Due to insufficient liquidity during the period ,UST Anchors are vulnerable .

The actual attack begins with 3 month 27 Japan , Anonymous counterparties ( Rumors are that financial giants BlackRock and Citadel, But they were denied ) borrow 100,000 BTC Exchange for UST,5 month 7 The day will begin UST Smash in Curve pool , The price of two tokens fell . Terra The foundation was forced to start selling bitcoin to keep the link , The problem is that they buy BTC Due to the sell-off in the encryption market, it has depreciated .

And when you need to sell , Bitcoin has been purchased from 42,000 The dollar fell to 34,000 dollar . stay Terra While fully maintaining the anchor , Smash the plate and go to Binance And start selling the rest UST( about 6 Billion dollars ),UST Start falling below 0.98 The dollar is not anchored , Then as low as 0.05 dollar .

The sell-off triggered a negative feedback cycle , Causing everyone to panic sell off .

Want to reduce LUNA Open investors began to sell in the market LUNA Tokens, , and UST Holders begin to put their UST Switch to LUNA, Lead to LUNA A substantial increase in Supply .

Breakaway evolved into Terra、Luna And the nightmare of project investors

The community began to panic ,Anchor Protocol A large number of divestments .Anchor The agreement was once the third largest DeFi agreement , The total value of the lock up prior to the fermentation of the decoupling event (TVL) near 180 Billion dollars . from 5 month 5 From today ,Anchor Of TVL from 180 $billion fell to 4.1 Billion dollars . With another LUNA Relevant DeFi The agreement is a mobile pledge application Lido.5 month 6 Japan ,Lido Have more than 186 Billion dollars TVL, It has shrunk to about 89.5 Billion dollars .

“ The dark days of cryptocurrency ”—— Learn more about what has disappeared Terra Token ecosystem and broken applications

UST Reach... The day before 0.84 After the high dollar , Once fell to every 0.044 The low point of the dollar . Although many digital currency trading platforms have been closed based on Terra My wallet , But some exchanges still allow UST deposit . at present ,FTX It's the most active on Friday UST exchange , And UST The top trading pair is Tether (USDT). Tether Take all UST Traded 37.78%, The second is BUSD (31.59%)、USD (29.83%)、EUR (0.46%) and USDC (0.29%).

Terra Native token of LUNA Than UST Suffer greater losses , Has fallen from an all-time high 99.9% , At the time of writing, the transaction price is 0.00004586 dollar .2022 year 4 month 5 Japan , Its highest price in history is 119.18 dollar . In just over a month , Worth more than 410 Billion dollars evaporated . at present , sell LUNA Not easy , Because most exchanges don't accept Terra Chain deposits .

Impact on other cryptocurrencies and retail investors

Those who own bitcoin and other cryptocurrencies have also had a difficult week , Because the value of their assets has also plummeted by billions of dollars . The currency , It is often called digital gold or inflation hedging tool , It fell below this week 26,000 dollar , Far below 11 Created by the moon 69,000 The dollar is at an all-time high .

From then on , The entire encryption market ( Including thousands of digital currencies and tokens ) More than half of the value has evaporated .

The market is full of fishy wind and blood , The most painful thing is retail investors . Well known Forum Reddit Of Terra/Luna Several suicide prevention psychological hotlines have recently been placed on the top of the page , Including Australia's LifeLine And from the United States 、 The British 、 Spain 、 China 、 Sweden and others 90 A national organization .


a Reddit User contribution :“ I lost more than 45 Thousands of dollars , Unable to pay the bank . I will soon lose my home . I'll become homeless . Suicide is my only way out ”.

nvezz.com Encrypted data analyst Dan Ashmore commented ,Terra The consequences of blockchain have brought a lot of pain and sadness :“ For cryptocurrencies , It was a dark day , People lost their livelihoods , Hundreds of platforms collapsed , Years of construction disappeared . University Fund 、 Lifetime savings 、 Leverage gambling —— There's a lot of pain there . Regulators are watching , This is undoubtedly a retrogression . obviously , This is also decentralization 、 The failure of unsecured stable currency , A huge financial experiment is out of control , He occupies a large part of the market , Please pay attention to safety .”

What do you think of regulation ?

US Treasury Secretary Yellen spoke directly this week UST and Tether The problem of . Compared with previous reports , At a congressional hearing , Yellen said such assets would not pose a systemic risk to financial stability at present —— But the hint may eventually : She said :“ I will not describe this scale as a real threat to financial stability , But they are growing rapidly ”. Yellen urged Congress to approve federal regulation of the stable currency by the end of this year .

The British government has also noticed this , A government spokesman spoke on Friday CNBC Express , It's ready to Terra Take further action on the stabilization currency after the collapse .

Spokesman said :“ The government has made it clear that , Some stable currencies are not suitable for payment purposes , Because they have common characteristics with unsecured encrypted assets ”. The UK is planning to bring the stable currency into the scope of electronic payment regulation , This may make Tether and Circle And other issuers are regulated by the market regulatory authorities of the country .

Latest progress :Do Kwon Propose to rebuild Terra ecology

Friday ,Do Kwon stay Terra The forum released the reconstruction report Terra Ecological plan , This plan is equivalent to restarting the whole system Terra Blockchain , Network ownership through 10 100 million new tokens are fully allocated to UST and LUNA holder .

this 10 In 100 million pieces ,4 Billion allocated to UST The moment before breaking off the anchor LUNA The holder ,4 Million to UST The holder ,1 Yigeiyuan Terra The moment the chain stops LUNA The holder ,1 Billion yuan is reserved to prepare for future ecological development . Except for the third part 1 Billion , The other three parts will be pledged when the network restarts . New in the future LUNA The annual inflation rate can be set at 7%. At present, the proposal is under discussion in the community .

Terra Once one of the most valuable digital currencies , Its fall shows that cryptocurrency has a long way to go to become an alternative to traditional currency .

But investors are worried about , If you claim “ Stable ” The value of digital assets can disappear in a few days , Who will be the next ?

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