当Terrra生态系统的稳定货币UST和Luna下跌到零时，加密货币市场受到了冲击。5月10日，Luna的价格开始下跌，这使得许多交易员认为这种资产是一个值得购买的好深度——但他们不知道这是一个可以避免的下跌。自五年前进入加密货币市场以来，任何人都应该熟悉2017年80%的市场崩盘。虽然这似乎是最糟糕的，但Luna崩溃是迄今为止最残酷的。
毫无疑问，这一历史性事件被许多人的哀叹和情感所笼罩，这可能使人们无法知道飞机坠毁的确切原因。值得注意的是，LUNA崩溃不仅是生态系统的危险，而且比表面上看到的要多。因此，这引发了许多关于坠机的问题，但这只能通过彻底的分析来回答。事实上，我们可以从这次活动中吸取很多教训。
在此背景下，我们将对LUNA坠机事件有一个深入的了解，从成交量开始。

代币经济学是Terrra生态系统的背景。
2018年，道泉-韩国加密货币鲸鱼-在首尔创建了Terrraformlabs。Kwon为其区块链——Terra生态系统采用了权益证明机制，因为计算工作证明了共识机制在当今世界的效率较低。生态系统有两种代币：Luna和UST。虽然后者是稳定的货币，但前者是不稳定的。然而，这两者是联系在一起的。值得注意的是，UST不同于其他稳定货币（如Tether和USDC），它们声称由债券和其他现实世界的资产支持。就UST而言，它确实没有真实世界的储备，但它通过一个复杂的铸造和销毁代币系统来保持价格稳定。当该协议激励用户销毁UST时，UST的价格太低（如果制造UST的价格太低（如果制造UST的价格太低（如果制造UST的价格太低）（如果制造UST的价格太低（如果制造UST的价格太低）
对于UST通证经济学，Dokwon有信心。
自Terrra生态系统兴起以来，Dokwon一直对UST和Luna的绝对可靠性表现出极大的信心。他曾在推特上表示，那些预计取消UST联系的人可能不得不等到人类年龄到期。两个月前，他甚至打了一个赌博，称为GCR的加密个性，这比Terra（Luna）的未来价格高出1000万美元。双方已将1000万美元的稳定货币（USDT用于Kwon，USDC用于GCR）发送到托管账户，该账户仅由一名高级加密货币交易员持有的以太坊钱包持有，名为Cobie。GCR昨天发送了他们的资金，Kwon还发送了自己的付款确认和质押。基于Luna的承诺价格是否会在一年内上涨或下跌。Kwon押注Luna的价格，这是他的项目，而GCR押注的价格是相反的。截至被接受时，GCR的价格是8美元。科比在推特上写道：愿最好的人获胜，在承认两个质押的托管账户已经填满之后。
UST是如何发生协同攻击的故事。
5月9日，USTK线图开始下跌到1美元以下。然而，这并没有引起足够早的关注，因为其他一些稳定的货币有时确实略低于其附加法定货币的价值。然而，当UST在5月10日下跌至不到0.6美元时，情况开始变得严重。此时，大多数投资者和持有者都抓住了FUD并恐慌出售。不幸的是，在这一过程中，一些投资者错误地认为这是一次下跌，并将资金注入其中。然而，5月13日，当价格趋势荒谬地降至0.07美元时，崩溃变得更加明显。
在此之前，Terra一直计划将第四个矿池与Frax、USDT和USDC一起推出。这对于妥协和缓解稳定货币之间的流动曲线战争非常重要。Terra团队购买了价值超过35亿美元的比特币储备，以参与曲线。在第四个矿池之前，月神守卫基金会逐渐清空了第三个矿池；他们首先筹集了1.5亿美元。当然，这导致了UST的锚定急剧下降，但基金会出售了几个BTC以确保平衡。
与此同时，攻击者早些时候从Gemini借了10000BTC，然后在柜台购买了10亿美元的UST。在向第四个矿池过渡期间，攻击者开始做空他们的UST头寸，导致市场大幅下跌。再加上社会发展，崩溃变得更加明显。由于LUNA基金会以平衡的方式出售BTC，攻击者也在积极出售UST。最后，攻击者不仅耗尽了第三个矿池曲线，而且[S]他还向货币安全部投掷了UST。根据OnchainWizard的分析，攻击者最终获得了约8亿美元。在评估这个巨大的垃圾场时，一名巴西区块链商业律师——明确称之为协同攻击，因为一个实体向货币安全部出售了价值2.85亿美元的UST。虽然比特币被用于抛售，但它仍然处于可怕的下跌趋势。分析师可能已经离开了攻击的收入链。
对于Terra的灭亡，Vitalik和CZ有一些想法。
以太坊的创始人余华特批评了UST的整体前提，称其从一开始就故意误导并存在固有缺陷。5月14日，布特尔在一条推特上说：Algostable已经成为一个宣传术语。通过将无质押马厩与RAI/DAI等质押马厩放在同一个水桶中，使无质押马厩合法化。。赵长鹏全球最大的加密交易所币安的首席执行官对TerraformLabs表示失望，该交易所处理了最近的LUNA和UST崩盘。他在推特上写道：Terra网络背后的团队几乎没有回应货币安全来帮助他们恢复网络。到目前为止，我们还没有得到任何积极或过多的回应。他在2021年3月被黑客入侵，并以6.22亿美元的价格被黑客入侵，并赞扬了他当时的问责制。赵长鹏补充说：这与AxieInfity形成了鲜明对比。AxieInfininy团队负责，有计划，并主动与我们沟通。

The cryptocurrency market took a hit when the Terra ecosystem’s stablecoins UST and Luna dropped to zero. On May 10, Luna's price began to decline, which led many traders to believe that the asset was a good depth to buy at—but they didn't know that this was an avoidable decline. Anyone who has entered the cryptocurrency market five years ago should be familiar with the 80% market crash of 2017. While this may seem like the worst, Luna's crash is by far the most brutal.
There is no doubt that this historic event was shrouded in lamentation and emotion by many people, which may have prevented people from knowing the exact cause of the plane crash. It's worth noting that a LUNA collapse is more than just an ecosystem danger, and there's more than meets the eye. Therefore, this raises many questions about the crash, but these can only be answered through a thorough analysis. In fact, there are many lessons we can learn from this event.
In this context, we will have an in-depth understanding of the LUNA crash, starting with volume.

Token economics is the background of the Terrara ecosystem.
In 2018, Doquan - a South Korean cryptocurrency whale - founded Terraformlabs in Seoul. Kwon adopted a proof-of-stake mechanism for its blockchain, the Terra ecosystem, because the computational effort proved that consensus mechanisms are less efficient in today’s world. The ecosystem has two tokens: Luna and UST. While the latter is a stable currency, the former is unstable. However, the two are linked. It’s worth noting that UST differs from other stablecoins such as Tether and USDC, which claim to be backed by bonds and other real-world assets. In the case of UST, it does have no real-world reserves, but it maintains price stability through a complex system of minting and burning tokens. When the protocol incentivizes users to destroy UST, the price of UST is too low (if the price of making UST is too low (if the price of making UST is too low (if the price of making UST is too low) (if the price of making UST is too low (if the price of making UST is too low) The price of UST is too low)
Dokwon has confidence in the economics of UST tokens.
Since the rise of the Terrar ecosystem, Dokwon has always shown great confidence in the absolute reliability of UST and Luna. He once tweeted that those who expected to cancel the UST connection may have to wait until the age of humanity expires. Two months ago, he even made a bet on a cryptographic personality called GCR, which is better than the future of Terra (Luna) The price is $10 million higher. Both parties have sent $10 million in stablecoins (USDT for Kwon and USDC for GCR) to an escrow account held exclusively by an Ethereum wallet owned by a senior cryptocurrency traderYes, it's called Cobie. GCR sent their funds yesterday, and Kwon also sent his own payment confirmation and staking. Whether the price will increase or decrease over the course of a year based on Luna's commitments. Kwon bets on the price of Luna, which is his project, while GCR bets on the opposite price. As of the time of acceptance, the price of GCR is $8. "May the best prevail," Bryant wrote on Twitter, after acknowledging that two pledged escrow accounts had been filled.
UST is the story of how coordinated attacks occur.
On May 9, the USTK chart began to fall below $1. However, this didn't get enough attention early on, as some other stablecoins do sometimes fall slightly short of the value of their attached fiat currency. However, things started to get serious when UST dropped to less than $0.6 on May 10. At this point, most investors and holders have caught the FUD and panic-sold. Unfortunately, along the way, some investors mistakenly believed this was a decline and poured money into it. However, the collapse became even more pronounced on May 13 when the price trend dropped absurdly to $0.07.
Prior to this, Terra had been planning to launch a fourth mining pool alongside Frax, USDT and USDC. This is important for compromising and mitigating flow curve wars between stablecoins. The Terra team purchased over $3.5 billion worth of Bitcoin reserves to participate in the curve. Before the fourth mining pool, the Luna Guard Foundation gradually emptied the third mining pool; they first raised $150 million. Of course, this caused UST's peg to drop sharply, but the foundation sold a few BTC to ensure balance.
Meanwhile, the attacker had earlier borrowed 10,000 BTC from Gemini and then purchased $1 billion in UST over the counter. During the transition to the fourth mining pool, the attackers began shorting their UST positions, causing the market to drop significantly. Coupled with social development, the breakdown becomes even more pronounced. As the LUNA Foundation sells BTC in a balanced manner, the attacker is also actively selling UST. In the end, not only did the attacker exhaust the third pool curve, [S]he also threw UST at the Currency Security Department. According to analysis by OnchainWizard, the attackers ended up making around $800 million. Assessing this massive dump, a Brazilian blockchain business lawyer explicitly called it a coordinated attack as one entity sold $285 million worth of UST to the Ministry of Currency Security. Although Bitcoin has been used for sell-offs, it is still in a terrible downtrend. The analyst may have left the attack's revenue chain.
Vitalik and CZ have some ideas about Terra's demise.
Ethereum founder Walter Yu criticized the overall premise of UST, saying it was deliberately misleading and inherently flawed from the beginning. On May 14, Bootle said in a tweet: AlgoStable has become a promotional term. Legalizing uncollateralized stables by putting them in the same bucket as collateralized stables such as RAI/DAI. . Changpeng Zhao, CEO of Binance, the world’s largest crypto exchange, has expressed disappointment with Terraform Labs over the exchange’s handling of the recent LUNA and UST crashes. He wrote on Twitter: The team behind the Terra network has had little to no response from monetary security to help them restore the network. So far we haven't gotten any positive or overwhelming response. He was hacked in March 2021 for $622 million and praised his accountability at the time. Changpeng Zhao added: This is in sharp contrast to AxieInfity. The AxieInfininy team is responsible, planned, and proactive in communicating with us.