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Mr Viet Nguyen
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THE HORRIFIC COLLAPSE OF AN EMPIRE
The collapse of LUNA and UST in 2022 is considered one of the biggest disasters in the cryptocurrency field, with most of the causes stemming from the mechanism of the Terra ecosystem and its ‘bet’. Below is a summary of the causes and developments:
1. The mechanism of LUNA and UST
The Terra ecosystem is based on a combination of:
• LUNA: The main token of the Terra network.
• UST (TerraUSD): An algorithmic stablecoin “pegged” to the USD (1 UST = 1 USD) without relying on real assets like fiat currency or gold.
1. The mechanism of LUNA and UST
The Terra ecosystem is based on a combination of:
• LUNA: The main token of the Terra network.
• UST (TerraUSD): An algorithmic stablecoin “pegged” to the USD (1 UST = 1 USD) without relying on real assets like fiat currency or gold.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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