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cryptoCerebro
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LUNA fell to $0 in 1 day, over 2 years ago. A reminder of the risks of some cryptos.
In May 2022, Terra Luna, a major cryptocurrency project, suffered an unexpected collapse that triggered the downfall of several other players in the cryptocurrency ecosystem. This event was significant because it demonstrated how bank runs can occur even in decentralized systems without clear regulations.
2. Key Concepts and Participants
Algorithmic Stablecoin UST: The collapse revolved around UST, a stablecoin designed to always maintain a fixed value of $1 through its relationship with another currency, LUNA, the cryptocurrency of the Terra project.
2. Key Concepts and Participants
Algorithmic Stablecoin UST: The collapse revolved around UST, a stablecoin designed to always maintain a fixed value of $1 through its relationship with another currency, LUNA, the cryptocurrency of the Terra project.
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