Слом ЛУНА и УСТ могао би бити избегнут да су биткоин резерве коришћене раније, каже извршни директор Бинанце-а

The collapse of LUNA and UST, the native tokens of the Terra network, could have been avoided if the Luna Foundation Guard (LFG) had used its Bitcoin reserves earlier, according to Binance CEO Цхангпенг Зхао (CZ).

Sharing his insights on the Binance website, CZ напоменути:

„Терра тим је био спор у коришћењу својих резерви да врати клин. Цео инцидент је можда био избегнут да су искористили своје резерве када је де-пег био на 5%. Након што је вредност новчића већ пала за 99% (или 80 милијарди долара), покушали су да искористе 3 милијарде долара за спасавање. Наравно, ово није успело.”

Things started going wrong when the price of the algorithmic UST stablecoin experienced a free fall to the extent that it hit lows of $0.225 from its $1 peg.

Later on, LUNA sent shockwaves to the crypto market because it nearly lost 100% of its value overnight after reaching the near-zero level. 

CZ also opined that the rain started beating the Terra network after more LUNA was minted in an attempt to salvage the situation. He pointed out:

“Printing money does not create value; it just dilutes existing holders. Exponentially minting LUNA made the problem a lot worse.”

The other flaw entailed using over-aggressive incentives like Anchor’s 20% annual percentage yield (APY). CZ stated:

“Specifically, Anchor’s 20% fixed APY to push for (in-organic) growth. You can use incentives to attract users to your ecosystem. But eventually, you need to generate “income” to sustain it, i.e., more revenue than the expenses. Otherwise, you will run out of money and crash.”

The Terra crash has triggered intense investigations on whether there was something sinister from the network founders. For instance, prosecutors Назначено that they could file Ponzi fraud charges against Do Kwon, the CEO of Terraform Labs, and the face behind the Terra network.

Claims have also surfaced that Terraform Labs was dissolved on April 30, just days before the Terra tokens collapsed.

Извор слике: Схуттерстоцк