最近的咒語（OM）令牌崩潰引發了與臭名昭著的Terra生態系統崩潰的比較

最近的咒語（OM）代幣的崩潰引發了與臭名昭著的Terra生態系統崩潰的比較，其中一些評論員將咒語稱為“下一個Terra”。

The recent collapse of the Mantra (OM) token has triggered comparisons to the infamous Terra ecosystem crash in May 2022, with some commentators referring to Mantra as the “next Terra.”

咒語（OM）令牌最近崩潰引發了與2022年5月臭名昭著的Terra生態系統崩潰的比較，一些評論員將咒語稱為“下一個Terra”。

However, many in the community argue that the two projects share nothing in common besides visual similarities in price charts.

但是，社區中的許多人認為，除了價格圖表中的視覺相似性外，這兩個項目除了視覺相似之外沒有共同的共同點。

“While it’s tempting to draw parallels between OM’s recent crash and the Terra Luna collapse, they’re fundamentally very different events,” Ben Yorke, vice president of ecosystem at the decentralized finance (DeFi) project Woo, said in a statement to Cointelegraph.

“儘管很容易在OM最近的崩潰和Terra Luna崩潰之間取得相似之處，但它們在根本上是非常不同的事件，”分散的財務（DEFI）Project Woo的生態系統副總裁Ben Yorke在對Cointelegraph的一份聲明中說。

Alexis Sirkia, chairman of the DeFi infrastructure project Yellow Network, agreed. “There are no real similarities apart from the visual of the price dropping,” he said.

Defi基礎設施項目黃網絡主席Alexis Sirkia表示同意。他說：“除了價格下降的視覺效果外，沒有真正的相似之處。”

Visual similarity — different numbers

視覺相似性 - 不同的數字

Mantra’s OM token dropped 92% on April 13, decreasing from over $6 to around $0.52 within hours. According to data from CoinGecko, OM lost $5.4 billion in market capitalization in less than four hours.

Mantra的OM代幣在4月13日下降了92％，從幾個小時內下降到6美元左右。根據Coingecko的數據，OM在不到四個小時內損失了54億美元的市值。

By contrast, TerraClassicUSD (formerly UST) took five days to lose a similar percentage, shedding $17.2 billion.

相比之下，Terraclassicusd（以前的UST）花了五天的時間損失了類似的百分比，損失了172億美元。

Mantra’s OM crash in April 2025 versus USTC (formerly UST) crash in May 2022 (seven-day chart).

曼特拉（Mantra）在2025年4月對USTC（以前是UST）撞車事故（7天圖表）的OM崩潰。

The LUNA crash was more gradual than both the OM token and USTC. It started plummeting some time before the UST token de-pegged on May 9, 2022.

Luna崩潰比OM令牌和USTC更逐漸。在2022年5月9日的Ust deken de-pegggggggggggggg之後，它開始暴跌。

Still, the visual resemblance of the price charts has prompted comparisons among observers, despite significant structural differences between the projects.

儘管如此，儘管項目之間的結構差異很大，但價格圖的視覺相似之處仍促使觀察者進行了比較。

Terra collapse was systemic in contrast to Mantra

與咒語形成鮮明對比的是全身性的

Woo’s Yorke and Yellow Network’s Sirkia agreed that Terra’s collapse was systemic and occurred due to the failure of its algorithmic stablecoin, while Mantra was not proven to be subject to any systemic flaws.

Woo的Yorke和Yellow Network的Sirkia同意Terra的崩潰是全身性的，並且由於其算法穩定性的失敗而發生，而咒語未被證明會遭受任何系統性的缺陷。

“OM appears to be more of a case of mismanagement or negligence,” Yorke said, adding that the Mantra crash involved a “large number of insider-held tokens” moved to exchanges, which sparked cascading liquidations.

約克說：“ OM似乎更像是管理不善或疏忽的案件。”他補充說，咒語崩潰涉及“大量內部人士擁有的令牌”轉移到交流中，這引發了級聯的清算。

“The issue wasn’t a structural flaw in the protocol, but rather a breakdown in token handling and trust.”

“問題不是協議中的結構性缺陷，而是令牌處理和信任的細分。”

“Mantra is not broken. There was no peg to fail. This is a market structure issue, not a protocol failure,” Sirkia stated, stressing that only an event like a smart contract failure could indicate a serious issue in the protocol. He added:

Sirkia說：“口頭禪沒有打破。沒有釘子失敗。這是一個市場結構問題，不是協議失敗。”他強調，只有像智能合約失敗這樣的事件才能表明該協議中存在嚴重問題。他補充說：

Yorke and Sirkia’s Mantra comments mark the second day after the OM crash, with the token slightly recovering to $0.80 by press time after a brutal sell-off from above $6 to $0.50 per token on April 13.

Yorke和Sirkia的咒語評論標誌著OM墜毀後的第二天，在4月13日，殘酷拋售從超過6美元到0.50美元後，該令牌略微恢復到了0.80美元。

According to the latest update by Mantra CEO John Mullin, Mantra expects to share a post-mortem report detailing the events leading to the crash of the OM token in the next 24 hours.

根據Mantra首席執行官John Mullin的最新更新，Mantra希望分享一份驗屍報告，詳細介紹導致接下來24小時內OM令牌崩潰的事件。