最近，當真實的資產（RWA）項目，Mantra的OM令牌（OM -40.95％）時，加密貨幣市場最近被提醒了Terra（Luna +0.69％）混亂，在幾個小時內沒有任何催化劑。

就咒語而言，市場正在指責項目團隊犯有地毯拉力騙局，其聯合創始人說：“我們在這裡，不去任何地方。”他將墜機事故歸因於“集中交流發起的魯ck封閉”。

The cryptocurrency market was recently reminded of the Terra (LUNA +0.69%) chaos when a real-world asset (RWA) project, Mantra’s OM token (OM -40.95%), plummeted 90% in value within hours without any catalyst.

最近，當真實的資產（RWA）項目，Mantra的OM令牌（OM -40.95％）時，加密貨幣市場最近被提醒了Terra（Luna +0.69％）混亂，在幾個小時內沒有任何催化劑。

MANTRA USD (OM -40.95%)

Mantra USD（約-40.95％）

In the case of Mantra, the market is accusing the project team of a rug pull scam, which its co-founder has addressed by saying, “We are here and not going anywhere.” He ascribed the crash to “reckless forced closures initiated by centralized exchanges.”

就咒語而言，市場正在指責項目團隊犯有地毯拉力騙局，其聯合創始人說：“我們在這裡，不去任何地方。”他將墜機事故歸因於“集中交流發起的魯ck封閉”。

While these comments seem to have soothed the community concerns, for now, as can be seen in the price bounce, even the 200% spike in OM price is eerily similar to what LUNA witnessed after its 99% crash in May 2022.

儘管這些評論似乎使社區的擔憂舒緩了問題，但現在可以看出，即使是OM價格的200％高漲，也與Luna在2022年5月墜毀後目擊者所目睹的價格相似。

Post-crash, LUNA saw a brief recovery but couldn’t reclaim its key price levels, which then triggered a more intense and longer downtrend.

折磨後，露娜（Luna）看到了短暫的恢復，但無法恢復其關鍵價格水平，然後觸發了更加激烈，更長的下降趨勢。

It’s been nearly three years since the UST depegged and Luna plunged, but the market has yet to forget the chaos and collapse that ensued in the days, months, and even years following that.

自Ust Depegg和Luna跌落已經過去了將近三年，但是市場尚未忘記在此之後的日子，幾個月甚至幾年中隨之而來的混亂和崩潰。

Interestingly, a new study has discovered something new about the Terra saga. But before we get into that, let’s go back and take a brief look at the history!

有趣的是，一項新的研究發現了有關Terra Saga的新事物。但是，在我們開始之前，讓我們回頭看看歷史吧！

The Rise and Fall of Terra (LUNA)

Terra（Luna）的興衰

While it only took a few days in May 2022 for the Terra network to crumble into nothing, the story of the project started several years before that. It actually began during the bear market prior to the recent one caused, in part, by Terra itself.

儘管Terra Network一無所獲，但在2022年5月只花了幾天的時間才花了幾天的時間，但該項目的故事始於此之前的幾年。實際上，它始於最近在熊市的熊市，部分原因是Terra本身引起的。

In Jan. 2018, Do Kwon co-founded the Terra network with plans to develop an e-commerce payments application Chai, and a stable cryptocurrency to facilitate transactions. During this year, Terraform Labs was incorporated in Singapore. The firm was responsible for the development of the Terra blockchain.

2018年1月，Do Kwon共同創立了Terra網絡，併計劃開發電子商務付款申請柴，以及穩定的加密貨幣以促進交易。在今年，Terraform Labs在新加坡成立。該公司負責Terra區塊鏈的發展。

In 2018, the firm held an initial coin offering (ICO) for LUNA. It was sold for $0.80 per token and raised $62 million. 

2018年，該公司為Luna持有初始硬幣產品（ICO）。它的售價為0.80美元，並籌集了6200萬美元。

Terra actually had multiple funding rounds, including a pre-seed round, a seed round, a private sale, and a venture round. As for its investors, that included Binance Labs, Jump Crypto, Galaxy, Hashed, Pantera Capital, Polychain Capital, Arrington XRP Capital, Coinbase Ventures, Huobi Ventures, OKX Ventures, Hashed, and others, according to ICO Drops.

Terra實際上有多次資金回合，包括預種賽車，種子輪，私人銷售和風險投資。至於其投資者，包括Binance Labs，Jump Crypto，Galaxy，Hashed，Pantera Capital，Polychain Capital，Arrington XRP Capital，Coinbase Ventures，Huobi Ventures，Okx Ventures，Okx Ventures，Hashed，Hashed等。

In 2020, Nicholas Platt, the head of research at Terra, introduced Anchor, a decentralized platform built on Terra for investors to earn a high yield on their deposits and borrow against their crypto holdings. 

2020年，Terra的研究負責人尼古拉斯·普拉特（Nicholas Platt）推出了Anchor，這是一個在Terra上建立的分散平台，供投資者賺取高收益，並藉用其加密貨幣持有物。

In Sept. 2020, the algorithmic stablecoin USDT (USDT +0.04%) was publicly announced. During the bull market that followed, LUNA’s price went on to hit a record, surpassing $90 in Dec. 2021.

2020年9月，公開宣布了算法Stablecoin USDT（USDT +0.04％）。在隨後的牛市中，露娜的價格繼續創下了紀錄，在2021年12月，價格超過了90美元。

Then came 2022, in its first two months, Do Kwon launched the Luna Foundation Guard (LFG) which was “mandated to build reserves” to support the $UST peg as well as allocate resources for the ecosystem’s development through grants. The organization raised $1 bln by selling LUNA tokens to Jump Crypto and Three Arrows Capital among others. 

隨後是2022年的前兩個月，Do Kwon推出了Luna Foundation Guard（LFG），該後衛被“要求建立儲備金”，以支持$ UST PEG，並通過贈款為生態系統的發展分配資源。該組織通過出售Luna代幣以跳高加密貨幣和三個箭頭資本來籌集了1美元。

The funding was to buy Bitcoin (BTC +1.34%) for UST’s reserve system and as the firm purchased BTC, LUNA’s price rallied and went above $106 in late March.

資金是為UST的儲備系統購買比特幣（BTC +1.34％），並且隨著公司購買BTC，Luna的價格上漲，3月下旬的價格超過了106美元。

During this same month, crypto trader GiganticRebirth (GCR) bet $10 million that the price of LUNA will be below $88 by March of next year.

在同一個月，加密貨幣交易者Griganticrebirth（GCR）下注1000萬美元，露娜的價格將在明年3月之前低於88美元。

As LFG continued to buy BTC, LUNA kept on surging, hitting $119 in early April. Before the month ended, UST became the third-largest stablecoin, and LUNA’s circulating supply hit its lowest at 346 million as LUNA tokens were burned to keep up with the rising demand for UST. 

隨著LFG繼續購買BTC，Luna不斷飆升，4月初達到119美元。在這個月結束之前，UST成為第三大穩定股，隨著Luna令牌被燒毀以跟上對UST的不斷增長，Luna的循環供應達到了3.46億最低。

Then came May, and with that, early signs of panic started to emerge. As the market started to see capital moving out of UST, with people dumping their UST on Anchor and Curve, it lost the peg with value dropping to $0.985.

然後是五月，隨之而來的是，恐慌的早期跡像開始出現。隨著市場開始看到資本從UST移出，人們將其UST傾倒在錨和曲線上時，它損失了釘子，價值下降到0.985美元。

As deposits continued to decline, UST struggled to recover to $1. On May 9, the value of UST plunged to $0.35, and Do Kwon made his infamous tweet: “Deploying more capital – steady lads.” The attempts to save UST’s peg sent LFG’s BTC reserve from around 80,000 BTC to just 313 BTC.

隨著存款繼續下降，UST努力恢復至1美元。 5月9日，UST的價值跌至0.35美元，Do Kwon發表了臭名昭著的推文：“部署更多資本 - 穩定的小伙子。”將UST的PEG保存的嘗試將LFG的BTC儲備從約80,000 BTC送到了313 BTC。

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