Luna 基金會守護的危機應變措施未能阻止 UST 崩潰

儘管累積了 30 億美元的加密貨幣儲備，但 Luna Foundation Guard (LFG) 保護 UST 穩定幣免受市場動盪影響的計劃在上週的市場崩盤期間並未完全實施。隨著 UST 失去與美元掛鉤的地位，LFG 忙於制定臨時解決方案，包括用於維持掛鉤的 15 億美元貸款以及潛在的額外資金。由於缺乏正式的外匯儲備結構以及穩定 UST 的智能合約的延遲實施，使其容易遭受市場暴跌。

Luna Foundation Guard's Reactive Crisis Management Fails to Avert UST's Plunge

Luna Foundation Guard 的反應性危機管理未能避免 UST 的暴跌

As the cryptocurrency market plunged in tandem with traditional markets, the Luna Foundation Guard (LFG) found itself scrambling to salvage the stability of the UST stablecoin, as the absence of a formal structure for its forex reserve exposed the project's vulnerability to market volatility.

隨著加密貨幣市場與傳統市場同步暴跌，Luna Foundation Guard (LFG) 發現自己在爭先恐後地挽救 UST 穩定幣的穩定性，因為其外匯儲備缺乏正式的結構，暴露了該項目容易受到市場波動的影響。

LFG's hastily deployed cryptocurrency loans and reported pursuit of fresh capital underscore the project's unpreparedness for a crisis that had been brewing for weeks. Despite accumulating over $3 billion in reserves, primarily in Bitcoin, LFG had yet to implement a critical smart contract that would have linked the reserve to the blockchain and provided a mechanism to stabilize UST during a crisis.

LFG 匆忙部署加密貨幣貸款並據報導尋求新資本，突顯該項目對醞釀數週的危機毫無準備。儘管累積了超過 30 億美元的儲備（主要是比特幣），但 LFG 尚未實施關鍵的智慧合約，將儲備與區塊鏈聯繫起來，並提供在危機期間穩定 UST 的機制。

"The reserves had reached their desired size, but the infrastructure to utilize them was not in place," observed Vetle Lunde, analyst at crypto research firm Arcane Research. "Add a bleeding market and poor weekend liquidity to the mix, and you've got yourself a great opportunity to attack."

加密貨幣研究公司 Arcane Research 分析師 Vetle Lunde 表示：“儲備已經達到了預期的規模，但利用它們的基礎設施還沒有到位。” “加上市場的出血和周末流動性不佳，你就有了絕佳的進攻機會。”

UST, the largest algorithmic stablecoin, lost its peg to the dollar on Sunday, a move that sent shockwaves through the crypto market. The stablecoin's price plummeted to as low as 68 cents on Monday, underscoring the limitations of algorithmic stablecoins, which rely on a complex system of trading incentives to maintain their price peg.

最大的演算法穩定幣 UST 在週日失去了與美元的掛鉤，此舉為加密貨幣市場帶來了衝擊波。週一，穩定幣的價格暴跌至 68 美分，凸顯了演算法穩定幣的局限性，演算法穩定幣依賴複雜的交易激勵系統來維持其價格掛鉤。

In response to growing concerns about the stability of algorithmic stablecoins, Terraform Labs, the developer behind the Terra blockchain, created the Luna Foundation Guard to establish a reserve that would support UST's peg in case of a crisis. However, LFG's accumulation of crypto assets, including becoming one of the largest Bitcoin holders, proved insufficient without a working mechanism to deploy the reserve during turbulent market conditions.

為了回應人們對演算法穩定幣穩定性日益增長的擔憂，Terra 區塊鏈背後的開發商 Terraform Labs 創建了 Luna Foundation Guard，以建立儲備金，以在發生危機時支援 UST 的掛鉤。然而，事實證明，如果沒有在動盪的市場條件下部署儲備的工作機制，LFG 累積的加密資產（包括成為最大的比特幣持有者之一）是不夠的。

Under a proposal by Jump Trading, an investor in LFG, the reserve would have allowed traders to swap UST for Bitcoin at the price peg if UST fell below 98 cents. This arbitrage incentive would have stimulated demand for UST and stabilized its price. However, the crisis occurred before this system could be implemented.

根據 LFG 投資者 Jump Trading 的一項提議，如果 UST 跌破 98 美分，儲備金將允許交易者以固定價格將 UST 換成比特幣。這種套利激勵將刺激對 UST 的需求並穩定其價格。然而，在這項制度實施之前，危機就發生了。

Jose Maria Macedo, a council member of LFG, indicated that the Bitcoin swap mechanism was expected to be launched by the end of the following week, but co-founder of Terraform Labs, Do Kwon, acknowledged that the testnet launch was still weeks away.

LFG 理事會成員 Jose Maria Macedo 表示，比特幣互換機制預計將在下週末啟動，但 Terraform Labs 聯合創始人 Do Kwon 承認，距離測試網啟動還有幾週時間。

Critics have long questioned the stability of algorithmic stablecoins, arguing that they are inherently vulnerable to market downturns and exploitation of design weaknesses. Sean Farrell, an analyst at FundStrat, suggested that the recent turmoil surrounding UST was not a coincidence but a deliberate attack on its fragile architecture.

批評者長期以來一直質疑演算法穩定幣的穩定性，認為它們本質上很容易受到市場低迷和利用設計缺陷的影響。 FundStrat 分析師 Sean Farrell 表示，最近圍繞 UST 的動盪並非巧合，而是對其脆弱架構的蓄意攻擊。

Farrell's analysis highlighted a series of events that led to the crisis: LFG's removal of $250 million from the UST-3pool on Curve, a stablecoin exchange platform, followed by a seller swapping $85 million of UST for USDC on Curve, disrupted the pool's balance and triggered a negative feedback loop that pushed UST's price below 98 cents.

Farrell 的分析強調了導致危機的一系列事件：LFG 從穩定幣交易平台Curve 上的UST-3 池中刪除了2.5 億美元，隨後賣家在Curve 上將8500 萬美元的UST 換成USDC，擾亂了池的平衡，引發了負回饋循環，導致 UST 的價格跌破 98 美分。

LFG's subsequent $1.5 billion loan to traders to restore the peg was unsuccessful, as the continued decline in traditional markets provided ample ammunition for the original short seller to continue their attack on Curve. Market makers who initially supported UST by selling Bitcoin realized the futility of their efforts, as falling prices diminished their available resources to support the peg.

LFG 隨後向交易員提供 15 億美元貸款以恢復掛鉤，但沒有成功，因為傳統市場的持續下跌為最初的賣空者繼續攻擊 Curve 提供了充足的彈藥。最初透過出售比特幣來支持 UST 的做市商意識到他們的努力是徒勞無功的，因為價格下跌減少了他們支持掛鉤的可用資源。

Even if LFG manages to restore UST's peg, the damage to its credibility has been substantial. Investors are withdrawing funds from Anchor, the yield-earning protocol that fueled much of the demand for UST, and LFG is reportedly seeking $1 billion in fresh capital to bolster its reserves.

即使 LFG 設法恢復 UST 的錨定匯率，其信譽也受到巨大損害。投資者正在從 Anchor 撤回資金，Anchor 是一種收益收益協議，刺激了 UST 的大部分需求，據報道，LFG 正在尋求 10 億美元的新資本來增強其儲備。

While LFG may succeed in the short term in stabilizing UST, the long-term reputational damage and eroded trust in the stablecoin are undeniable. As of press time, UST continued its downward spiral, trading at 73 cents, while LUNA's value plummeted by 66% in 24 hours, highlighting the precarious nature of algorithmic stablecoins and the need for more resilient mechanisms to safeguard the stability of cryptocurrencies.

雖然 LFG 可能在短期內成功穩定 UST，但長期聲譽受損和對穩定幣的信任受到侵蝕是不可否認的。截至發稿，UST 繼續螺旋式下跌，交易價格為73 美分，而LUNA 的價值在24 小時內暴跌66%，凸顯了演算法穩定幣的不穩定性質以及需要更具彈性的機制來保障加密貨幣的穩定性。