什麼是 LUNA 代幣？深入探究 Terra 的歷史和 UST 的崩潰

Terra 本質上是一個去中心化的公共區塊鏈，具有適合應用程式的氛圍。它允許開發人員推進他們的想法。

Terra is a decentralized and public blockchain that provides a suitable atmosphere for applications and allows developers to advance their ideas. With the help of Terra, developers can easily use various advanced development tools to create organizations and applications.

Terra 是一個去中心化的公共區塊鏈，為應用程式提供了合適的氛圍，並允許開發人員推進他們的想法。在 Terra 的幫助下，開發人員可以輕鬆使用各種高級開發工具來建立組織和應用程式。

Its native currency, LUNA crypto, is a significant part of the ecosystem. LUNA crypto could be used to pay transaction fees, earn rewards, and purchase your favorite digital art. It is a second-generation cryptocurrency that created its ecosystem after the fall of Terra Classic.

其原生貨幣 LUNA 加密貨幣是生態系統的重要組成部分。 LUNA 加密貨幣可用於支付交易費用、賺取獎勵以及購買您最喜歡的數位藝術品。它是第二代加密貨幣，在 Terra Classic 垮台後創建了自己的生態系統。

Now, with this introduction, many questions arise. One could wonder what Luna token is, Terra Classic, and what the history behind all this is. So, let’s dive and explore.

現在，透過這個介紹，出現了許多問題。人們可能想知道 Luna 代幣是什麼，Terra Classic，以及這一切背後的歷史是什麼。那麼，讓我們潛入並探索。

The Past of Terra and the Collapse

泰拉的過去與崩潰

The story began long back in 2018. Do Kwon and Daniel Shin introduced Terra in the same year. Later, in 2019, Terraform Labs, led by them, developed the Terra blockchain and the original native coin LUNA.

故事早在 2018 年就開始了。後來在2019年，Terraform Labs在他們的帶領下，開發了Terra區塊鏈和原生原生幣LUNA。

They aimed to create a blockchain protocol that would support the algorithmic stablecoins. The Terra blockchain became well known for the same reason. It was home to many algorithmic stablecoins.

他們的目標是創建一個支援演算法穩定幣的區塊鏈協議。 Terra 區塊鏈也因同樣的原因而聞名。它是許多演算法穩定幣的所在地。

TerraUSD (UST) was the most famous one pegged to the US dollar. Terra’s principal auxiliary asset was the LUNA token. Users could vote on proposals from the Terra community using it as a governance token.

TerraUSD（UST）是最著名的與美元掛鉤的貨幣。 Terra 的主要輔助資產是 LUNA 代幣。用戶可以使用 Terra 社群的治理代幣對提案進行投票。

In May 2022, they both met their demise. UST started to decouple from its peg to the US dollar on May 9, 2022. The price of UST fell to 10 cents throughout the following week. LUNA crypto dropped from its peak of $119.51 to “virtually zero” at the same period.

2022年5月，他們雙雙過世。 UST 於 2022 年 5 月 9 日開始與美元脫鉤。同期，LUNA 加密貨幣從 119.51 美元的高點跌至「幾乎為零」。

The market capitalization lost over $45 billion due to this crash. All of this took place in a single week. An attack on its liquidity pool brought this catastrophe.

由於這次崩盤，市值損失超過 450 億美元。所有這一切都發生在一周之內。對其流動性池的攻擊帶來了這場災難。

This attack became possible due to vulnerabilities in the blockchain’s underlying architecture. Terraform Labs put the Terra blockchain on hold on May 13.

由於區塊鏈底層架構中的漏洞，這種攻擊成為可能。 Terraform Labs 於 5 月 13 日暫停了 Terra 區塊鏈。

Emergence of the New LUNA crypto

新 LUNA 加密貨幣的出現

Terra’s new journey started in the same month of 2022. On May 25, a proposal was approved to reissue a new LUNA crypto and Terra blockchain. The original chain and the coin faced rebranding. They were renamed Terra Classic and LUNA Classic (LUNC), respectively.

Terra的新旅程於2022年同月開始。原來的鏈條和硬幣面臨品牌重塑。它們分別更名為 Terra Classic 和 LUNA Classic (LUNC)。

“Terra 2.0” is another name for the new LUNA currency. This recovery plan was created to provide cryptocurrency investors with an airdrop and a fork of the Terra network. Do Kwon termed it as a regeneration strategy.

「Terra 2.0」是新的 LUNA 貨幣的另一個名稱。該恢復計劃旨在為加密貨幣投資者提供空投和 Terra 網路的分叉。 Do Kwon 稱之為再生策略。

Their purpose was to assist anyone affected by the present market downturn. Like the previous one, the new LUNA crypto is also used to govern the Terra network.

他們的目的是幫助任何受當前市場低迷影響的人。與先前的加密貨幣一樣，新的 LUNA 加密貨幣也用於管理 Terra 網路。

Moreover, it could be used for staking. Users can stake their LUNA crypto to validators to earn rewards from the transaction fees. Validators are the miners and run full nodes within the ecosystem. It allows them to verify each transaction made on the Terra network.

此外，它還可以用於質押。用戶可以將他們的 LUNA 加密貨幣質押給驗證者，以從交易費用中獲得獎勵。驗證者是礦工，在生態系中運行完整節點。它允許他們驗證 Terra 網路上進行的每筆交易。

After the collapse, Terra 2.0 issued a vested policy to prevent immediate selling. Investors who previously owned LUNA Classic became eligible to receive a certain quantity of LUNA tokens by the policy.

崩盤後，Terra 2.0發布了既得政策，防止立即拋售。先前擁有 LUNA Classic 的投資者有資格根據該政策獲得一定數量的 LUNA 代幣。

These stakeholders got LUNA coins via an airdrop with predetermined vesting periods and percentages. The overall supply was capped at one billion tokens.

這些利害關係人透過空投獲得 LUNA 幣，並按預定的歸屬期和百分比進行分配。總供應量上限為 10 億個代幣。

About 30% of them were placed under the supervision of staked governance. Developers get 10% of the total supply. Its purpose was to promote the Terra environment’s growth and innovation.

其中約30%置於質押治理的監管之下。開發商獲得總供應量的10%。其目的是促進 Terra 環境的成長和創新。

Pre-depeg Luna holders gained an additional 35% of the LUNA crypto. Different wallets held varying amounts of tokens, which influenced the vesting period.

解除掛鉤前的 Luna 持有者額外獲得了 35% 的 LUNA 加密貨幣。不同的錢包持有不同數量的代幣，這會影響歸屬期。

30% of the claims went to wallets holding less than 10,000 LUNA. The remaining 70% of LUNA tokens had a two-year vesting period, with a six-month clif.

30% 的索賠流向了持有少於 10,000 LUNA 的錢包。剩下的 70% 的 LUNA 代幣有兩年的歸屬期，還有六個月的解鎖期。

Wallets with less than a million LUNA had a two-year vesting period with a one-year cliff. On the contrary, wallets containing over a million LUNA faced a 1-year cliff and 4 years of vesting period.

LUNA 數量低於 100 萬的錢包有兩年的歸屬期，其中有一年的懸崖。相反，超過100萬個LUNA的錢包則面臨1年的懸崖和4年的歸屬期。

Despite all of its efforts to recover, Terraform Labs declared bankruptcy last year in January 2024. The estimated assets and liabilities of the company ranged from $100 million to $500 million.

儘管竭盡全力挽回損失，Terraform Labs 還是在去年 2024 年 1 月宣布破產。

CEO Chris Amani stated that filing for bankruptcy was crucial in settling legal difficulties. He claimed that this measure will allow the company to achieve its collective aims.

執行長 Chris Amani 表示，申請破產對於解決法律困難至關重要。他聲稱這項措施將使公司實現其集體目標。

U.S. Bankruptcy Judge Brendan Shannon said this action was a “welcome alternative.” He stated that this measure would help to mitigate investor losses rather than engaging in lengthy litigation fights. The court approved the bankruptcy on September 19, 2024.

美國破產法官布倫丹·香農 (Brendan Shannon) 表示，這項行動是「值得歡迎的替代方案」。他表示，這項措施將有助於減輕投資者的損失，而不是陷入漫長的訴訟鬥爭。法院於2024年9月19日核准破產。

Terraform Labs faced many legal challenges. The US SEC charged the corporation with

Terraform Labs 面臨許多法律挑戰。美國證券交易委員會指控該公司