Terra-Luna 龐氏騙局的驚人崩潰波及了更廣泛的加密生態系統

Terra-Luna 龐氏騙局發展到令人難以置信的規模，TerraUSD 演算法穩定幣的價值達到了令人難以置信的 400 億美元。

The Terra-Luna Ponzi scheme reached an incredible size, with the TerraUSD algorithmic stablecoin hitting a mind-boggling $40 billion and the Luna governance token growing to a market capitalization of $40 billion.

Terra-Luna 龐氏騙局達到了令人難以置信的規模，TerraUSD 演算法穩定幣的市值達到了令人難以置信的 400 億美元，Luna 治理代幣的市值也增長到了 400 億美元。

This growth was subsidized by Terraform Labs paying an unsustainable lending rate through the Anchor protocol.

這一增長是由 Terraform Labs 透過 Anchor 協議支付不可持續的貸款利率來補貼的。

Then the music stopped. The value evaporated and the subsequent collapse of Terra-Luna had a devastating effect on the wider crypto ecosystem, destroying trading firms, exchanges, and lending platforms.

然後音樂停止了。 Terra-Luna 的價值蒸發以及隨後的崩潰對更廣泛的加密生態系統產生了毀滅性影響，摧毀了貿易公司、交易所和借貸平台。

However, Terra was far from the sole algorithmic stablecoin, and its spectacular collapse caused a ripple effect that was felt by many of its competitors. Some have pivoted, finding alternative designs with more collateral, but most have failed to see adoption in the industry.

然而，Terra 遠非唯一的演算法穩定幣，其驚人的崩潰引起了許多競爭對手所感受到的連鎖反應。有些人已經轉向，尋找具有更多抵押品的替代設計，但大多數都未能在行業中採用。

Here we take a look at the current state of some of the better-known projects impacted by Terra’s spectacular demise.

在這裡，我們來看看一些受 Terra 慘敗影響的知名計畫的現狀。

Terra

泰拉

Terra still exists as ‘TerraClassic,’ and it doesn’t look too dissimilar to how it did before the collapse.

Terra 仍然以「TerraClassic」的形式存在，而且看起來與崩潰之前並沒有太大不同。

This system has maintained much of the design of the original Terra-Luna system but doesn’t have the subsidized yield of Anchor.

該系統保留了原始 Terra-Luna 系統的大部分設計，但沒有 Anchor 的補貼產量。

This asset, which has completely failed to maintain its peg, currently trades for less than three cents and is no longer, meaningfully speaking, a stablecoin. It has a market cap of approximately $130 million, a tiny fraction of the nearly $20 billion it once commanded.

這種資產完全無法維持其掛鉤，目前的交易價格不到三美分，從有意義的角度來說，它不再是穩定幣。它的市值約為 1.3 億美元，與它曾經的近 200 億美元市值相比，只是九牛一毛。

Luna Classic, the corresponding governance token, has a market cap of approximately $500 million, a tiny fraction of the $40 billion it once commanded, according to data from CoinMarketCap.

根據 CoinMarketCap 的數據，相應的治理代幣 Luna Classic 的市值約為 5 億美元，與它曾經的 400 億美元市值相比，只是九牛一毛。

USDD

美元兌美元

USDD is the TRON native algorithmic stablecoin that was announced before the collapse of Terra-Luna. It was intended to duplicate much of Terra-Luna’s model but with an elevated lending rate of approximately 30%.

USDD是Terra-Luna崩潰之前宣布的TRON原生演算法穩定幣。它的目的是複製 Terra-Luna 的大部分模型，但貸款利率提高了約 30%。

USDD was supposed to be integrated into the heart of TRON, analogous to Luna, by November 2022, but this wasn’t achieved by the time Terra failed. This has since been abandoned as one of the project’s goals.

USDD 原本應該在 2022 年 11 月之前整合到 TRON 的核心，類似於 Luna，但在 Terra 失敗時這一目標尚未實現。此後，這已被放棄作為該項目的目標之一。

In many senses, USDD has abandoned almost all of the trappings of algorithmic stablecoins and has instead become a stablecoin collateralized by ‘burned’ TRX tokens and a few other assets. A significant amount of its reserves are held at Sun-advised HTX.

從許多意義上來說，USDD 幾乎拋棄了演算法穩定幣的所有陷阱，轉而成為以「燒毀」的 TRX 代幣和其他一些資​​產為抵押的穩定幣。其大量儲備金存放在 Sun 建議的 HTX 中。

Read more: Justin Sun’s USDD removes 12,000 BTC without DAO approval

了解更多：孫宇晨的 USDD 在未經 DAO 批准的情況下刪除了 12,000 BTC

Nominally, there is a Decentralized Autonomous Organization (DAO) that governs this protocol. However, this appears to be fiction, with actual control over this project being much more centralized.

名義上，有一個去中心化自治組織（DAO）來管理該協議。然而，這似乎是虛構的，對該項目的實際控制權更加集中。

The governance page shows only a single vote; one that allowed burned TRX to be deployed by USDD, making it unclear if the DAO knows what ‘burning is.’

治理頁面僅顯示單次投票；允許 USDD 部署燒毀的 TRX，這使得 DAO 是否知道「燒毀」是什麼還不清楚。

There are no votes for other major decisions, including the massive changes in protocol directions, the decision to hold reserves at HTX, or the substantial changes in the reserve composition for the stablecoin.

其他重大決策沒有投票，包括協議方向的巨大變化、在 HTX 持有儲備的決定或穩定幣儲備構成的重大變化。

In a recent example, the stablecoin removed 12,000 bitcoins from its reserves without a corresponding vote.

在最近的一個例子中，穩定幣在沒有進行相應投票的情況下從其儲備中刪除了 12,000 個比特幣。

The market cap for the coin has been remarkably stable since its launch, holding around $700 million, according to data from CoinMarketCap.

根據 CoinMarketCap 的數據，該代幣的市值自推出以來一直非常穩定，約為 7 億美元。

Celo/Mento

Celo/曼托

Celo is now a level-2 solution on Ethereum; when it launched, it was a layer-1 that closely mimicked the way in which Terra functions with an algorithmic stablecoin exchangeable for a corresponding governance token.

Celo 現在是以太坊上的二級解決方案；當它推出時，它是一個第一層，非常模仿 Terra 的功能方式，使用可交換相應治理代幣的演算法穩定幣。

This function has since been spun out into Mento, and instead of deriving value from convertibility into Celo Gold, it maintains value by over-collateralization of the Mento Reserve, including assets like CELO, sDAI, USDC, ETH, and BTC.

此功能後來被剝離到 Mento 中，它不是透過兌換成 Celo Gold 來獲取價值，而是透過 Mento 儲備金的超額抵押來維持價值，包括 CELO、sDAI、USDC、ETH 和 BTC 等資產。

The USD-pegged version of these stablecoins has a market capitalization of approximately $26.5 million, down from a peak of almost $120 million, according to data from CoinMarketCap.

根據 CoinMarketCap 的數據，這些與美元掛鉤的穩定幣的市值約為 2,650 萬美元，低於高峰的近 1.2 億美元。

Frax

弗拉克斯

Frax is a dollar-pegged stablecoin that started partially collateralized. However, now on version 3.0, its aim is to be wholly collateralized, principally by cryptocurrencies.

Frax 是一種與美元掛鉤的穩定幣，最初是部分抵押的。然而，現在版本 3.0 的目標是完全抵押，主要是加密貨幣。

Currently, the collateral for this coin is largely staked and directly held FRAX.

目前，該代幣的抵押品主要是質押並直接持有的 FRAX。

The market capitalization for this token is approximately $640 million, down from a peak of approximately $2.9 billion, according to data from CoinMarketCap.

根據 CoinMarketCap 的數據，該代幣的市值約為 6.4 億美元，低於高峰時的約 29 億美元。

Read more: How to submit a Terra Luna or Anchor loss claim

了解更多：如何提交 Terra Luna 或 Anchor 損失索賠

Conclusion

結論

Many projects that once hoped to emulate Terra’s incredible success have had to pivot as the consequences of its failure reverberated throughout the ecosystem.

許多曾經希望效仿 Terra 令人難以置信的成功的項目不得不轉向，因為其失敗的後果在整個生態系統中產生了反響。

Very few of these projects have seen new adoption since Terra’s failure, and more attention seems to be spent on alternative stablecoin designs like Ethena’s eUSD.

自從 Terra 失敗以來，這些項目很少得到新的採用，更多的注意力似乎集中在替代穩定幣設計上，例如 Ethena 的 eUSD。