Terra (LUNA) 崩潰的不為人知的故事：雄心勃勃的演算法穩定幣模型如何失敗

Terra（LUNA）崩盤是加密貨幣史上最大的災難之一。 Terra 曾經是一個市值數十億的頂級項目，但它的垮台給整個行業帶來了衝擊，摧毀了財富並粉碎了信任。

Investors lost $40 billion in just one day.

投資者一天之內就損失了 400 億美元。

Here’s the untold story of what happened

這是發生的不為人知的故事

We put a lot of research and work FOR FREE into this thread before reading it.

在閱讀主題之前，我們免費投入了大量研究和工作。

🚨 Very Important : 🚨 Please follow @Coinaute and ❤️ Like + Comment and ➡️ Share this post 🙏 #MarketDownturn #Binance

🚨非常重要：🚨請關注@Coinaute和❤️點​​讚+評論和➡️分享這篇文章🙏#MarketDownturn #Binance

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The Terra (LUNA) collapse stands as one of the biggest disasters in crypto history. Once a top project with billions in market value, Terra's downfall sent shockwaves across the industry, wiping out fortunes and shattering trust.

Terra（LUNA）崩盤是加密貨幣史上最大的災難之一。 Terra 曾經是一個市值數十億的頂級項目，但它的垮台給整個行業帶來了衝擊，摧毀了財富並粉碎了信任。

In this thread, I’ll break down how Terra’s ambitious algorithmic stablecoin model failed, the events that led to its collapse, and the critical lessons every crypto investor should learn from this fiasco.

在這篇文章中，我將詳細分析 Terra 雄心勃勃的演算法穩定幣模型是如何失敗的、導致其崩潰的事件，以及每個加密貨幣投資者應該從這次慘敗中學到的重要教訓。

Let’s dive into the story of Terra (LUNA) and its dramatic fall

讓我們深入了解 Terra (LUNA) 的故事及其戲劇性的墜落

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Terra was a blockchain project that aimed to revolutionize payments with its algorithmic stablecoin, UST.

Terra 是一個區塊鏈項目，旨在透過其演算法穩定幣 UST 徹底改變支付方式。

Unlike traditional stablecoins backed by reserves like USDT or USDC, UST was designed to maintain its $1 peg through a complex relationship with Terra’s native token, LUNA.

與 USDT 或 USDC 等由儲備支持的傳統穩定幣不同，UST 旨在透過與 Terra 原生代幣 LUNA 的複雜關係來維持 1 美元的掛鉤。

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The idea was simple: users could always exchange 1 UST for $1 worth of LUNA, and vice versa, with LUNA being burned to mint UST and stabilize its price.

這個想法很簡單：用戶總是可以用 1 UST 兌換價值 1 美元的 LUNA，反之亦然，而 LUNA 會被銷毀以鑄造 UST 並穩定其價格。

But as we would soon see, the algorithmic model had critical vulnerabilities: when stress hit the system, the very mechanism meant to stabilize UST would turn into a death spiral.

但正如我們很快就會看到的，演算法模型存在嚴重漏洞：當壓力襲擊系統時，旨在穩定 UST 的機制就會陷入死亡螺旋。

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In May 2022, UST began to lose its $1 peg after significant withdrawals from Anchor, a DeFi platform that was crucial to Terra’s ecosystem.

2022 年 5 月，在 Anchor（對 Terra 生態系統至關重要的 DeFi 平台）大量撤資後，UST 開始失去與 1 美元掛鉤的匯率。

Anchor offered a high annual yield of nearly 20% on UST deposits, attracting a huge portion of UST—over 70% of the total supply.

Anchor 為 UST 存款提供了近 20% 的高年收益率，吸引了大量 UST——佔總供應量的 70% 以上。

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When concerns about sustainability arose, users rushed to withdraw their funds, creating sudden selling pressure on UST.

當人們對永續性的擔憂出現時，用戶紛紛撤資，給 UST 帶來突然的拋售壓力。

As UST's value dipped below $1, the mechanism to restore the peg involved minting more LUNA, but this only flooded the market and crashed LUNA’s price.

當 UST 的價值跌破 1 美元時，恢復掛鉤的機制涉及鑄造更多 LUNA，但這只會導致市場氾濫並導致 LUNA 的價格崩潰。

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The crisis accelerated rapidly. UST lost its $1 peg entirely, dropping to as low as $0.10.

危機迅速加速。 UST 完全失去了與 1 美元掛鉤的匯率，跌至 0.10 美元。

Meanwhile, LUNA's supply soared from around 350 million tokens to over 6.5 trillion in a desperate attempt to restore UST's value. This caused LUNA’s price to plummet from over $80 to nearly $0.0001 within days.

與此同時，LUNA 的供應量從約 3.5 億個代幣飆升至超過 6.5 兆個，拼命試圖恢復 UST 的價值。這導致 LUNA 的價格在幾天內從 80 多美元暴跌至近 0.0001 美元。

Major exchanges began delisting LUNA and UST due to their extreme volatility, and Terra’s market cap, which had been around $40 billion, evaporated almost overnight.

由於 LUNA 和 UST 波動劇烈，各大交易所開始將其摘牌，Terra 約 400 億美元的市值幾乎一夜之間蒸發。

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As the Terra collapse unfolded, all eyes turned to Do Kwon, the project’s outspoken founder. Known for his confidence and bold claims, Do Kwon had been a vocal advocate for Terra’s success, often dismissing critics.

隨著 Terra 崩潰的展開，所有的目光都轉向了這個計畫直言不諱的創始人 Do Kwon。 Do Kwon 以其自信和大膽的主張而聞名，他一直是 Terra 成功的直言不諱的倡導者，經常駁斥批評。

But as UST and LUNA crashed, his tone shifted from defiance to damage control.

但隨著 UST 和 LUNA 墜毀，他的語氣從蔑視轉變為損害控制。

The team scrambled to restore UST’s peg, implementing emergency measures like minting trillions of LUNA and using billions in Bitcoin reserves to try and stabilize the situation. However, these efforts were too little, too late, and the downward spiral continued.

該團隊緊急恢復 UST 的錨定匯率，實施緊急措施，例如鑄造數萬億個 LUNA 並使用數十億美元的比特幣儲備來穩定局勢。然而，這些努力太少、太晚，螺旋式下降仍在繼續。

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Do Kwon announced plans for a "recovery" by proposing to fork the Terra blockchain and launch a new LUNA token, but confidence in the project had already been shattered.

Do Kwon 宣布了「復甦」計劃，提議分叉 Terra 區塊鏈並推出新的 LUNA 代幣，但對該項目的信心已經破滅。

The community was divided, and many investors felt betrayed. Lawsuits and investigations into Terra’s collapse soon followed, with Do Kwon facing growing legal scrutiny and calls for accountability.

社區出現了分裂，許多投資者感到被背叛了。不久之後，針對 Terra 崩潰的訴訟和調查隨之而來，Do Kwon 面臨越來越多的法律審查和追究責任的呼聲。

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Controversy grew as it emerged that, despite his earlier denial on Twitter, Do Kwon did control the burning wallet and had access to the keys.

儘管 Do Kwon 早些時候在 Twitter 上否認，但他確實控制了燃燒的錢包並有權使用鑰匙，這一事實引發了爭議。

His involvement in managing LUNA’s supply played a crucial role in the ecosystem's collapse.

他參與管理 LUNA 的供應在生態系統的崩潰中發揮了至關重要的作用。

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The Terra collapse caught regulators' attention worldwide, sparking concerns about investor protection and leading to calls for stricter crypto regulations.

Terra 的崩盤引起了全球監管機構的關注，引發了對投資者保護的擔憂，並引發了對更嚴格的加密貨幣監管的呼聲。

Authorities began scrutinizing algorithmic stablecoins and DeFi projects, with some countries launching investigations into Terra for potential fraud and market manipulation.

當局開始審查演算法穩定幣和 DeFi 項目，一些國家對 Terra 潛在的詐欺和市場操縱行為展開調查。

Lawsuits against Terra, Do Kwon, and others quickly followed. South Korean prosecutors issued an arrest warrant for Do Kwon, making him a key figure in the legal fallout.

針對 Terra、Do Kwon 和其他人的訴訟很快就接踵而至。韓國檢察官對道權發出了逮捕令，使他成為這場法律後果的關鍵人物。

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After months on the run and facing multiple legal challenges, Do Kwon was finally detained in March 2023.

經過幾個月的逃亡並面臨多重法律挑戰，Do Kwon 最終在 2023 年 3 月被拘留。

Authorities caught up with him in Montenegro, where he was found using a forged passport. His involvement in the Terra (LUNA) collapse, which resulted in billions of dollars in losses and attracted the attention of international authorities, ultimately led to his apprehension.

當局在黑山抓獲了他，並發現他使用偽造的護照。他參與的Terra（LUNA）崩潰事件導致了數十億美元的損失，並引起了國際當局的關注，最終導致他被捕。

The arrest brought fresh attention to the Terra case, with legal proceedings focusing on allegations of fraud, market

這次逮捕讓 Terra 案重新受到關注，法律訴訟的重點是詐欺、市場等指控。