最近的咒语（OM）令牌崩溃引发了与臭名昭著的Terra生态系统崩溃的比较

最近的咒语（OM）代币的崩溃引发了与臭名昭著的Terra生态系统崩溃的比较，其中一些评论员将咒语称为“下一个Terra”。

The recent collapse of the Mantra (OM) token has triggered comparisons to the infamous Terra ecosystem crash in May 2022, with some commentators referring to Mantra as the “next Terra.”

咒语（OM）令牌最近崩溃引发了与2022年5月臭名昭著的Terra生态系统崩溃的比较，一些评论员将咒语称为“下一个Terra”。

However, many in the community argue that the two projects share nothing in common besides visual similarities in price charts.

但是，社区中的许多人认为，除了价格图表中的视觉相似性外，这两个项目除了视觉相似之外没有共同的共同点。

“While it’s tempting to draw parallels between OM’s recent crash and the Terra Luna collapse, they’re fundamentally very different events,” Ben Yorke, vice president of ecosystem at the decentralized finance (DeFi) project Woo, said in a statement to Cointelegraph.

“尽管很容易在OM最近的崩溃和Terra Luna崩溃之间取得相似之处，但它们在根本上是非常不同的事件，”分散的财务（DEFI）Project Woo的生态系统副总裁Ben Yorke在对Cointelegraph的一份声明中说。

Alexis Sirkia, chairman of the DeFi infrastructure project Yellow Network, agreed. “There are no real similarities apart from the visual of the price dropping,” he said.

Defi基础设施项目黄网络主席Alexis Sirkia表示同意。他说：“除了价格下降的视觉效果外，没有真正的相似之处。”

Visual similarity — different numbers

视觉相似性 - 不同的数字

Mantra’s OM token dropped 92% on April 13, decreasing from over $6 to around $0.52 within hours. According to data from CoinGecko, OM lost $5.4 billion in market capitalization in less than four hours.

Mantra的OM代币在4月13日下降了92％，从几个小时内下降到6美元左右。根据Coingecko的数据，OM在不到四个小时内损失了54亿美元的市值。

By contrast, TerraClassicUSD (formerly UST) took five days to lose a similar percentage, shedding $17.2 billion.

相比之下，Terraclassicusd（以前的UST）花了五天的时间损失了类似的百分比，损失了172亿美元。

Mantra’s OM crash in April 2025 versus USTC (formerly UST) crash in May 2022 (seven-day chart).

曼特拉（Mantra）在2025年4月对USTC（以前是UST）撞车事故（7天图表）的OM崩溃。

The LUNA crash was more gradual than both the OM token and USTC. It started plummeting some time before the UST token de-pegged on May 9, 2022.

Luna崩溃比OM令牌和USTC更逐渐。在2022年5月9日的Ust deken de-pegggggggggggggg之后，它开始暴跌。

Still, the visual resemblance of the price charts has prompted comparisons among observers, despite significant structural differences between the projects.

尽管如此，尽管项目之间的结构差异很大，但价格图的视觉相似之处仍促使观察者进行了比较。

Terra collapse was systemic in contrast to Mantra

与咒语形成鲜明对比的是全身性的

Woo’s Yorke and Yellow Network’s Sirkia agreed that Terra’s collapse was systemic and occurred due to the failure of its algorithmic stablecoin, while Mantra was not proven to be subject to any systemic flaws.

Woo的Yorke和Yellow Network的Sirkia同意Terra的崩溃是全身性的，并且由于其算法稳定性的失败而发生，而咒语未被证明会遭受任何系统性的缺陷。

“OM appears to be more of a case of mismanagement or negligence,” Yorke said, adding that the Mantra crash involved a “large number of insider-held tokens” moved to exchanges, which sparked cascading liquidations.

约克说：“ OM似乎更像是管理不善或疏忽的案件。”他补充说，咒语崩溃涉及“大量内部人士拥有的令牌”转移到交流中，这引发了级联的清算。

“The issue wasn’t a structural flaw in the protocol, but rather a breakdown in token handling and trust.”

“问题不是协议中的结构性缺陷，而是令牌处理和信任的细分。”

“Mantra is not broken. There was no peg to fail. This is a market structure issue, not a protocol failure,” Sirkia stated, stressing that only an event like a smart contract failure could indicate a serious issue in the protocol. He added:

Sirkia说：“口头禅没有打破。没有钉子失败。这是一个市场结构问题，不是协议失败。”他强调，只有像智能合约失败这样的事件才能表明该协议中存在严重问题。他补充说：

Yorke and Sirkia’s Mantra comments mark the second day after the OM crash, with the token slightly recovering to $0.80 by press time after a brutal sell-off from above $6 to $0.50 per token on April 13.

Yorke和Sirkia的咒语评论标志着OM坠毁后的第二天，在4月13日，残酷抛售从超过6美元到0.50美元后，该令牌略微恢复到了0.80美元。

According to the latest update by Mantra CEO John Mullin, Mantra expects to share a post-mortem report detailing the events leading to the crash of the OM token in the next 24 hours.

根据Mantra首席执行官John Mullin的最新更新，Mantra希望分享一份验尸报告，详细介绍导致接下来24小时内OM令牌崩溃的事件。