最近，当真实的资产（RWA）项目，Mantra的OM令牌（OM -40.95％）时，加密货币市场最近被提醒了Terra（Luna +0.69％）混乱，在几个小时内没有任何催化剂。

就咒语而言，市场正在指责项目团队犯有地毯拉力骗局，其联合创始人说：“我们在这里，不去任何地方。”他将坠机事故归因于“集中交流发起的鲁ck封闭”。

The cryptocurrency market was recently reminded of the Terra (LUNA +0.69%) chaos when a real-world asset (RWA) project, Mantra’s OM token (OM -40.95%), plummeted 90% in value within hours without any catalyst.

最近，当真实的资产（RWA）项目，Mantra的OM令牌（OM -40.95％）时，加密货币市场最近被提醒了Terra（Luna +0.69％）混乱，在几个小时内没有任何催化剂。

MANTRA USD (OM -40.95%)

Mantra USD（约-40.95％）

In the case of Mantra, the market is accusing the project team of a rug pull scam, which its co-founder has addressed by saying, “We are here and not going anywhere.” He ascribed the crash to “reckless forced closures initiated by centralized exchanges.”

就咒语而言，市场正在指责项目团队犯有地毯拉力骗局，其联合创始人说：“我们在这里，不去任何地方。”他将坠机事故归因于“集中交流发起的鲁ck封闭”。

While these comments seem to have soothed the community concerns, for now, as can be seen in the price bounce, even the 200% spike in OM price is eerily similar to what LUNA witnessed after its 99% crash in May 2022.

尽管这些评论似乎使社区的担忧舒缓了问题，但现在可以看出，即使是OM价格的200％高涨，也与Luna在2022年5月坠毁后目击者所目睹的价格相似。

Post-crash, LUNA saw a brief recovery but couldn’t reclaim its key price levels, which then triggered a more intense and longer downtrend.

折磨后，露娜（Luna）看到了短暂的恢复，但无法恢复其关键价格水平，然后触发了更加激烈，更长的下降趋势。

It’s been nearly three years since the UST depegged and Luna plunged, but the market has yet to forget the chaos and collapse that ensued in the days, months, and even years following that.

自Ust Depegg和Luna跌落已经过去了将近三年，但是市场尚未忘记在此之后的日子，几个月甚至几年中随之而来的混乱和崩溃。

Interestingly, a new study has discovered something new about the Terra saga. But before we get into that, let’s go back and take a brief look at the history!

有趣的是，一项新的研究发现了有关Terra Saga的新事物。但是，在我们开始之前，让我们回头看看历史吧！

The Rise and Fall of Terra (LUNA)

Terra（Luna）的兴衰

While it only took a few days in May 2022 for the Terra network to crumble into nothing, the story of the project started several years before that. It actually began during the bear market prior to the recent one caused, in part, by Terra itself.

尽管Terra Network一无所获，但在2022年5月只花了几天的时间才花了几天的时间，但该项目的故事始于此之前的几年。实际上，它始于最近在熊市的熊市，部分原因是Terra本身引起的。

In Jan. 2018, Do Kwon co-founded the Terra network with plans to develop an e-commerce payments application Chai, and a stable cryptocurrency to facilitate transactions. During this year, Terraform Labs was incorporated in Singapore. The firm was responsible for the development of the Terra blockchain.

2018年1月，Do Kwon共同创立了Terra网络，并计划开发电子商务付款申请柴，以及稳定的加密货币以促进交易。在今年，Terraform Labs在新加坡成立。该公司负责Terra区块链的发展。

In 2018, the firm held an initial coin offering (ICO) for LUNA. It was sold for $0.80 per token and raised $62 million. 

2018年，该公司为Luna持有初始硬币产品（ICO）。它的售价为0.80美元，并筹集了6200万美元。

Terra actually had multiple funding rounds, including a pre-seed round, a seed round, a private sale, and a venture round. As for its investors, that included Binance Labs, Jump Crypto, Galaxy, Hashed, Pantera Capital, Polychain Capital, Arrington XRP Capital, Coinbase Ventures, Huobi Ventures, OKX Ventures, Hashed, and others, according to ICO Drops.

Terra实际上有多次资金回合，包括预种赛车，种子轮，私人销售和风险投资。至于其投资者，包括Binance Labs，Jump Crypto，Galaxy，Hashed，Pantera Capital，Polychain Capital，Arrington XRP Capital，Coinbase Ventures，Huobi Ventures，Okx Ventures，Okx Ventures，Hashed，Hashed等。

In 2020, Nicholas Platt, the head of research at Terra, introduced Anchor, a decentralized platform built on Terra for investors to earn a high yield on their deposits and borrow against their crypto holdings. 

2020年，Terra的研究负责人尼古拉斯·普拉特（Nicholas Platt）推出了Anchor，这是一个在Terra上建立的分散平台，供投资者赚取高收益，并借用其加密货币持有物。

In Sept. 2020, the algorithmic stablecoin USDT (USDT +0.04%) was publicly announced. During the bull market that followed, LUNA’s price went on to hit a record, surpassing $90 in Dec. 2021.

2020年9月，公开宣布了算法Stablecoin USDT（USDT +0.04％）。在随后的牛市中，露娜的价格继续创下了纪录，在2021年12月，价格超过了90美元。

Then came 2022, in its first two months, Do Kwon launched the Luna Foundation Guard (LFG) which was “mandated to build reserves” to support the $UST peg as well as allocate resources for the ecosystem’s development through grants. The organization raised $1 bln by selling LUNA tokens to Jump Crypto and Three Arrows Capital among others. 

随后是2022年的前两个月，Do Kwon推出了Luna Foundation Guard（LFG），该后卫被“要求建立储备金”，以支持$ UST PEG，并通过赠款为生态系统的发展分配资源。该组织通过出售Luna代币以跳高加密货币和三个箭头资本来筹集了1美元。

The funding was to buy Bitcoin (BTC +1.34%) for UST’s reserve system and as the firm purchased BTC, LUNA’s price rallied and went above $106 in late March.

资金是为UST的储备系统购买比特币（BTC +1.34％），并且随着公司购买BTC，Luna的价格上涨，3月下旬的价格超过了106美元。

During this same month, crypto trader GiganticRebirth (GCR) bet $10 million that the price of LUNA will be below $88 by March of next year.

在同一个月，加密货币交易者Griganticrebirth（GCR）下注1000万美元，露娜的价格将在明年3月之前低于88美元。

As LFG continued to buy BTC, LUNA kept on surging, hitting $119 in early April. Before the month ended, UST became the third-largest stablecoin, and LUNA’s circulating supply hit its lowest at 346 million as LUNA tokens were burned to keep up with the rising demand for UST. 

随着LFG继续购买BTC，Luna不断飙升，4月初达到119美元。在这个月结束之前，UST成为第三大稳定股，随着Luna令牌被烧毁以跟上对UST的不断增长，Luna的循环供应达到了3.46亿最低。

Then came May, and with that, early signs of panic started to emerge. As the market started to see capital moving out of UST, with people dumping their UST on Anchor and Curve, it lost the peg with value dropping to $0.985.

然后是五月，随之而来的是，恐慌的早期迹象开始出现。随着市场开始看到资本从UST移出，人们将其UST倾倒在锚和曲线上时，它损失了钉子，价值下降到0.985美元。

As deposits continued to decline, UST struggled to recover to $1. On May 9, the value of UST plunged to $0.35, and Do Kwon made his infamous tweet: “Deploying more capital – steady lads.” The attempts to save UST’s peg sent LFG’s BTC reserve from around 80,000 BTC to just 313 BTC.

随着存款继续下降，UST努力恢复至1美元。 5月9日，UST的价值跌至0.35美元，Do Kwon发表了臭名昭著的推文：“部署更多资本 - 稳定的小伙子。”将UST的PEG保存的尝试将LFG的BTC储备从约80,000 BTC送到了313 BTC。

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