Luna 基金会守卫的危机应对措施未能阻止 UST 崩溃

尽管积累了 30 亿美元的加密货币储备，但 Luna Foundation Guard (LFG) 保护 UST 稳定币免受市场动荡影响的计划在上周的市场崩盘期间并未完全实施。随着 UST 失去与美元挂钩的地位，LFG 忙于制定临时解决方案，包括用于维持挂钩的 15 亿美元贷款以及潜在的额外资金。由于缺乏正式的外汇储备结构以及稳定 UST 的智能合约的延迟实施，使其容易遭受市场暴跌。

Luna Foundation Guard's Reactive Crisis Management Fails to Avert UST's Plunge

Luna Foundation Guard 的反应性危机管理未能避免 UST 的暴跌

As the cryptocurrency market plunged in tandem with traditional markets, the Luna Foundation Guard (LFG) found itself scrambling to salvage the stability of the UST stablecoin, as the absence of a formal structure for its forex reserve exposed the project's vulnerability to market volatility.

随着加密货币市场与传统市场同步暴跌，Luna Foundation Guard (LFG) 发现自己在争先恐后地挽救 UST 稳定币的稳定性，因为其外汇储备缺乏正式的结构，暴露了该项目容易受到市场波动的影响。

LFG's hastily deployed cryptocurrency loans and reported pursuit of fresh capital underscore the project's unpreparedness for a crisis that had been brewing for weeks. Despite accumulating over $3 billion in reserves, primarily in Bitcoin, LFG had yet to implement a critical smart contract that would have linked the reserve to the blockchain and provided a mechanism to stabilize UST during a crisis.

LFG 匆忙部署加密货币贷款，并据报道寻求新资本，突显该项目对酝酿数周的危机毫无准备。尽管积累了超过 30 亿美元的储备（主要是比特币），但 LFG 尚未实施关键的智能合约，将储备与区块链联系起来，并提供在危机期间稳定 UST 的机制。

"The reserves had reached their desired size, but the infrastructure to utilize them was not in place," observed Vetle Lunde, analyst at crypto research firm Arcane Research. "Add a bleeding market and poor weekend liquidity to the mix, and you've got yourself a great opportunity to attack."

加密货币研究公司 Arcane Research 分析师 Vetle Lunde 表示：“储备已经达到了预期的规模，但利用它们的基础设施还没有到位。” “加上市场的出血和周末流动性不佳，你就有了绝佳的进攻机会。”

UST, the largest algorithmic stablecoin, lost its peg to the dollar on Sunday, a move that sent shockwaves through the crypto market. The stablecoin's price plummeted to as low as 68 cents on Monday, underscoring the limitations of algorithmic stablecoins, which rely on a complex system of trading incentives to maintain their price peg.

最大的算法稳定币 UST 于周日失去了与美元的挂钩，此举给加密货币市场带来了冲击波。周一，稳定币的价格暴跌至 68 美分，凸显了算法稳定币的局限性，算法稳定币依赖复杂的交易激励系统来维持其价格挂钩。

In response to growing concerns about the stability of algorithmic stablecoins, Terraform Labs, the developer behind the Terra blockchain, created the Luna Foundation Guard to establish a reserve that would support UST's peg in case of a crisis. However, LFG's accumulation of crypto assets, including becoming one of the largest Bitcoin holders, proved insufficient without a working mechanism to deploy the reserve during turbulent market conditions.

为了回应人们对算法稳定币稳定性日益增长的担忧，Terra 区块链背后的开发商 Terraform Labs 创建了 Luna Foundation Guard，以建立储备金，以在发生危机时支持 UST 的挂钩。然而，事实证明，如果没有在动荡的市场条件下部署储备的工作机制，LFG 积累的加密资产（包括成为最大的比特币持有者之一）是不够的。

Under a proposal by Jump Trading, an investor in LFG, the reserve would have allowed traders to swap UST for Bitcoin at the price peg if UST fell below 98 cents. This arbitrage incentive would have stimulated demand for UST and stabilized its price. However, the crisis occurred before this system could be implemented.

根据 LFG 投资者 Jump Trading 的一项提议，如果 UST 跌破 98 美分，储备金将允许交易者以固定价格将 UST 换成比特币。这种套利激励将刺激对 UST 的需求并稳定其价格。然而，在这一制度实施之前，危机就发生了。

Jose Maria Macedo, a council member of LFG, indicated that the Bitcoin swap mechanism was expected to be launched by the end of the following week, but co-founder of Terraform Labs, Do Kwon, acknowledged that the testnet launch was still weeks away.

LFG 理事会成员 Jose Maria Macedo 表示，比特币互换机制预计将在下周末启动，但 Terraform Labs 联合创始人 Do Kwon 承认，距离测试网启动还有几周时间。

Critics have long questioned the stability of algorithmic stablecoins, arguing that they are inherently vulnerable to market downturns and exploitation of design weaknesses. Sean Farrell, an analyst at FundStrat, suggested that the recent turmoil surrounding UST was not a coincidence but a deliberate attack on its fragile architecture.

批评者长期以来一直质疑算法稳定币的稳定性，认为它们本质上很容易受到市场低迷和利用设计缺陷的影响。 FundStrat 分析师肖恩·法雷尔 (Sean Farrell) 表示，最近围绕 UST 的动荡并非巧合，而是对其脆弱架构的蓄意攻击。

Farrell's analysis highlighted a series of events that led to the crisis: LFG's removal of $250 million from the UST-3pool on Curve, a stablecoin exchange platform, followed by a seller swapping $85 million of UST for USDC on Curve, disrupted the pool's balance and triggered a negative feedback loop that pushed UST's price below 98 cents.

Farrell 的分析强调了导致危机的一系列事件：LFG 从稳定币交易平台 Curve 上的 UST-3 池中删除了 2.5 亿美元，随后卖家在 Curve 上将 8500 万美元的 UST 换成 USDC，扰乱了池的平衡，引发了负反馈循环，导致 UST 的价格跌破 98 美分。

LFG's subsequent $1.5 billion loan to traders to restore the peg was unsuccessful, as the continued decline in traditional markets provided ample ammunition for the original short seller to continue their attack on Curve. Market makers who initially supported UST by selling Bitcoin realized the futility of their efforts, as falling prices diminished their available resources to support the peg.

LFG 随后向交易员提供 15 亿美元贷款以恢复挂钩，但没有成功，因为传统市场的持续下跌为最初的卖空者继续攻击 Curve 提供了充足的弹药。最初通过出售比特币来支持 UST 的做市商意识到他们的努力是徒劳的，因为价格下跌减少了他们支持挂钩的可用资源。

Even if LFG manages to restore UST's peg, the damage to its credibility has been substantial. Investors are withdrawing funds from Anchor, the yield-earning protocol that fueled much of the demand for UST, and LFG is reportedly seeking $1 billion in fresh capital to bolster its reserves.

即使 LFG 设法恢复 UST 的锚定汇率，其信誉也已受到巨大损害。投资者正在从 Anchor 中撤回资金，Anchor 是一种收益收益协议，刺激了 UST 的大部分需求，据报道，LFG 正在寻求 10 亿美元的新资本来增强其储备。

While LFG may succeed in the short term in stabilizing UST, the long-term reputational damage and eroded trust in the stablecoin are undeniable. As of press time, UST continued its downward spiral, trading at 73 cents, while LUNA's value plummeted by 66% in 24 hours, highlighting the precarious nature of algorithmic stablecoins and the need for more resilient mechanisms to safeguard the stability of cryptocurrencies.

虽然 LFG 可能在短期内成功稳定 UST，但长期声誉受损和对稳定币的信任受到侵蚀是不可否认的。截至发稿，UST 继续螺旋式下跌，交易价格为 73 美分，而 LUNA 的价值在 24 小时内暴跌 66%，凸显了算法稳定币的不稳定性质以及需要更具弹性的机制来保障加密货币的稳定性。