什么是 LUNA 代币？深入探究 Terra 的历史和 UST 的崩溃

Terra 本质上是一个去中心化的公共区块链，具有适合应用程序的氛围。它允许开发人员推进他们的想法。

Terra is a decentralized and public blockchain that provides a suitable atmosphere for applications and allows developers to advance their ideas. With the help of Terra, developers can easily use various advanced development tools to create organizations and applications.

Terra 是一个去中心化的公共区块链，为应用程序提供了合适的氛围，并允许开发人员推进他们的想法。在 Terra 的帮助下，开发人员可以轻松地使用各种高级开发工具来创建组织和应用程序。

Its native currency, LUNA crypto, is a significant part of the ecosystem. LUNA crypto could be used to pay transaction fees, earn rewards, and purchase your favorite digital art. It is a second-generation cryptocurrency that created its ecosystem after the fall of Terra Classic.

其原生货币 LUNA 加密货币是生态系统的重要组成部分。 LUNA 加密货币可用于支付交易费用、赚取奖励以及购买您最喜欢的数字艺术品。它是第二代加密货币，在 Terra Classic 垮台后创建了自己的生态系统。

Now, with this introduction, many questions arise. One could wonder what Luna token is, Terra Classic, and what the history behind all this is. So, let’s dive and explore.

现在，通过这个介绍，出现了许多问题。人们可能想知道 Luna 代币是什么，Terra Classic，以及这一切背后的历史是什么。那么，让我们潜入并探索吧。

The Past of Terra and the Collapse

泰拉的过去与崩溃

The story began long back in 2018. Do Kwon and Daniel Shin introduced Terra in the same year. Later, in 2019, Terraform Labs, led by them, developed the Terra blockchain and the original native coin LUNA.

故事早在 2018 年就开始了。Do Kwon 和 Daniel Shin 在同一年推出了 Terra。后来在2019年，Terraform Labs在他们的带领下，开发了Terra区块链和原生原生币LUNA。

They aimed to create a blockchain protocol that would support the algorithmic stablecoins. The Terra blockchain became well known for the same reason. It was home to many algorithmic stablecoins.

他们的目标是创建一个支持算法稳定币的区块链协议。 Terra 区块链也因同样的原因而闻名。它是许多算法稳定币的所在地。

TerraUSD (UST) was the most famous one pegged to the US dollar. Terra’s principal auxiliary asset was the LUNA token. Users could vote on proposals from the Terra community using it as a governance token.

TerraUSD（UST）是最著名的与美元挂钩的货币。 Terra 的主要辅助资产是 LUNA 代币。用户可以使用 Terra 社区的治理代币对提案进行投票。

In May 2022, they both met their demise. UST started to decouple from its peg to the US dollar on May 9, 2022. The price of UST fell to 10 cents throughout the following week. LUNA crypto dropped from its peak of $119.51 to “virtually zero” at the same period.

2022年5月，他们双双去世。 UST 于 2022 年 5 月 9 日开始与美元脱钩。UST 的价格在接下来的一周内下跌至 10 美分。同期，LUNA 加密货币从 119.51 美元的峰值跌至“几乎为零”。

The market capitalization lost over $45 billion due to this crash. All of this took place in a single week. An attack on its liquidity pool brought this catastrophe.

由于这次崩盘，市值损​​失超过 450 亿美元。所有这一切都发生在一周之内。对其流动性池的攻击带来了这场灾难。

This attack became possible due to vulnerabilities in the blockchain’s underlying architecture. Terraform Labs put the Terra blockchain on hold on May 13.

由于区块链底层架构中的漏洞，这种攻击成为可能。 Terraform Labs 于 5 月 13 日暂停了 Terra 区块链。

Emergence of the New LUNA crypto

新 LUNA 加密货币的出现

Terra’s new journey started in the same month of 2022. On May 25, a proposal was approved to reissue a new LUNA crypto and Terra blockchain. The original chain and the coin faced rebranding. They were renamed Terra Classic and LUNA Classic (LUNC), respectively.

Terra的新征程于2022年同月开始。5月25日，一项重新发行新的LUNA加密货币和Terra区块链的提案获得批准。原来的链条和硬币面临着品牌重塑。它们分别更名为 Terra Classic 和 LUNA Classic (LUNC)。

“Terra 2.0” is another name for the new LUNA currency. This recovery plan was created to provide cryptocurrency investors with an airdrop and a fork of the Terra network. Do Kwon termed it as a regeneration strategy.

“Terra 2.0”是新的 LUNA 货币的另一个名称。该恢复计划旨在为加密货币投资者提供空投和 Terra 网络的分叉。 Do Kwon 将其称为再生策略。

Their purpose was to assist anyone affected by the present market downturn. Like the previous one, the new LUNA crypto is also used to govern the Terra network.

他们的目的是帮助任何受当前市场低迷影响的人。与前一个一样，新的 LUNA 加密货币也用于管理 Terra 网络。

Moreover, it could be used for staking. Users can stake their LUNA crypto to validators to earn rewards from the transaction fees. Validators are the miners and run full nodes within the ecosystem. It allows them to verify each transaction made on the Terra network.

此外，它还可以用于质押。用户可以将他们的 LUNA 加密货币质押给验证者，以从交易费用中获得奖励。验证者是矿工，在生态系统中运行完整节点。它允许他们验证 Terra 网络上进行的每笔交易。

After the collapse, Terra 2.0 issued a vested policy to prevent immediate selling. Investors who previously owned LUNA Classic became eligible to receive a certain quantity of LUNA tokens by the policy.

崩盘后，Terra 2.0发布了既得政策，防止立即抛售。之前拥有 LUNA Classic 的投资者有资格根据该政策获得一定数量的 LUNA 代币。

These stakeholders got LUNA coins via an airdrop with predetermined vesting periods and percentages. The overall supply was capped at one billion tokens.

这些利益相关者通过空投获得了 LUNA 币，并具有预定的归属期和百分比。总供应量上限为 10 亿个代币。

About 30% of them were placed under the supervision of staked governance. Developers get 10% of the total supply. Its purpose was to promote the Terra environment’s growth and innovation.

其中约30%置于质押治理的监管之下。开发商获得总供应量的10%。其目的是促进 Terra 环境的成长和创新。

Pre-depeg Luna holders gained an additional 35% of the LUNA crypto. Different wallets held varying amounts of tokens, which influenced the vesting period.

解除挂钩前的 Luna 持有者额外获得了 35% 的 LUNA 加密货币。不同的钱包持有不同数量的代币，这会影响归属期。

30% of the claims went to wallets holding less than 10,000 LUNA. The remaining 70% of LUNA tokens had a two-year vesting period, with a six-month clif.

30% 的索赔流向了持有少于 10,000 LUNA 的钱包。剩下的 70% 的 LUNA 代币有两年的归属期，还有六个月的解锁期。

Wallets with less than a million LUNA had a two-year vesting period with a one-year cliff. On the contrary, wallets containing over a million LUNA faced a 1-year cliff and 4 years of vesting period.

LUNA 数量低于 100 万的钱包有两年的归属期，其中有一年的悬崖。相反，超过100万个LUNA的钱包则面临1年的悬崖和4年的归属期。

Despite all of its efforts to recover, Terraform Labs declared bankruptcy last year in January 2024. The estimated assets and liabilities of the company ranged from $100 million to $500 million.

尽管竭尽全力挽回损失，Terraform Labs 还是于去年 2024 年 1 月宣布破产。该公司的资产和负债估计在 1 亿美元到 5 亿美元之间。

CEO Chris Amani stated that filing for bankruptcy was crucial in settling legal difficulties. He claimed that this measure will allow the company to achieve its collective aims.

首席执行官 Chris Amani 表示，申请破产对于解决法律困难至关重要。他声称这项措施将使公司实现其集体目标。

U.S. Bankruptcy Judge Brendan Shannon said this action was a “welcome alternative.” He stated that this measure would help to mitigate investor losses rather than engaging in lengthy litigation fights. The court approved the bankruptcy on September 19, 2024.

美国破产法官布伦丹·香农 (Brendan Shannon) 表示，这一行动是“值得欢迎的替代方案”。他表示，这一措施将有助于减轻投资者的损失，而不是陷入漫长的诉讼斗争。法院于2024年9月19日批准破产。

Terraform Labs faced many legal challenges. The US SEC charged the corporation with

Terraform Labs 面临许多法律挑战。美国证券交易委员会指控该公司