Terra-Luna 庞氏骗局的惊人崩溃波及了更广泛的加密生态系统

Terra-Luna 庞氏骗局发展到令人难以置信的规模，TerraUSD 算法稳定币的价值达到了令人难以置信的 400 亿美元。

The Terra-Luna Ponzi scheme reached an incredible size, with the TerraUSD algorithmic stablecoin hitting a mind-boggling $40 billion and the Luna governance token growing to a market capitalization of $40 billion.

Terra-Luna 庞氏骗局达到了令人难以置信的规模，TerraUSD 算法稳定币的市值达到了令人难以置信的 400 亿美元，Luna 治理代币的市值也增长到了 400 亿美元。

This growth was subsidized by Terraform Labs paying an unsustainable lending rate through the Anchor protocol.

这一增长是由 Terraform Labs 通过 Anchor 协议支付不可持续的贷款利率来补贴的。

Then the music stopped. The value evaporated and the subsequent collapse of Terra-Luna had a devastating effect on the wider crypto ecosystem, destroying trading firms, exchanges, and lending platforms.

然后音乐停止了。 Terra-Luna 的价值蒸发以及随后的崩溃对更广泛的加密生态系统产生了毁灭性影响，摧毁了贸易公司、交易所和借贷平台。

However, Terra was far from the sole algorithmic stablecoin, and its spectacular collapse caused a ripple effect that was felt by many of its competitors. Some have pivoted, finding alternative designs with more collateral, but most have failed to see adoption in the industry.

然而，Terra 远非唯一的算法稳定币，其惊人的崩溃引起了许多竞争对手所感受到的连锁反应。有些人已经转向，寻找具有更多抵押品的替代设计，但大多数都未能在行业中得到采用。

Here we take a look at the current state of some of the better-known projects impacted by Terra’s spectacular demise.

在这里，我们来看看一些受 Terra 惨败影响的知名项目的现状。

Terra

泰拉

Terra still exists as ‘TerraClassic,’ and it doesn’t look too dissimilar to how it did before the collapse.

Terra 仍然以“TerraClassic”的形式存在，而且看起来与崩溃之前并没有太大不同。

This system has maintained much of the design of the original Terra-Luna system but doesn’t have the subsidized yield of Anchor.

该系统保留了原始 Terra-Luna 系统的大部分设计，但没有 Anchor 的补贴产量。

This asset, which has completely failed to maintain its peg, currently trades for less than three cents and is no longer, meaningfully speaking, a stablecoin. It has a market cap of approximately $130 million, a tiny fraction of the nearly $20 billion it once commanded.

这种资产完全无法维持其挂钩，目前的交易价格不到三美分，从有意义的角度来说，它不再是稳定币。它的市值约为 1.3 亿美元，与它曾经的近 200 亿美元市值相比，只是九牛一毛。

Luna Classic, the corresponding governance token, has a market cap of approximately $500 million, a tiny fraction of the $40 billion it once commanded, according to data from CoinMarketCap.

根据 CoinMarketCap 的数据，相应的治理代币 Luna Classic 的市值约为 5 亿美元，与它曾经的 400 亿美元市值相比，只是九牛一毛。

USDD

美元兑美元

USDD is the TRON native algorithmic stablecoin that was announced before the collapse of Terra-Luna. It was intended to duplicate much of Terra-Luna’s model but with an elevated lending rate of approximately 30%.

USDD是Terra-Luna崩溃之前宣布的TRON原生算法稳定币。它的目的是复制 Terra-Luna 的大部分模型，但贷款利率提高了约 30%。

USDD was supposed to be integrated into the heart of TRON, analogous to Luna, by November 2022, but this wasn’t achieved by the time Terra failed. This has since been abandoned as one of the project’s goals.

USDD 原本应该在 2022 年 11 月之前集成到 TRON 的核心，类似于 Luna，但在 Terra 失败时这一目标尚未实现。此后，这已被放弃作为该项目的目标之一。

In many senses, USDD has abandoned almost all of the trappings of algorithmic stablecoins and has instead become a stablecoin collateralized by ‘burned’ TRX tokens and a few other assets. A significant amount of its reserves are held at Sun-advised HTX.

从很多意义上来说，USDD 几乎抛弃了算法稳定币的所有陷阱，转而成为以“烧毁”的 TRX 代币和其他一些资产为抵押的稳定币。其大量储备金存放在 Sun 建议的 HTX 中。

Read more: Justin Sun’s USDD removes 12,000 BTC without DAO approval

了解更多：孙宇晨的 USDD 在未经 DAO 批准的情况下删除了 12,000 BTC

Nominally, there is a Decentralized Autonomous Organization (DAO) that governs this protocol. However, this appears to be fiction, with actual control over this project being much more centralized.

名义上，有一个去中心化自治组织（DAO）来管理该协议。然而，这似乎是虚构的，对该项目的实际控制权更加集中。

The governance page shows only a single vote; one that allowed burned TRX to be deployed by USDD, making it unclear if the DAO knows what ‘burning is.’

治理页面仅显示单次投票；允许 USDD 部署烧毁的 TRX，这使得 DAO 是否知道“烧毁”是什么还不清楚。

There are no votes for other major decisions, including the massive changes in protocol directions, the decision to hold reserves at HTX, or the substantial changes in the reserve composition for the stablecoin.

其他重大决策没有投票，包括协议方向的巨大变化、在 HTX 持有储备的决定或稳定币储备构成的重大变化。

In a recent example, the stablecoin removed 12,000 bitcoins from its reserves without a corresponding vote.

在最近的一个例子中，稳定币在没有进行相应投票的情况下从其储备中删除了 12,000 枚比特币。

The market cap for the coin has been remarkably stable since its launch, holding around $700 million, according to data from CoinMarketCap.

根据 CoinMarketCap 的数据，该代币的市值自推出以来一直非常稳定，约为 7 亿美元。

Celo/Mento

Celo/曼托

Celo is now a level-2 solution on Ethereum; when it launched, it was a layer-1 that closely mimicked the way in which Terra functions with an algorithmic stablecoin exchangeable for a corresponding governance token.

Celo 现在是以太坊上的二级解决方案；当它推出时，它是一个第一层，非常模仿 Terra 的功能方式，使用可交换相应治理代币的算法稳定币。

This function has since been spun out into Mento, and instead of deriving value from convertibility into Celo Gold, it maintains value by over-collateralization of the Mento Reserve, including assets like CELO, sDAI, USDC, ETH, and BTC.

此功能后来被剥离到 Mento 中，它不是通过兑换成 Celo Gold 来获取价值，而是通过 Mento 储备金的超额抵押来维持价值，包括 CELO、sDAI、USDC、ETH 和 BTC 等资产。

The USD-pegged version of these stablecoins has a market capitalization of approximately $26.5 million, down from a peak of almost $120 million, according to data from CoinMarketCap.

根据 CoinMarketCap 的数据，这些与美元挂钩的稳定币的市值约为 2650 万美元，低于峰值的近 1.2 亿美元。

Frax

弗拉克斯

Frax is a dollar-pegged stablecoin that started partially collateralized. However, now on version 3.0, its aim is to be wholly collateralized, principally by cryptocurrencies.

Frax 是一种与美元挂钩的稳定币，最初是部分抵押的。然而，现在版本 3.0 的目标是完全抵押，主要是加密货币。

Currently, the collateral for this coin is largely staked and directly held FRAX.

目前，该代币的抵押品主要是质押并直接持有的 FRAX。

The market capitalization for this token is approximately $640 million, down from a peak of approximately $2.9 billion, according to data from CoinMarketCap.

根据 CoinMarketCap 的数据，该代币的市值约为 6.4 亿美元，低于峰值时的约 29 亿美元。

Read more: How to submit a Terra Luna or Anchor loss claim

了解更多：如何提交 Terra Luna 或 Anchor 损失索赔

Conclusion

结论

Many projects that once hoped to emulate Terra’s incredible success have had to pivot as the consequences of its failure reverberated throughout the ecosystem.

许多曾经希望效仿 Terra 令人难以置信的成功的项目不得不转向，因为其失败的后果在整个生态系统中产生了反响。

Very few of these projects have seen new adoption since Terra’s failure, and more attention seems to be spent on alternative stablecoin designs like Ethena’s eUSD.

自 Terra 失败以来，这些项目很少得到新的采用，更多的注意力似乎集中在替代稳定币设计上，例如 Ethena 的 eUSD。