Terra (LUNA) 崩溃的不为人知的故事：雄心勃勃的算法稳定币模型如何失败

Terra（LUNA）崩溃是加密货币历史上最大的灾难之一。 Terra 曾经是一个市值数十亿的顶级项目，但它的垮台给整个行业带来了冲击，摧毁了财富并粉碎了信任。

Investors lost $40 billion in just one day.

投资者一天之内就损失了 400 亿美元。

Here’s the untold story of what happened

这是发生的不为人知的故事

We put a lot of research and work FOR FREE into this thread before reading it.

在阅读该主题之前，我们免费投入了大量研究和工作。

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🚨非常重要：🚨请关注@Coinaute和❤️点赞+评论和➡️分享这篇文章🙏#MarketDownturn #Binance

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The Terra (LUNA) collapse stands as one of the biggest disasters in crypto history. Once a top project with billions in market value, Terra's downfall sent shockwaves across the industry, wiping out fortunes and shattering trust.

Terra（LUNA）崩溃是加密货币历史上最大的灾难之一。 Terra 曾经是一个市值数十亿的顶级项目，但它的垮台给整个行业带来了冲击，摧毁了财富并粉碎了信任。

In this thread, I’ll break down how Terra’s ambitious algorithmic stablecoin model failed, the events that led to its collapse, and the critical lessons every crypto investor should learn from this fiasco.

在这篇文章中，我将详细分析 Terra 雄心勃勃的算法稳定币模型是如何失败的、导致其崩溃的事件，以及每个加密货币投资者应该从这次惨败中吸取的重要教训。

Let’s dive into the story of Terra (LUNA) and its dramatic fall

让我们深入了解 Terra (LUNA) 的故事及其戏剧性的坠落

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Terra was a blockchain project that aimed to revolutionize payments with its algorithmic stablecoin, UST.

Terra 是一个区块链项目，旨在通过其算法稳定币 UST 彻底改变支付方式。

Unlike traditional stablecoins backed by reserves like USDT or USDC, UST was designed to maintain its $1 peg through a complex relationship with Terra’s native token, LUNA.

与 USDT 或 USDC 等由储备支持的传统稳定币不同，UST 旨在通过与 Terra 原生代币 LUNA 的复杂关系来维持 1 美元的挂钩。

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The idea was simple: users could always exchange 1 UST for $1 worth of LUNA, and vice versa, with LUNA being burned to mint UST and stabilize its price.

这个想法很简单：用户总是可以用 1 UST 兑换价值 1 美元的 LUNA，反之亦然，而 LUNA 会被销毁以铸造 UST 并稳定其价格。

But as we would soon see, the algorithmic model had critical vulnerabilities: when stress hit the system, the very mechanism meant to stabilize UST would turn into a death spiral.

但正如我们很快就会看到的，该算法模型存在严重漏洞：当系统受到压力时，旨在稳定 UST 的机制就会陷入死亡螺旋。

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In May 2022, UST began to lose its $1 peg after significant withdrawals from Anchor, a DeFi platform that was crucial to Terra’s ecosystem.

2022 年 5 月，在 Anchor（一个对 Terra 生态系统至关重要的 DeFi 平台）大量撤资后，UST 开始失去与 1 美元挂钩的汇率。

Anchor offered a high annual yield of nearly 20% on UST deposits, attracting a huge portion of UST—over 70% of the total supply.

Anchor 为 UST 存款提供了近 20% 的高年收益率，吸引了大量 UST——占总供应量的 70% 以上。

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When concerns about sustainability arose, users rushed to withdraw their funds, creating sudden selling pressure on UST.

当人们对可持续性的担忧出现时，用户纷纷撤资，给 UST 带来突然的抛售压力。

As UST's value dipped below $1, the mechanism to restore the peg involved minting more LUNA, but this only flooded the market and crashed LUNA’s price.

当 UST 的价值跌破 1 美元时，恢复挂钩的机制涉及铸造更多 LUNA，但这只会导致市场泛滥并导致 LUNA 的价格崩溃。

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The crisis accelerated rapidly. UST lost its $1 peg entirely, dropping to as low as $0.10.

危机迅速加速。 UST 完全失去了与 1 美元挂钩的汇率，跌至 0.10 美元。

Meanwhile, LUNA's supply soared from around 350 million tokens to over 6.5 trillion in a desperate attempt to restore UST's value. This caused LUNA’s price to plummet from over $80 to nearly $0.0001 within days.

与此同时，LUNA 的供应量从约 3.5 亿个代币飙升至超过 6.5 万亿个，拼命试图恢复 UST 的价值。这导致 LUNA 的价格在几天内从 80 多美元暴跌至近 0.0001 美元。

Major exchanges began delisting LUNA and UST due to their extreme volatility, and Terra’s market cap, which had been around $40 billion, evaporated almost overnight.

由于 LUNA 和 UST 波动剧烈，各大交易所开始将其摘牌，Terra 约 400 亿美元的市值几乎一夜之间蒸发。

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As the Terra collapse unfolded, all eyes turned to Do Kwon, the project’s outspoken founder. Known for his confidence and bold claims, Do Kwon had been a vocal advocate for Terra’s success, often dismissing critics.

随着 Terra 崩溃的展开，所有的目光都转向了该项目直言不讳的创始人 Do Kwon。 Do Kwon 以其自信和大胆的主张而闻名，他一直是 Terra 成功的直言不讳的倡导者，经常驳斥批评。

But as UST and LUNA crashed, his tone shifted from defiance to damage control.

但随着 UST 和 LUNA 坠毁，他的语气从蔑视转变为损害控制。

The team scrambled to restore UST’s peg, implementing emergency measures like minting trillions of LUNA and using billions in Bitcoin reserves to try and stabilize the situation. However, these efforts were too little, too late, and the downward spiral continued.

该团队紧急恢复 UST 的锚定汇率，实施紧急措施，例如铸造数万亿个 LUNA 并使用数十亿美元的比特币储备来稳定局势。然而，这些努力太少、太晚，螺旋式下降仍在继续。

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Do Kwon announced plans for a "recovery" by proposing to fork the Terra blockchain and launch a new LUNA token, but confidence in the project had already been shattered.

Do Kwon 宣布了“复苏”计划，提议分叉 Terra 区块链并推出新的 LUNA 代币，但对该项目的信心已经破灭。

The community was divided, and many investors felt betrayed. Lawsuits and investigations into Terra’s collapse soon followed, with Do Kwon facing growing legal scrutiny and calls for accountability.

社区出现了分裂，许多投资者感到被背叛了。很快，针对 Terra 崩溃的诉讼和调查随之而来，Do Kwon 面临着越来越多的法律审查和追究责任的呼声。

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Controversy grew as it emerged that, despite his earlier denial on Twitter, Do Kwon did control the burning wallet and had access to the keys.

尽管 Do Kwon 早些时候在 Twitter 上否认，但他确实控制了燃烧的钱包并有权使用钥匙，这一事实引发了争议。

His involvement in managing LUNA’s supply played a crucial role in the ecosystem's collapse.

他参与管理 LUNA 的供应在生态系统的崩溃中发挥了至关重要的作用。

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The Terra collapse caught regulators' attention worldwide, sparking concerns about investor protection and leading to calls for stricter crypto regulations.

Terra 的崩溃引起了全球监管机构的关注，引发了对投资者保护的担忧，并引发了对更严格的加密货币监管的呼声。

Authorities began scrutinizing algorithmic stablecoins and DeFi projects, with some countries launching investigations into Terra for potential fraud and market manipulation.

当局开始审查算法稳定币和 DeFi 项目，一些国家对 Terra 潜在的欺诈和市场操纵行为展开调查。

Lawsuits against Terra, Do Kwon, and others quickly followed. South Korean prosecutors issued an arrest warrant for Do Kwon, making him a key figure in the legal fallout.

针对 Terra、Do Kwon 和其他人的诉讼很快接踵而至。韩国检察官对道权发出了逮捕令，使他成为这场法律后果的关键人物。

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After months on the run and facing multiple legal challenges, Do Kwon was finally detained in March 2023.

经过几个月的逃亡并面临多重法律挑战，Do Kwon 最终于 2023 年 3 月被拘留。

Authorities caught up with him in Montenegro, where he was found using a forged passport. His involvement in the Terra (LUNA) collapse, which resulted in billions of dollars in losses and attracted the attention of international authorities, ultimately led to his apprehension.

当局在黑山抓获了他，并发现他使用伪造的护照。他参与的Terra（LUNA）崩溃事件导致了数十亿美元的损失，并引起了国际当局的关​​注，最终导致他被捕。

The arrest brought fresh attention to the Terra case, with legal proceedings focusing on allegations of fraud, market

这次逮捕让 Terra 案重新受到关注，法律诉讼的重点是欺诈、市场