LUNC 加密貨幣究竟發生了什麼事？

早在 2022 年 5 月，一種名為 LUNC 的加密貨幣發生了令人震驚的事情。一天之內，它的價格從 119 美元跌至近 0 美元！

In May 2022, cryptocurrency markets experienced a significant event that led to the near-total devaluation of LUNC, once valued at $119. Here's a simplified breakdown of the events:

2022 年 5 月，加密貨幣市場經歷了一場重大事件，導致 LUNC 幾乎全面貶值，一度價值 119 美元。以下是事件的簡化分類：

Luna and Its Role in Pegging UST to $1:

Luna 及其在將 UST 與 1 美元掛鉤中的作用：

Terraform Labs, co-founded by Do Kwon, oversaw two tokens: TerraUSD (UST) and Luna.

由 Do Kwon 共同創立的 Terraform Labs 管理兩種代幣：TerraUSD (UST) 和 Luna。

UST was an "algorithmic stablecoin" designed to maintain a value of $1 (without direct fiat pegging).

UST 是一種“演算法穩定幣”，旨在維持 1 美元的價值（不直接與法幣掛鉤）。

Luna was a regular crypto token like $BTC or $BNB, utilized to help UST maintain its $1 value through a process called arbitrage.

Luna 是一種常規加密代幣，類似於 $BTC 或 $BNB，用於透過稱為套利的過程來幫助 UST 維持其 1 美元的價值。

The System's Mechanics:

系統的機制：

When UST fell below $1, investors could purchase it at the discounted rate and exchange it for $1 worth of Luna, increasing demand for UST and raising its price back to $1.

當UST跌破1美元時，投資者可以以折扣價購買並兌換價值1美元的Luna，增加對UST的需求並將其價格拉回到1美元。

This process aimed to stabilize UST at $1 while utilizing Luna as a balancing tool.

這個過程旨在將 UST 穩定在 1 美元，同時利用 Luna 作為平衡工具。

The Unfolding Events

正在發生的事件

UST Depegged from $1: A massive sell-off caused UST to drop below $1, e.g., to $0.80. People began exchanging large amounts of UST for $1 worth of LUNC to capitalize on the difference.

UST 脫離 1 美元：大規模拋售導致 UST 跌破 1 美元，例如跌至 0.80 美元。人們開始將大量 UST 兌換成價值 1 美元的 LUNC，以利用差額。

Surging LUNC Supply: As more UST was converted, vast quantities of new LUNC were generated. This resulted in an exponential increase in LUNC's supply, with billions of new tokens being minted within days.

LUNC供應量激增：隨著更多的UST被轉換，產生了大量新的LUNC。這導致 LUNC 的供應量呈指數級增長，幾天內就鑄造了數十億個新代幣。

Market Panic: The大量涌入 of LUNC into the market caused its price to plummet rapidly, sparking panic among investors who sold off both LUNC and UST, further exacerbating the situation.

市場恐慌：LUNC大量湧入市場，導致其價格迅速暴跌，引發投資者恐慌，紛紛拋售LUNC和UST，進一步加劇了市場恐慌。

Flawed System Design: The algorithm linking UST and LUNC was unable to cope with the massive sell-offs. Rather than stabilizing the system, it created a feedback loop that led to the total collapse.

系統設計有缺陷：連接 UST 和 LUNC 的演算法無法應對大規模拋售。它沒有穩定係統，而是創建了一個導致徹底崩潰的回饋循環。

The Impact

影響

LUNC Crashed by Over 99.99%: A token that was once valued at over $100 now became almost worthless.

LUNC 崩潰率超過 99.99%：曾經價值超過 100 美元的代幣現在幾乎變得一文不值。

UST Holders Faced Total Loss: Many who trusted the "stablecoin" lost substantial amounts of money.

UST 持有者面臨全面損失：許多信任「穩定幣」的人損失了大量資金。

Confidence in the Terra Ecosystem Was Shattered: This event served as a cautionary tale about the risks associated with algorithmic stablecoins.

對 Terra 生態系統的信心被粉碎：這一事件是關於演算法穩定幣相關風險的警示故事。

The failure of LUNC and UST highlights the importance of thoroughly researching and understanding the risks involved in complex crypto systems before making any investments.

LUNC 和 UST 的失敗凸顯了在進行任何投資之前徹底研究和了解複雜加密系統所涉及風險的重要性。