Terra 的演算法穩定幣噩夢：一個警示故事

CoinDesk 的 2022 年共識大會將於 6 月 9 日至 12 日在德克薩斯州奧斯汀舉行，這是一流的加密貨幣和區塊鏈體驗。儘管 Galois Capital 聯合創始人 Kevin Zhou 發出警告，Terra 生態系統仍暴跌，LUNA 損失超過 80 美元，UST 跌至 37 美分。 Terra 拯救 UST 的提議遭到了周的質疑，他強調了生態系統的根本缺陷。這次倒閉引發了陰謀論，但貝萊德和雙子座等公司否認了這一點。隨著市場因 UST 的不穩定而受到影響，數百萬人損失了大量投資。週預測了進一步的影響，並列舉了預示 Terra 垮台的心理因素和危險信號。

Terra's Death Spiral: A Cautionary Tale of Algorithmic Stablecoins

Terra 的死亡螺旋：演算法穩定幣的警示故事

For months, Kevin Zhou, the co-founder of hedge fund Galois Capital and former head of trading at digital asset exchange Kraken, has been ringing the alarm bell about Terraform Labs, the issuer of the LUNA and UST cryptocurrencies.

幾個月來，對沖基金 Galois Capital 聯合創始人、數位資產交易所 Kraken 前交易主管 Kevin Zhou 一直在敲響關於 LUNA 和 UST 加密貨幣發行商 Terraform Labs 的警鐘。

His warnings have proven prescient, as the Terra ecosystem has imploded in a matter of days, sending shockwaves through the crypto community.

事實證明，他的警告是有先見之明的，因為 Terra 生態系統在幾天之內就崩潰了，給加密貨幣社區帶來了衝擊波。

"Even if it happened in slow motion, even if it was something like a bank walk, it was more about this thing not being solvent," Zhou said on CoinDesk TV's "First Mover."

週在 CoinDesk TV 的“First Mover”節目中表示：“即使它以慢動作發生，即使它像銀行漫步一樣，更多的是因為這件事沒有償付能力。”

The fatal flaw in Terra's design was its reliance on an algorithmic mechanism to maintain the price stability of UST, its so-called stablecoin pegged to the U.S. dollar. As LUNA's price plummeted, the system became unsustainable, leading to a death spiral that destroyed both tokens.

Terra 設計的致命缺陷是它依賴演算法機制​​來維持 UST 的價格穩定，UST 是與美元掛鉤的所謂穩定幣。隨著 LUNA 價格暴跌，系統變得不可持續，導致死亡螺旋，摧毀了這兩種代幣。

In a desperate attempt to salvage the situation, Terra has proposed burning 1 billion UST and increasing the circulation of LUNA to 100 million tokens. However, Zhou believes these measures are insufficient and that the damage has already been done.

為了挽救局面，Terra 提議燃燒 10 億枚 UST，並將 LUNA 的發行量增加到 1 億枚。然而，週認為這些措施還不夠，而且傷害已經造成。

"At the end of the day, all of this bad debt has to get flushed out and we're still in the early innings of that," Zhou said.

「最終，所有這些壞帳都必須被沖掉，而我們仍處於初期階段，」週說。

The collapse of Terra has drawn attention to the inherent risks of algorithmic stablecoins, which rely on complex and often opaque mechanisms to maintain their value.

Terra 的崩潰引起了人們對演算法穩定幣固有風險的關注，演算法穩定幣依靠複雜且通常不透明的機制來維持其價值。

Financial firms like BlackRock and Gemini have denied any involvement in the collapse of UST, emphasizing their compliance obligations and the fact that they do not trade such assets.

貝萊德和 Gemini 等金融公司否認與 UST 的崩潰有任何關係，強調他們的合規義務以及他們不交易此類資產的事實。

The human toll of Terra's demise is also significant. "A lot of people have lost their homes, tons of money and maybe their life savings," Zhou said.

泰拉的滅亡造成的傷亡也是巨大的。 「很多人失去了家園、大量金錢，甚至可能還有畢生積蓄，」週說。

In retrospect, there were warning signs of Terra's impending collapse. Founder Do Kwon's purchase of large amounts of bitcoin and his solicitation of millions of dollars from investors signaled a loss of faith in the project's own narrative.

回想起來，有一些跡象顯示泰拉即將崩潰。創辦人 Do Kwon 購買了大量比特幣，並向投資者募集了數百萬美元，這表明人們對該項目本身的敘述失去了信心。

Zhou believes Terra could potentially revive UST's $1 peg, but it would require a substantial revaluation and a massive haircut for users.

Zhou 認為，Terra 有可能恢復 UST 的 1 美元掛鉤，但這需要大幅重估和對用戶進行大幅削減。

"Terra should have revalued their currency earlier on and allowed users to take a massive haircut, which may have relieved some of the selling pressure on LUNA," Zhou said.

「Terra 應該早點重估他們的貨幣，並允許用戶進行大幅削減，這可能會緩解 LUNA 的部分拋售壓力，」Zhou 說。

The Terra crisis serves as a reminder of the volatility and risks associated with cryptocurrencies, particularly those that rely on complex and untested mechanisms. Investors should exercise extreme caution and conduct thorough due diligence before investing in such assets.

Terra 危機提醒人們注意與加密貨幣相關的波動性和風險，特別是那些依賴複雜且未經測試的機制的加密貨幣。投資者在投資此類資產之前應格外謹慎並進行徹底的盡職調查。