LUNC 加密货币究竟发生了什么？

早在 2022 年 5 月，一种名为 LUNC 的加密货币发生了令人震惊的事情。一天之内，它的价格从 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，加密货币市场经历了一场重大事件，导致 LUNC 几乎全面贬值，一度价值 119 美元。以下是事件的简化分类：

Luna and Its Role in Pegging UST to $1:

Luna 及其在将 UST 与 1 美元挂钩中的作用：

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

由 Do Kwon 共同创立的 Terraform Labs 管理着两种代币：TerraUSD (UST) 和 Luna。

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

UST 是一种“算法稳定币”，旨在维持 1 美元的价值（不直接与法币挂钩）。

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

Luna 是一种常规加密代币，类似于 $BTC 或 $BNB，用于通过称为套利的过程帮助 UST 维持其 1 美元的价值。

The System's Mechanics:

系统的机制：

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.

当UST跌破1美元时，投资者可以以折扣价购买并兑换价值1美元的Luna，从而增加对UST的需求并将其价格拉回到1美元。

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

这一过程旨在将 UST 稳定在 1 美元，同时利用 Luna 作为平衡工具。

The Unfolding Events

正在发生的事件

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 脱离 1 美元：大规模抛售导致 UST 跌破 1 美元，例如跌至 0.80 美元。人们开始将大量 UST 兑换成价值 1 美元的 LUNC，以利用差价。

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供应量激增：随着更多的UST被转换，产生了大量新的LUNC。这导致 LUNC 的供应量呈指数级增长，几天内就铸造了数十亿个新代币。

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.

市场恐慌：LUNC大量涌入市场，导致其价格迅速暴跌，引发投资者恐慌，纷纷抛售LUNC和UST，进一步加剧了市场恐慌。

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.

系统设计有缺陷：连接 UST 和 LUNC 的算法无法应对大规模抛售。它没有稳定系统，而是创建了一个导致彻底崩溃的反馈循环。

The Impact

影响

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

LUNC 崩溃率超过 99.99%：曾经价值超过 100 美元的代币现在几乎变得一文不值。

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

UST 持有者面临全面损失：许多信任“稳定币”的人损失了大量资金。

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

对 Terra 生态系统的信心被粉碎：这一事件是关于算法稳定币相关风险的警示故事。

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 的失败凸显了在进行任何投资之前彻底研究和了解复杂加密系统所涉及风险的重要性。