Terra 的算法稳定币噩梦：一个警示故事

CoinDesk 的 2022 年共识大会将于 6 月 9 日至 12 日在德克萨斯州奥斯汀举行，这是一流的加密货币和区块链体验。尽管 Galois Capital 联合创始人 Kevin Zhou 发出警告，Terra 生态系统还是暴跌，LUNA 损失超过 80 美元，UST 跌至 37 美分。 Terra 拯救 UST 的提议遭到了周的质疑，他强调了生态系统的根本缺陷。这次倒闭引发了阴谋论，但贝莱德和双子座等公司否认了这一点。随着市场因 UST 的不稳定而受到影响，数百万人损失了大量投资。周预测了进一步的影响，并列举了预示 Terra 垮台的心理因素和危险信号。

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

Terra 的死亡螺旋：算法稳定币的警示故事

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.

几个月来，对冲基金 Galois Capital 联合创始人、数字资产交易所 Kraken 前交易主管 Kevin Zhou 一直在敲响关于 LUNA 和 UST 加密货币发行商 Terraform Labs 的警钟。

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

事实证明，他的警告是有先见之明的，因为 Terra 生态系统在几天之内就崩溃了，给加密货币社区带来了冲击波。

"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."

周在 CoinDesk TV 的“First Mover”节目中表示：“即使它以慢动作发生，即使它像银行漫步一样，更多的是因为这件事没有偿付能力。”

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 设计的致命缺陷是它依赖算法机制来维持 UST 的价格稳定，UST 是与美元挂钩的所谓稳定币。随着 LUNA 价格暴跌，该系统变得不可持续，导致死亡螺旋，摧毁了这两种代币。

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.

为了挽救局面，Terra 提议燃烧 10 亿枚 UST，并将 LUNA 的发行量增加到 1 亿枚。然而，周认为这些措施还不够，而且损害已经造成。

"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.

“最终，所有这些坏账都必须被冲掉，而我们仍处于初期阶段，”周说。

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 的崩溃引起了人们对算法稳定币固有风险的关注，算法稳定币依靠复杂且通常不透明的机制来维持其价值。

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.

贝莱德和 Gemini 等金融公司否认与 UST 的崩溃有任何关系，强调他们的合规义务以及他们不交易此类资产的事实。

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.

泰拉的灭亡造成的人员伤亡也是巨大的。 “很多人失去了家园、大量金钱，甚至可能还有毕生积蓄，”周说。

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.

回想起来，有一些迹象表明泰拉即将崩溃。创始人 Do Kwon 购买了大量比特币，并向投资者募集了数百万美元，这表明人们对该项目本身的叙述失去了信心。

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

Zhou 认为，Terra 有可能恢复 UST 的 1 美元挂钩，但这需要大幅重估和对用户进行大幅削减。

"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 应该早点重估他们的货币，并允许用户进行大幅削减，这可能会缓解 LUNA 的部分抛售压力，”Zhou 说。

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 危机提醒人们注意与加密货币相关的波动性和风险，特别是那些依赖复杂且未经测试的机制的加密货币。投资者在投资此类资产之前应格外谨慎并进行彻底的尽职调查。