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Is it reliable to stabilize the currency with the sharp decline of cryptocurrency algorithm

2022-05-14 22:42:28Sina Finance blockchain

   In the coin circle experiencing a new round of cold winter , Another popular currency collapses simultaneously . Once called by coin circle players “ Coin Ring Maotai ” Of LUNA Coins have been bloodwashed recently , This is from the lowest point 0.12 The dollar soared all the way to 119.5 dollar 、 Cryptocurrency, which once ranked fifth in the whole network in terms of circulation market value , Ushered in a slump in the popularity of the market .

  5 month 10 Japan , The currency 、 Ethereum's two big heads of cryptocurrencies suffered another setback 10% After that, it was difficult to stop the downward trend , Slowly pick up . The overall market value of cryptocurrency in the whole network has also further shrunk . In the doldrums , tumbling 45% Of LUNA Currency has received widespread attention ,“LUNA The currency plummeted ” This entry is also on the hot search list of many platforms .

   The reporter of Beijing business daily noted that , In the relevant discussion , Some netizens commented that ,5 month 11 I bought... At a low price on the day 1200 gold LUNA The coin , Plan to hold... For a long time , Waiting for its value to rise .5 month 11 Japan , With 31.4 The dollar opened LUNA The coin , The lowest currency price goes down to 3.6 dollar . As of 18 when ,LUNA Currency newspaper 3.72 dollar , The intraday decline was 87.62%.

   It also means that , If the above netizens really follow their comments , bought 1200 gold LUNA The coin , Even according to 5 month 10 Japan LUNA The lowest price of RMB 24 US dollar calculation , The netizen in 5 month 11 Japan still faces high losses , The amount of assets will fall 85%.

   According to global currency price website CoinGecko data ,LUNA Coin on 2019 year 5 Monthly online trading , The initial transaction price is 2.42 dollar . After the launch LUNA The money went all the way down , The currency price has been insufficient for a long time 0.5 dollar , The lowest price in history is only 0.12 dollar . until 2021 Beginning of the year , The cryptocurrency market as a whole is booming ,LUNA Money is also rising all the way ,2021 The annual growth rate exceeded 800%.

  2022 year 4 month ,LUNA The dollar hit an all-time high 119.18 dollar , Its circulation market value ranking once ranked fifth in the whole network ,“ Coin Ring Maotai ” And other labels keep it hot . And on LUNA After the currency hit an all-time high , The cryptocurrency market has cooled significantly , Bitcoin turns down ,LUNA The currency is also facing collapse .

   In just two trading days ,LUNA Money from near 60 The dollar is down 4 dollar . For the reasons for this , Jiang Zhaosheng, a senior researcher at Ouke cloud Chain Research Institute, said ,LUNA The sharp price fluctuation is mainly due to the stability of the currency UST The result of price breakdowns . Plus the impact of external factors such as the sharp decline of US stocks , This has led to a growing panic in the entire encryption market ,LUNA The selling pressure is greater , Prices also began to fluctuate violently .

   Beijing Business News reporter learned that ,UST It is the third largest stable currency in the cryptocurrency market , Previously, its price remained at 1 The dollar fluctuates around . and 5 month 10 The day begins ,UST There has also been a sharp decline ,5 month 11 The sun once fell to 0.21 dollar , With its “ Stable currency ” The properties of are very different .

   And because the LUNA The currency crash triggered Terra Network congestion , This leads to the accumulation of a large number of pending cash withdrawal transactions , Cryptocurrency exchange currency is installed in 5 month 10 At one time on the th, the government announced a moratorium on LUNA、UST Withdrawal of tokens . From the feedback of some coin circle users , At present, relevant businesses have been restored .

   Jiang Zhaosheng told the Beijing Business Daily that , at present , Legal currency mortgage and encrypted asset mortgage stable currency are common in the encryption market , All through legal currency 、 Crypto assets or other assets as collateral for value , To keep the price of stable currency stable , Such as USDT It is to maintain the relationship with the US dollar by mortgaging the US dollar and other assets 1:1 Anchor relationship .

  “ and UST It's an algorithmically stable currency , That is, in theory, there is no need to rely on other mortgage assets , But by regulating the relationship between supply and demand in the market to maintain price stability .” Jiang Zhaosheng explained that ,LUNA It's help UST An important puzzle in the anchoring mechanism .LUNA and UST All are Terra The original token in the public chain ecosystem .

   According to its operating mechanism , When UST The market demand is increasing 、 The price is higher than 1 Dollar time , Users can send... To the system 1 The dollar LUNA(LUNA Burned ), In exchange for 1 individual UST(UST Be cast ), contrary , When UST Reduced demand 、 The price fell to 1 Below the dollar , The user can send... To the system UST(UST Burned ), Exchange for 1 The dollar LUNA(LUNA Be cast ), To reduce UST Market supply , recovery UST The anchoring relationship with the dollar .

   Jiang Zhaosheng pointed out , In both cases , Users can obtain additional benefits through arbitrage , Therefore, in general, the market will carry out arbitrage spontaneously , Help maintain UST The endogenous force anchored to the dollar . however , If you encounter drastic fluctuations in the encryption market , or UST In case of serious credit damage , This kind of stable mechanism that regulates the relationship between supply and demand spontaneously through the market will fail , Large scale liquidation events may occur , send UST Further credit collapse , And then fall into “ Death spiral ” In .

   From the past performance of the currency circle , There are not a few cryptocurrencies that have experienced sharp declines after soaring out of the circle , And even 5 A farce cleared in minutes . What is different from the past is ,LUNA Monetary cause and stable currency UST Is closely related to the , Its collapse has also raised doubts about the cryptocurrency ecosystem .

  “UST The anchor is released this time , So that the voice of doubt about the algorithmic stable currency model appears again in the market , Market sentiment has been greatly affected .” Jiang Zhaosheng said , To stop UST fall into “ Death spiral ”, Support Terra A non-profit organization The Luna Foundation Guard( namely “LFG”) Use a large amount of reserve bitcoin for UST Guard plate , It also causes bitcoin to suffer great downward pressure , As a result, the market panic spread further .

   Jiang Zhaosheng pointed out , at present ,UST Still in a state of severe anchor disengagement ,LUNA Prices are also falling all the way , and LFG The means available are also very limited . under these circumstances ,UST Restoring the anchor relationship with the US dollar in the short term will face great challenges , More external forces may be needed to “ credit ” Recharge .“ Cryptocurrency transactions are risky , Ordinary investors should remain rational , Never invest blindly , Especially in the current market with high overall risk , Don't copy the bottom at will .”(cnBeta)

editor : Zhang Jingdi

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