current position:Home>Algorithm stable currency ust thunder Luna fell from $90 to $0.05, and the "bloody" moment of cryptocurrency has come

Algorithm stable currency ust thunder Luna fell from $90 to $0.05, and the "bloody" moment of cryptocurrency has come

2022-05-14 19:21:20Sina Finance blockchain

   Goods association | Blockchain daily 5 month 12 - ( The reporter Xu cihao Dong Yujia ), The recent cryptocurrency market is “ one 's sabre-rattling is getting louder and the smell of gunpowder thicker ”.5 month 12 Japan , Bitcoin fell to the lowest 26500 dollar ,24 The biggest drop in an hour is more than 12%; Ethereum fell to the lowest 1788 dollar ,24 The biggest drop in an hour is more than 20%.

   meanwhile , Another big thunder in the coin circle was also detonated recently , According to foreign media sources , The algorithm stabilizes the currency UST Heavily decoupled dollar , Cause the panic of the market for days . Besides , And UST Hedged Terra Public chain ecological token Luna It has fallen sharply for days , The price is infinite 0.

   According to the market data ,Luna I was in 4 month 5 Daily reach 119.5 The dollar is high , Also reached the highest market value 410 Billion dollars .5 month 5 The day begins ,Luna from 90 The dollar has been falling all the way around ,5 month 12 Japan 17 when , Has fallen to 0.03 Near the dollar .

   According to foreign media , There are rumors in the market that BlackRock, an asset management company (BlackRock) With hedge fund giants Citadel Securities union , From the cryptocurrency exchange Gemini borrow 10 10000 bitcoins to buy UST, The sell-off of assets caused the market to collapse and destroyed more than 400 $billion market value basis Luna .

   However , For this rumor , BlackRock (BlackRock)、 Hedge fund giants Citadel Securities as well as Gemini All denied . But this volatility in the market , It also attracted the attention of regulators , The potential risks of stabilizing the currency have surfaced . before , US Treasury Secretary Janet Yellen has called on Congress to authorize the regulation of the stable currency , And indicate in 2022 The implementation of stable currency supervision before the end of the year is “ Very suitable ( A period of )”.

   Insiders told the blockchain Daily reporter that , The U.S. government and regulators want further development of the stable currency , Once the regulation is clear , The US banking system will have a very positive action in stabilizing the currency .

   Stable currency , unstable

   According to public information ,Terra Public chain in 2018 Launched in 2013 , suffer BinanceLabs、OKC、Huobi Capital And the Korean stock exchange Upbit The company behind it Dunamu And other capital investment .

   and Terra The largest algorithmic stable currency on the chain is UST, and LUNA by Terra Primary chain PoS Pledge token ,Luna The price will directly affect the safety of the public chain , That means Luna The higher the price is. ,Terra The economic value that can be safely carried in the chain will be higher .

   let me put it another way ,Terra Public chain ( Tokens, Luna) It is a public chain ecosystem built around stable currency , Its business objectives can be summarized into two points : One is to promote Terra The prosperity of the public chain , Provide development opportunities for open finance and other applications Web3 Economic platform ; The second is to promote UST( An algorithm stabilizes the currency ) The large-scale adoption of stable currency represented by , replace USDT、USDC Isocentric stabilization currency .

   in addition ,Luna The purpose of is to absorb UST The volatility of , Each casting UST, You have to burn the value 1 The dollar Luna.Luna Maintain... Through arbitrage and Seigniorage mechanisms UST Anchoring against the dollar . If UST The price is greater than 1 dollar , There is a chance to destroy Luna , Casting UST, And take the difference linked to as profit . If UST The price is less than 1 dollar , It can be for Luna Burn up UST To restore the hook . In less than 1 Buy... For us dollars 1 UST And get value 1 The dollar Luna. Then sell Luna Reap profit .

   In essence ,Luna yes UST And other invisible collateral for stabilizing money , Relative to the stable currency ,Luna The higher the market value of 、 The deeper the deal, the better , The more collateral there is , The smaller the risk of losing the anchor of the stable currency , The lower the cost of maintaining consensus , On the contrary, it is easy to fall into the death spiral . such as , When the cycle is broken , When the price of encrypted assets collapses ,Terra The stable currency and public chain will also be spared .

   Whether it's a stable currency or a public chain , All project parties can benefit from its development . and Terra Also by stabilizing the currency + The mode of public chain has been successfully out of the circle .

   But Gu Yanxi, a senior scholar of bitcoin, told blockchain daily that , Algorithmic stability coins are pure Ponzi schemes ,“UST Anchor dollars , So essentially , It's just a third-party payment based on US dollars . Because it introduces other cryptocurrencies in this mechanism , So its stability mechanism is far inferior to direct third-party payment .”

   Gu Yanxi further explained that , The stable currency of the algorithm depends entirely on the way of absorbing and storing at high interest rates to maintain the stability of the mechanism , Once the market goes down , Or the capital chain breaks , The mechanism will fall into a death spiral . Only the continuous investment of funds , When the market has enough liquidity , Mechanism can maintain a more stable state .

  Luna From... In a week 90 The dollar fell to 0.05 dollar

   The thunderstorm was caused by 5 month 8 Friday night , The giant whale warning account on twitter began to alarm wildly , There is a sell-off every hour on the coin and security exchange UST The news of , And the transaction amount is more than one million dollars .

   This unexplained selling pressure leads to UST Lose contact with the dollar 1:1 parity . in fact , This is not UST For the first time , As early as 2021 year 5 month ,UST The price of was once as low as 0.96 dollar , Then pick up .

  UST Take off the anchor Luna and UST Holders have a great negative impact . from 5 month 9 The day begins , A lot of money began from Terra Of DeFi Agreement to flee , to UST Anchoring creates great pressure .UST The price of once fell to 0.61 dollar ,LUNA The foundation (LFG)LFG On social media , Will be transferred from reserves to OTC (OTC) Lend 15 Billion dollars of bitcoin , help UST Keep parity with the dollar . thereafter ,UST The price of once climbed to 0.90 More than $ .

   meanwhile , Should have been in Terra Of DeFi platform Anchor Protocol towards UST Paid by the lender 19.5% Our earnings have exhausted our reserves in the previous two months .

  5 month 10 Japan , According to a source ,LFG Are looking to cryptocurrency investors for 10 Us $100 million financing . however 5 month 11 Japan , The media broke out LFG Financing failure ,UST Prices fell rapidly again , At one point it fell to 0.21 dollar .

  LFG According to the economic model, a large number of additional tokens are issued Luna Obtain reserves to stabilize UST, Besides , because LFG Massive selling of bitcoin , Leading to the collapse of cryptocurrency ,Luna From a week ago 90 The dollar once fell to 0.05 dollar .

   By 5 month 12 Japan 17:30, Put the coin on Luna Temporarily to 0.038 dollar , Day down 99.06%,UST closed 0.52 dollar .

   as for UST Whether there is a chance of turnover , In Gu Yanxi's opinion , If the founders can raise more money from outside to support the operation of the ecosystem , Then you can continue to play ; If you can't raise it , According to the current market situation , He won't have a chance to turn over .

   The United States will strengthen the regulation of stable currency

   about UST The potential risks of , There are market rumors that BlackRock, an asset management company (BlackRock) And hedge fund giants Citadel Securities Short UST And bitcoin , But according to 《 Forbes 》 Reports said , BlackRock spokesperson Logan Koffler Express , About BlackRock in US Rumors of a role in the crash are absolutely wrong , in fact , BlackRock doesn't trade UST. and Citadel The source confirmed that , The company does not trade stable currencies , Include UST.

   meanwhile , Today, ,Gemini It also posted a denial on social media that it had provided... To any large institutional counterparty 10 About the million bitcoin loan .

   It is worth noting that , US Treasury Secretary Janet Yellen previously called on Congress to authorize the regulation of the stable currency .

  Dragonfly Capital、Multicoin Capital、Framework Ventures Wait for the CEO of the company 、 Co founders and investors have reassured the market on social media that they are not UST and LUNA Risk exposure to .

   Besides ,6th Man Ventures investors Mike DAOdas、 Encrypt salary payment items OnJuno、NFT project ByWassies、 Collectors' organizations FingerprintsDAO Also announced on social media that it did not hold UST and LUNA.

   Gu Yanxi told blockchain daily that , Janet Yellen cited when she recently called for the regulation of the stable currency by the end of this year UST The crash . Yellen said ,UST The decoupling of shows the urgent need to establish a stable currency regulatory framework , Designed to minimize the price volatility of most cryptocurrencies .

   In his opinion , The U.S. government and regulators want further development of the stable currency , After all, it can promote the promotion and use of the dollar around the world , Increase the global influence of the dollar .

   Besides , Gu Yanxi pointed out , The U.S. banking system also sees a market demand for stable currency , So once the regulation is clear , The US banking system will be very active in stabilizing the currency .

editor : Zhang Jingdi

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