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Gate.io Blog：Luna Fell by More than 95% in a Single Day. What Is the "Death Spiral" Leading to Hell?
Gate.io Blog：Luna Fell by More than 95% in a Single Day. What Is the "Death Spiral" Leading to Hell?
2022-05-12 07:35:36 UTC
49991 Lido
【TL; DR】
1. The value adjustment of UST is driven by the arbitrage behavior of users using the on-chain asset Luna.2. Terra ecosystem also provides a decentralized lending protocol “Anchor”, which can provide high income for users who stake UST and create the main demand for UST in the market.
3. The rate of return provided by Anchor is finally guaranteed by the subsidy of the Luna foundation.
4. However, if the confidence of token holders collapses due to some sudden events and the holders choose to sell LUNA, resulting in the decline of its price, this dual token mechanism will become a spiral leading to destruction.
5. The Luna crash and the rescue action of the project team may become the last stone to overwhelm the entire cryptocurrency market.
On May 4, the Federal Reserve announced an interest rate increase of 50 basis points, which cooled the cryptocurrency market as a whole. As the price of various crypto assets, especially Bitcoin, fell, the famous algorithm stablecoin UST also exploded. The stablecoin UST was decoupled from the US dollar. UST fell to 0.69 against the US dollar on May 10 and to 0.29 on May 11.
Just two months ago, LUNA was one of the most anticipated crypto assets, with prices doubling to a high of $98 in 10 days. It's hard to imagine that even just a week ago, the LUNA price was still at $86.8, while after several rounds of rapid decline, the current LUNA price is only $1.2.
For more information on the specific analysis process, please read this blog：Luna Fell by More than 95% in a Single Day. What Is the "Death Spiral" Leading to Hell?
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May 12
