(Bloomberg) - Kev kwv yees tias kev tawg ntawm ib qho kev sim loj tshaj plaws hauv kev tswj hwm nyiaj txiag tuaj yeem ua rau kev tuag ntawm crypto zoo li tau dhau los. Yog tias Terra qhov kev puas tsuaj tau tshwm sim tom qab ob peb lub hlis ntxiv ntawm kev loj hlob, qhov tshwm sim ntawm kev lag luam cuam tshuam tuaj yeem tsim tau DeFi version ntawm 2008 - hloov, cov nyiaj muaj txiaj ntsig zoo algorithmic ruaj khov yuav xaus rau qhov kev raug mob loj.
Feem ntau Nyeem los ntawm Bloomberg
Nyob rau hauv ib tug tumble pib thaum lub Tsib Hlis 9, Terraform Labs 'TerraUSD - ib tug token uas feem ntau siv algorithms, es tsis yog collateral, kho nws cov khoom thiab tuav ib tug 1-rau-1 peg nrog US duas - thiab nws cov digital npib counterpart Luna poob yuav luag. tag nrho lawv cov nqi, thaum kev ua si ntawm lub hauv paus Terra blockchain tau raug ncua ob zaug. Ib hlis tom qab ncav cuag cov ntaub ntawv ntawm $ 119, tus nqi ntawm Luna tam sim no pauv ntawm zero, thaum UST tau daig nyob ib ncig ntawm 20 xees.
Lub meltdown sparked crypto nqi poob thoob plaws lub rooj tsavxwm; tom qab ntawd lawv tau ruaj khov thiab zoo dua me ntsis, tab sis tsis yog tsis muaj khob qee qhov $ 300 billion los yog tawm ntawm lub lag luam trillion-duas tag nrho cov nqi lag luam. Qhov tseem ceeb tshaj plaws, nws ua rau muaj kev ntxhov siab nyob rau hauv txawm tias qhov loj tshaj plaws collateralized stabilitycoins, uas rov qab lawv peg nrog duas thiab duas-sib npaug cov cuab tam - txawm tias lawv ib yam nkaus thiab rov qab mus ua lag luam li niaj zaus los ntawm lub lim tiam.
Stablecoins yog ib qho tseem ceeb ntawm crypto txiaj vim tias lawv tau siv los ntawm cov tub lag luam los ntawm kev tuav tus nqi yam tsis tau tawm hauv cov cuab yeej cuab tam digital. Cov neeg lag luam tig mus rau lawv raws li qhov chaw nyab xeeb thaum lub sijhawm tsis muaj zog, lossis txawm tias yooj yim los ntawm kev them nyiaj digital. Tam sim no, cov lus nug tseem nyob ntawm seb lub tshuab tshwj xeeb tom qab TerraUSD tuaj yeem nkag mus rau cov nyiaj laus, tsawg kawg yog siv los ntawm cov haujlwm uas loj dhau los ua tsis tiav.
"Kuv yuav tsis xav tsis thoob yog tias qhov no yog qhov kawg ntawm algorithmic stabilitycoins," said Hilary Allen, tus xibfwb ntawm kev cai lij choj ntawm American University. "DeFi tsis tuaj yeem ua haujlwm yam tsis muaj nyiaj npib ruaj khov, tiag tiag. Qhov tsis muaj kev ntseeg siab hauv cov nyiaj npib ruaj khov yuav ua rau muaj kev puas tsuaj loj rau DeFi ecosystem. "
Ua ntej poob nws cov peg thaum lub Tsib Hlis 8, TerraUSD muaj tag nrho cov nqi lag luam ntawm ib ncig ntawm $ 18.6 billion - dwarfed nyob rau hauv qhov loj los ntawm nws cov collateralized rivals Tether thiab USDC, ntawm $ 83.2 billion thiab $ 48.7 billion, feem, raws li cov ntaub ntawv los ntawm CoinMarketCap. Qhov ntawd ua rau nws lub cev qhuav dej los ntawm kev ua rau muaj kev sib kis mus ntev, tab sis tom qab ntawd, thiab nws yuav yog ib zaj dab neeg sib txawv.
Nqe ntawm Kev Ua Phem
Raws li Terra ecosystem loj hlob nyob rau hauv muaj koob meej, nws co-founder Do Kwon hais tias nws xav tsim kom muaj ib tug cia uas yuav shore up UST nyob rau hauv lub sij hawm ntawm kev nyuaj siab heev. Nws tau tsim lub Luna Foundation Guard, ib lub koom haum tsom mus rau UST ruaj khov, uas yuav saib xyuas ib pawg ntawm Bitcoin nws tau maj mam sib sau ua ke los ua khoom lag luam rau UST. Lub caij no, cov neeg tsim khoom txuas ntxiv tsim cov apps ntawm nws cov blockchain, cov tub ua lag luam bet rau nws lub neej yav tom ntej thiab qee qhov crypto luminaries irrevocably khi lawv tus kheej rau qhov project.
Nyeem ntxiv: Bitcoin's Most-Watched Whale yog Huab tais ntawm 'Lunatics'
Thaum Lub Ib Hlis thiab Lub Peb Hlis, LFG yuav $ 3.5 nphom ntawm Bitcoin, raws li blockchain forensics tuam txhab Elliptic. Hauv kev xam phaj xov xwm hauv lub Peb Hlis, Kwon tau hais tias nws npaj yuav nce pawg rau $ 10 nphom los ntawm peb lub hlis twg ntawm lub xyoo no. Txoj kev xav yog tias yog TerraUSD tsis raug mob, lub tuam txhab tuaj yeem xa nws cov khoom siv Bitcoin uas twb muaj lawm los sim thiab ruaj khov ntawm kev muag khoom - txawm hais tias nws yuav xav tau ntau lub peev los cawm nws.
Nyeem ntxiv: Whereabouts ntawm Bitcoin Reserves ib tug tsis meej tom qab hloov
Yog tias LFG lub hoard twb mus txog tias $ 10 billion daim duab, de-peg tej zaum yuav tsis tau ua phem rau kev lag luam - tab sis tus nqi ntawm Bitcoin ntaus sib pauv hauv kev sib tw ceev yuav ua rau muaj kev poob siab thoob plaws hauv kev lag luam. Nyob rau hauv lub sij hawm calmer, xws li ob peb hnub ua ntej Terra tsoo nws peg, Bitcoin kaw qhov nruab nrab ntawm ib ncig ntawm $ 30 nphom nyob rau hauv ib hnub trading ntim - ua Kwon lub stockpile txog ib feem peb ntawm tag nrho cov lag luam yog pov tseg nyob rau hauv ib tug mus.
"Qhov laj thawj yog vim li cas kuv thiaj xav tau mus txog $ 10 nphom yog tias ntxiv rau Satoshi, peb yuav yog tus tuav loj tshaj plaws ntawm Bitcoin hauv ntiaj teb," Kwon tau hais hauv kev xam phaj nrog crypto YouTube channel Fungible Times thaum Lub Peb Hlis, hais txog kev nplua nuj ntawm Bitcoin's pseudonymous creator uas yeej tsis tau tsiv los yog pauv. Ib daim vis dis aus ntawm kev xam phaj, pom los ntawm Bloomberg, tom qab ntawd raug tshem tawm rau hnub Friday tom qab Terra lub cev qhuav dej.
"Tom qab ntawd, hauv kev lag luam crypto, kev ua tsis tiav ntawm UST yog sib npaug rau qhov tsis ua haujlwm ntawm crypto nws tus kheej," Kwon ntxiv.
(Un) Stable
Txawm hais tias muaj qee qhov tshwj xeeb ntxiv rau hauv qhov backstop, tus qauv algorithmic uas tswj hwm UST yog nyob ntawm kev sib xyaw ntawm cov kev pabcuam software, cov tub luam kev txhawb siab thiab kev sib pauv nrog Luna los tswj nws cov nqi. Qhov ntawd yog nyob rau hauv kev sib piv rau collateralized stabilitycoins xws li Tether, USDC thiab Binance's Binance USD, uas cia siab rau muaj peev xwm txhiv cov tokens los ntawm ib tug cia ntawm fiat txiaj. Nyob rau hauv cov ntaub ntawv ntawm Tether, qhov zoo ntawm cov cuab tam tau raug hu mus rau lo lus nug - tab sis thaum lub sij hawm instability tshwm sim los ntawm Terra, pab lub token kom tsis txhob muaj tib txoj hmoo.
Nyeem ntxiv: 'Txhua yam tawg': Terra Mus Los Ntawm DeFi Darling rau Tuag Kauv
Sam Bankman-Fried, tus thawj coj ntawm crypto pauv FTX tau hais tias "Qhov tseeb peb yuav tsum tsis txhob siv tib lo lus rau txhua yam ntawm no," said Sam Bankman-Fried, tus thawj coj ntawm crypto pauv FTX, hauv tweet rau hnub Thursday. "Dab tsi peb hu ua 'algorithmic stabilitycoins' tsis ruaj khov zoo ib yam li fiat backed stabilitycoins. Lawv zoo li cov khoom tsim qauv, thiab lawv xav tau upside yog tias lawv xav kom pom tseeb qhov kev pheej hmoo. "
Raws li cov plua plav tawm, cov txiaj ntsig dav dav ntawm Terra qhov kev poob qis suav nrog kev tshuaj xyuas ntau ntxiv ntawm tag nrho cov nyiaj npib ruaj khov los ntawm cov neeg tswj hwm, uas twb tau saib cov tokens zoo li Tether's uas muaj peev xwm ua rau muaj kev pheej hmoo. Tus Tuav Nyiaj Txiag Tus Tuav Nyiaj Txiag Janet Yellen tau hais rau hnub Thursday tias qhov xwm txheej qhia txog kev phom sij ntawm cov nyiaj npib ntiag tug ruaj khov, uas thaum tsis muaj kev tswj hwm, tuaj yeem nthuav tawm tib yam kev pheej hmoo zoo li lub txhab nyiaj khiav haujlwm.
Denelle Dixon, tus thawj coj ntawm Stellar Development Foundation, uas txhawb nqa Stellar crypto network thiab USDC hais tias "Ib qho nyiaj ruaj khov yuav tsum tuaj yeem ua raws li nws lub npe," said Denelle Dixon. "Dab tsi peb tau pom lub lim tiam no tau ua pov thawj tias vim li cas nws yog qhov tseem ceeb rau kev paub qhov txawv thiab txhais tau tias dab tsi yog ib qho nyiaj ruaj khov los ntawm qhov tsis yog."
Reeve Collins, co-founder thiab yav tas los CEO ntawm Tether uas ua haujlwm nws tus kheej cov khoom muaj nqis-rov qab ruaj khov, hais tias Terra lub cev qhuav dej yog ib feem ntawm crypto txiaj yuam pov, siv kev kho kev lag luam los so cov froth.
"Kev zoo nkauj ntawm lub khw muag nyuj yog nws nyiam cov neeg vwm, nws nyiam tag nrho cov nyiaj thiab nyiam cov neeg ntse mus rau hauv kev ua lag luam," said Collins. uas tam sim no ua tus co-founder ntawm NFT platform BlockV, hauv kev xam phaj. "Yog tsis muaj lub khw muag nyuj, peb yuav tsis tau txais kev mloog thiab lub hlwb mus rau hauv qhov chaw. Thiab tsis muaj lub lag luam dais, peb yuav tsis tiag, koj paub, ntxuav cov neeg coob coob. "
Feem ntau Nyeem los ntawm Bloomberg Businessweek
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