Migao Blockchain #092 - There is nothing to do in the fall of Luna

The part I'm after in cryptocurrency savings on the blockchain is "steady growth". But with Luna being chased, I stared at the screen for hours yesterday and thought about it for a day. I found that there was "nothing to do".

There are several reasons for "nothing to do", documented through this article:

1. There is an OSMO/UST stablecoin combination in Osmosis

I basically have this pool, which is safe under the assumption that UST will be pegged 1:1 with the US dollar. However, when UST is off the hook, there is even a chance to die. Discovery is in vain.

2. The entire Cosmos ecosystem is rapidly declining at the same time

In addition to depositing LP, I also have a lot of parts in the Staking of different validators for the purpose of airdrops and interest.

However, this time, not only Luna was attacked, but the entire Cosmos ecological project was also damaged.

Within an hour of writing this article, UST was pursued again, and was pressed from 0.91 to 0.77 again, and the decline was extremely fast. And LUNA fell even faster, now at $16.

Yesterday, I could only convert the various interest I received into EEUR (E-money's euro stablecoin). After that, I have nothing to do. Many people do the same, but EEUR is also unable to escape the fate of falling.

When you thought it was safe, it turned out to be unsafe.

The pressure on Luna and UST on the second day was more severe and severe than on the first day.

In this wave, the only thing I can think about is to decide whether to "leave" the UST pool?

In the OSMOSIS pool, it takes fourteen days to leave, but I believe that many people have already made the decision to leave. However, I can't get there. There is only one way to get back to USDC.

Today, LUNA and UST will fall even harder. Because there are pending orders to buy cheap UST in the queue, the number is increasing.

In such a situation, I tried to recall my past experiences and understand how I got over it.

I experienced it once in Steem. When Steem peaked at $9 (January 2018) and fell to $2 (March 2018), everyone was still full of eyes, but it finally fell to $0.08 (March 2020).

The most painful part of this process is whether or not to survive the downturn. Logically, it should be easy for Steem or Hive to “give up”. However, they survived in the end, and those who stayed with them, slowly stored a lot of Tokens when they were at a low point.

When I walked through the low point of Steem, I saw my friends give up one by one. And I am still collecting slowly and foolishly, and the result has gradually accumulated from the initial 300 Steems to more than 80,000 Steems. But it took three years.

Can you feel the same way this time?

Although the value of Terra (LUNA) is much more important than Steem, I was also worried that Steem would fall at any time. Now, I have the same concern about LUNA's situation.

There should be a group of mathematicians gathered in LUNA. Mathematicians look at things very directly. When they encounter a problem, they try to solve the problem. The problem this time is the life and death of UST.

From the buy and sell orders on Huobi, I saw a very different list from yesterday. Yesterday was a kind of panic selling. On the buy order, the opportunity was almost emptied, and even very few people were willing to place an order to buy.

Today, however, is very different, the buy orders are full, and even $0.4 or 0.5 has a lot of pending orders.

After thinking about it for a day, some people saw the arbitrage mechanism of "dollar to dollar". Seeing that the most important thing for the project party is to stabilize UST at $1. So, the final amount is bound to move in the direction of $1. Therefore, at a relatively low price, continue to absorb UST. This may be the only positive thinking in a negative environment.

Does this mean that LUNA still has a chance to survive? However, if LUNA can continue to survive, the road ahead will be quite difficult, and it will be really difficult to attract back the confidence of users.

The LUNA in my hand is about $3,000, and the drop this time is quite huge. Now I have no intention of selling it. Instead, I am thinking about how to increase the amount of LUNA. Most of the decisions are to put it in Crescent to receive LP interest.

In my heart, I hope that UST can cross this bear market and be attacked. The most hope is that in a few years, more ETH and LUNA will be stored on hand. ETH can get out of the trough from $80 two years ago. On LUNA, there are still many people cheering for this project and launching the Terra ecological project. I really don't want LUNA to fall. As long as it doesn't fall, there will be opportunities in the future.

Finally, also report today's panic index, which is currently 10: