Terra Turned Terror

Travelogger#77
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IPFS
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If you hold any cryptocurrencies, you probably didn’t get much sleep last week.

A famous algorithmic stablecoin project called TerraUST wiped out $18 billion of wealth for its investors. It’s governance token TerraLUNA, once hit over $100 per token, has lost 100% of value in mere 3 days.

The crypto market overall has lost $1T market cap in the past week.

I have been a Bitcoin maximalist since 2015 and have witnessed hundreds of ICO projects busted in 2018 and too many NFT projects went off the cliff in 2022. I should have avoided UST as I knew it was not collateralized but I adopted UST anyways because it’s THE stablecoin of the Cosmos Ecosystem. Seeing it imploded is like experiencing another downfall of Ledman Brothers.

Lessons learned: always do your own research and understand the token economics before investing. Being lazy and blindly follow endorsements by famous investors almost guarantee money flying out from your wallet.

CC BY-NC-ND 2.0 授权

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