How do crypto KOLs view the UST crash?

区块律动BlockBeats

特邀专栏作者

2022-05-11 07:34

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Original title: "Crypto Twitter Reacts to UST Collapse and Market Meltdown"

Original compilation: 0x9F, Rhythm BlockBeats

As Bitcoin and other cryptocurrencies plummeted, crypto KOLs were on the alert yesterday. And Terra's Stablecoin UST fell off a cliff, which completely put the social media platform into a state of ultra-high-speed operation.

UST, which is designed to anchor the dollar, fell from a worrying $0.985 to a shocking $0.9, then $0.85, $0.8 and even lower. When the once-stable currency fell off the dollar entirely and fell below $0.70, Crypto Twitter's resident experts, stakeholders, naysayers, and moguls followed the historic disaster in real time.

The question arose as UST started and continued to plummet: how could a Stablecoin be so... unstable? Why not stop? Why is this happening with UST and not other USD-pegged stablecoins? Aztec'sJonathan WuPublished a clarifying speedrun that analyzed the unanchored situation in real time.

As with all misery presented on Twitter, there was joy and sorrow in the face of the UST debacle. Some, like the founder of Messari CryptoRyan Selkis, warning that the events of the day could have implications far beyond the success or failure of Terra itself.

“Terra, if it fails, is half the size of Enron. We are on the brink of a regulatory abyss, so perhaps we can hold off on our schadenfreude.”

Founder of TezosArthur BreitmanIn addition to bad financial consequences, the public's perception of all crypto practitioners will also change.

“I would also say that people will notice this and think that encryption is not good enough. Even if most of the industry praises UST for being innovative, it doesn’t help.”

Crypto citizens on Twitter are glued to their screens as UST sinks lower, creating an unheard-of reality every hour. as cryptojournalistLaura ShinObserved, the end of the world at 5 pm turns into a hoped-for miracle at 6 pm.

“Interestingly, UST is now $0.79 and I feel relieved, whereas 35 minutes ago, when it was $0.75, I freaked out.”

However, industry leaders claim to be unfazed by these scares. Founder of FTXSam Bankman-FriedIt is believed that the collapse of Stablecoin has been going on for a long time.

and

andMark Cubanthink,This seemingly unprecedented moment in crypto history actually mirrors the Web 2 growing pains of the early 2000s.Co-founder of AvalancheEmin Gn Sirereven thought thatThe current events have precedents in the history of encryption and stablecoins.

Still, that background briefing didn't reassure many about Terra co-founder Do Kwon's extremely public, real-time handling of the UST disintegration. When Kwon went live on Twitter in support of Terra's Luna Foundation Guard's (ultimately unsuccessful) effort to lend billions of dollars to shore up the stablecoin, some couldn't help but point out the pitfalls the strategy exposed.The absurdity of UST as an "algorithmic stablecoin".

Also, some people decided to use the moment to get some sweet revenge. Founder of CardanoCharles HoskinsonCiting an old tweet by Do Kwon, Do Kwon hastily commented on why you should buy Cardano’s native Token ADA: because it has a negative correlation with Terra’s own Token LUNA (implyingADA’s drop is a natural by-product of LUNA’s rise). With UST and LUNA down, Hoskinson hit back at Do Kwon.