Tether CTO: LUNA និង UST មានគុណវិបត្តិក្នុងការរចនា ប៉ុន្តែមិនមែនជាកម្រាលព្រំទេ។

The team at Terra has been struggling to save LUNA and UST after a sudden crash that sent the price of LUNA spilling down to pennies while UST was de-pegged from the US Dollar. Details of what really happened have left some people claiming that Do Kwon and his Terra Team were either incompetent in solving the apparent problem or were actually executing a ទាញព្រំ to steal billions from unsuspecting community members.

However, according to people like Paolo Ardoino, the issues facing the Terra ecosystem, especially weren’t deliberate, but rather a serious problem that pointed to a flaw in the designed of the ecosystem as opposed to a rug pull. Paolo is the CTO of crypto exchange Bitfinex and Tether. Tether (USDT) is a stablecoin just like UST, but it’s bigger in the market. Paolo offered his opinion in a recent សំភាសន៍.

“It’s All Fun And Games Until…”

According to the Tether CTO, it’s very easy to manage a small value ecosystem as opposed to the intricacies involved in managing issues in a large, multi-billion coin market like UST and LUNA were.

For one, selling the backing collateral or reserves could work well to maintain the peg for a small stablecoin or cryptocurrency since a little push would create a notable market upswing and result in a pump to increase price and demand. However, for a larger coin with a market cap of over $15 billion, this mechanism may not work very well.

Paolo said,

“វា​ជា​ការ​សប្បាយ​និង​ហ្គេម​ទាំងអស់​រហូត​ដល់​អ្នក​មាន 10 ពាន់​លាន​កាក់​ស្ថិរភាព។ ហើយបន្ទាប់មកវាកាន់តែពិបាក អ្នកកាន់តែលូតលាស់កាន់តែលឿន អ្នកកាន់តែរីកចម្រើន ព្រោះប្រសិនបើអ្នកជាកាក់ស្ថិរភាព ជាពិសេស algorithmic stabilitycoin.."

It Was A Cascade Situation

Going on, Paolo opined that the continuous crash of the UST and LUNA prices resulted from a cascade created by the selling of reserves. The reserves were small compared to the coin’s market cap, meaning that they weren’t enough to pump price but were achieving the opposite effect of a “bank run” whereby people started panic dumping instead of buying. The more the price fell, the more Terra saw the need to sell more reserves, and the more the dumping happened. The cycle continued until the LUNA’s price was reduced to almost nothing while UST was de-pegged.

- ការផ្សព្វផ្សាយ -