Back to collectionLuna collapse: industry earthquake
The death spiral comes to an end today. UST fell into the $0.3 range, and LUNA fell from over $80 a week ago to around $1. The mechanism of unlimited issuance to protect the anchor has now become a money-printing and shredding machine. The more it saves, the more it collapses, and its market value evaporates by tens of billions of dollars. Panic swept across the scene: BTC broke through 28,000 intraday, a new low since July last year; various stablecoins were tested in turn; the liquidation line of the lending agreement was broken in succession. The top ten market capitalization projects dropped to zero within a few days, which is the first time in the history of the industry.
The death spiral comes to an end today. UST fell into the $0.3 range, and LUNA fell from over $80 a week ago to around $1. The mechanism of unlimited issuance to protect the anchor has now become a money-printing and shredding machine. The more it saves, the more it collapses, and its market value evaporates by tens of billions of dollars. Panic swept across the scene: BTC broke through 28,000 intraday, a new low since July last year; various stablecoins were tested in turn; the liquidation line of the lending agreement was broken in succession. The top ten market capitalization projects dropped to zero within a few days, which is the first time in the history of the industry.
The earthquake wave quickly reached the studio door. Star Interactive Entertainment's treasury evaporated along with UST. The five-person team lost its runway overnight, and the online test scheduled for next month was canceled indefinitely. What hurts even more is the players: Iron Pigeon’s daily activity has begun to drop visibly to the naked eye. It’s not that they don’t love it anymore, it’s that their positions are gone. The number of pending orders in the secondary market increased sharply, and the floor price fell back to near the casting price for the first time.
In the community, the Night Watchman changed his signature to “The chain is still producing blocks, and the game is still being updated,” then stayed in voice chat all night with those trapped in losing positions. Asked whether he would run, he said: it is people who run away, never projects.
Author's note: The death of algorithmic stablecoins is a lesson to the entire industry with a tuition fee of 40 billion US dollars. What the studio remembers on this day is not fear, but a simple lesson - don't bet your life on a mechanic designed by someone else. This seed will sprout at the end of the year.