修行的凹凸曼
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Volume Fifty-Eight: The Crisis of Decentralized Finance (DeFi) and the Rise of Algorithmic Central Banks 316-320
Chapter 316: The Reappearance of the UST Ghost
At the height of the Federal Reserve's aggressive interest rate hike cycle, global liquidity is tightening. A new algorithmic stablecoin project called 'Terra Nova' is sweeping the market with its staking yields of up to 20%, rapidly reaching a market value of hundreds of billions. My risk monitoring system 'Deep Eye' issued the highest level alert: its model is strikingly similar to the UST that collapsed back then, only with a more complex packaging and deeply bound to dozens of mainstream public chains through cross-chain bridges, creating the illusion of being 'too big to fail'. I am well aware that this is not innovation, but a time bomb wrapped in a sugar coat.
At the height of the Federal Reserve's aggressive interest rate hike cycle, global liquidity is tightening. A new algorithmic stablecoin project called 'Terra Nova' is sweeping the market with its staking yields of up to 20%, rapidly reaching a market value of hundreds of billions. My risk monitoring system 'Deep Eye' issued the highest level alert: its model is strikingly similar to the UST that collapsed back then, only with a more complex packaging and deeply bound to dozens of mainstream public chains through cross-chain bridges, creating the illusion of being 'too big to fail'. I am well aware that this is not innovation, but a time bomb wrapped in a sugar coat.
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