Debunking DeFi (w/ Bennett Tomlin of Crypto Critics' Corner)
GRIFTONOMICS
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Terraform Lab - The Collapse of a Dollar
There was recently a collapse of a coin called terrar, which also had something called luna a. It's honestly quite a silly premise, but, um, could you briefly explain what happened there and how it relates to to defy? Yes. So tera and luna, the system as a whole, were an example of what's called an elgarhythmic stable coin. Effectively, tera, the thing that's supposed to look like a dollar, was pseudo collateralized by luna,. Which is governmants token for the terra chain. As belief and terra started to get shaken, we saw the peg start to break.
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