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The Doomsday of Algorithmic Stablecoins: Luna-UST Crash Full Review

In May 2022, the crypto market experienced an unprecedented disaster. The once-trillion-dollar Luna and its associated stablecoin UST were completely wiped out within just 48 hours. This was not a minor fluctuation, but an instant collapse of the entire ecosystem.

The story initially seemed very enticing. UST claimed to be an "algorithmic stablecoin"—maintaining a 1 USD peg by destroying Luna. Coupled with the exaggerated 20% annual yield promise on the Anchor platform, it attracted a large influx of funds. Risk-free? High returns? Sounds like paradise, but in fact, it was the anteroom to hell. Essentially a Ponzi scheme, using new funds to cover old debts, supplemented by Bitcoin subsidies to artificially sustain the scene.

The burst of the bubble is often not that complicated. In May 2022, some institutions sensed something was wrong and began collectively selling UST and withdrawing from Anchor. Once a run begins, no one can stop it. UST rapidly broke below the "iron bottom" of 1 dollar, and the system frantically launched its final gamble: printing unlimited Luna to destroy UST, trying to save this teetering system.

But math doesn’t lie. Luna’s supply skyrocketed from a few hundred million to trillions, and its value evaporated instantly. From May 11th to 12th, Luna plummeted from a high of 120 USD to near zero. UST also went from being a "stablecoin" to a genuine altcoin.

The chain reaction was shocking. Three Arrows Capital was liquidated, multiple exchanges collapsed, and the entire market plunged into panic. Quan Daoheng played hide-and-seek with his funds, ultimately being arrested in 2023. This crazy saga left everyone with a profound lesson: in a world lacking genuine regulation, so-called innovation and miracles are often just the most spectacular fireworks before a collapse.