Over the past few days the entire cryptocurrency market has taken a tumble, and for newcomers the volatility is something that can be somewhat unnerving. There are a few reasons for this, but the most significant by far has been the collapse of Terra’s UST stablecoin. This one event wrought havoc, and also created chaos in other markets via a series of cascading liquidations and forced sell pressure. This article is a post mortem for the Terra project, which appears (despite the somewhat humbled Tweets of Do Kwon) to have now completely died.
Really a sad story. We all need to take stock in how this happened.