在 ”关于早餐前不可能的事情”，NYDIG 使用 Terra/LUNA 坍塌作为案例研究。这篇论文旨在证明算法稳定币的概念在本质上是有缺陷的。它还针对 DeFi 堆栈的当前状态并显示它的脆弱性。副标题说明了一切，“对 Terra 的事后剖析，对 DeFi 的事前剖析，以及对即将到来的疯狂的一瞥。”
相关阅读 |Terra 的崩溃给日本的稳定币带来了什么，新法律通过了
对于那些生活在岩石下的人来说，5 月 7 日，Terra 的算法稳定币 UST 失去了与美元的挂钩。一些Anchor 协议的关键提款可能是原因。或者，也许这是一次攻击。事情的真相是 那个“系统坏了”。原力的干扰导致了协议中的银行挤兑，进而导致死亡螺旋，导致 UST 及其双胞胎姐妹 LUNA 归零。
NYDIG 论文指出了 Terra 生态系统存在的两个设计漏洞。 第一，“从远见来看，LUNA/UST 设置的其他方面甚至比不足的 19.5% 的 Anchor ‘收益率’还要糟糕。”例如，投资者需要先购买 LUNA 才能铸造 UST，然后才能将 UST 存入 Anchor。”第二，“在算法上允许‘无限量’打印 LUNA 是致命的设计缺陷，提前保证 UST 银行挤兑——以及相应的 LUNA 恶性通货膨胀——是可能的，并且根据格雷欣定律，这是不可避免的。”
有争议的 Anchor 协议“宣传了 19.5% 的”收益率”。根据 NYDIG 的说法，Anchor 和 DeFi 一般都没有正确使用这个词。 “唯一可持续的收益来源是可持续的经济回报，而这又取决于实体经济中利用资本满足消费者需求的正和博弈。没有其他来源。称某物为“屈服”并不能使它屈服。”
那么，Anchor 协议是如何向所有客户付款的呢？简单，
“Anchor 的“收益”并非来自可持续盈利的经济活动。相反，Terra 的母公司定期将其 300 亿美元资金的一部分转移给 Anchor。这意味着除非 Terra 能够无限期地筹集巨额新资金，否则它最终会耗尽资金”
显然，整个 Terra 生态系统都很脆弱。
Gemini 上的 UST 价格走势图 |资料来源：UST/USDTradingView.com
请记住，NYDIG 论文总体上是对 DeFi 的控诉。第一个争论点是 TVL 或 Total Value Locked 的概念以及 DeFi 去中心化的想法。这组作者说，事实并非如此。他们将以 Terra 生态系统为例来证明这一点
“DeFi 不是去中心化的。 Terra 生态系统不是去中心化的。 Terra 最初从 LUNA 代币发行中获得资金，并在成立之初分配给 Terraform Labs。同样由 Terraform Labs 资助的 Luna Foundation Guard (LFG) 是一家新加坡“非营利组织”，旨在帮助维持 UST 系统的运作。”
如果需要，围绕着一个所谓的去中心化组织的中心化组织将接管控制权。这意味着他们最终会 100% 确定控制。 “就像 DeFi 中经常出现的情况一样，当危机出现时，和平时期的去中心化治理会迅速让位于战时的集中治理。”这个概念是不是很熟悉。
谈到熟悉的概念，“也许是用于评估和评估 DeFi 代币的最常用指标，‘锁定总价值’(TVL)，既不代表‘总价值’，也不是‘价值’，也不是‘锁定’。” 0 比 3。”这听起来可能很刺耳，但是，“这没有价值，因为他们经常重新抵押抵押品。”没错，“DeFi 项目通常代表并依赖于一系列的再抵押。一个应用程序中的“抵押品”可以无限地用于其他应用程序。”
至少现在还没有。在加密市场的当前状态下，算法稳定币和 DeFi 都是不可能的。 “无论用意多么好，所有算法稳定币都会失败，绝大多数（可能是全部）DeFi 当前版本都会失败，这里的“失败”意味着没有获得足够的临界质量，被黑客攻击，炸毁或被改变通过监管到无法生存的地步。”
相关阅读 |Mike Novogratz 发言：Terra 的 UST 是“一个失败的伟大想法”
NYDIG 提出了什么建议？在比特币的闪电网络上构建整个 DeFi 堆栈。你必须阅读“关于早餐前不可能的事情不过，有关详细信息，请参阅论文。
特色图片来自苏拉夫小号 在不飞溅 |图表依据交易视图
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