The Death Spiral: How Terra’s Algorithmic Stablecoin Came Crashing Down

[MuzzMelbourne]

Terra, prior to its demise, was one of the most promising and ambitious crypto ecosystems with one key mission - to build the largest algorithmic stablecoin. A thriving community of builders, investors and believers rallied around this mission, with Terra’s brash co-founder Do Kwon touted as their messiah. While critics called it a ponzi with unsustainable economics, Terra’s bold mission attracted billions of dollars of capital from prominent backers and grew so large that many deemed it “too big to fail”. And then it all came crashing down.

The Death Spiral: How Terra’s Algorithmic Stablecoin Came Crashing Down

Over the past week and a half, in one of the largest wealth-destroying events in crypto history, we witnessed the horrific unravelling of the Terra ecosystem.

www.forbes.com