论文标题
稳定失败的解剖学：Terra-Luna案例
Anatomy of a Stablecoin's failure: the Terra-Luna case
论文作者
论文摘要
我们定量地描述了导致Terra项目在2022年失败的主要事件。我们首先以系统的方式审查了来自异质社交媒体来源的新闻；我们讨论了Terra项目的脆弱性及其对锚协议的恶性依赖性。因此，我们确定了崩溃的触发事件，分析比特币，Luna和Terrausd的每小时和交易数据。最后，使用网络科学的最新技术，我们研究了下降市场期间61个高资本化的加密货币的依赖性结构的演变，我们还强调了没有放牧行为分析回报的横截面绝对偏差。
We quantitatively describe the main events that led to the Terra project's failure in May 2022. We first review, in a systematic way, news from heterogeneous social media sources; we discuss the fragility of the Terra project and its vicious dependence on the Anchor protocol. We hence identify the crash's trigger events, analysing hourly and transaction data for Bitcoin, Luna, and TerraUSD. Finally, using state-of-the-art techniques from network science, we study the evolution of dependency structures for 61 highly capitalised cryptocurrencies during the down-market and we also highlight the absence of herding behaviour analysing cross-sectional absolute deviation of returns.
