Algorithmic Stablecoins After Terra: Why the Model Persists
TerraUST's $40 billion wipeout was a category failure, not a one-off. Every algorithmic stablecoin since has run the same death-spiral math, just with better branding.
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TerraUST's $40 billion wipeout was a category failure, not a one-off. Every algorithmic stablecoin since has run the same death-spiral math, just with better branding.
Terra wiped out $40B in days. Six years later, only over-collateralized and basis-trade designs survive, and the seigniorage model still keeps failing.