Is There Sailor Moon?
"Pretty Guardian Sailor Moon (美少女戦士セーラームーン)" is a Japanese comic series that the princess of Moon saves Earth (and Moon). The original TV anime series was aired from 1992 to 1997, and it was one of my favorites. In 1998, I was a research intern at ATR (a research institute in Kyoto, Japan). The institute was in a rural area. So, I walked for about an hour every week to visit a video rental shop and rented tapes of Sailor Moon as many as possible; I copied every single episode of the series S and SS (the season three and four). The superhero from Moon could save Earth, but in the cryptoverse, there seems to be no hero for Terra.
I had no idea of Terra UST and LUNA before I read a WSJ article: "Debt Can Be a Killer." I thought it was another article from major media that denounced Elon Musk. But in the article, I found an interesting name, "Do Kwon": I thought it should be a Korean name. I learned that Terra is the name of a 'stablecoin,' whose value is pegged to 1 USD. How is it possible? Terra uses another coin (what?), LUNA for it: if the value of Terra goes under $1, they buy Terra by LUNA, and when it goes above $1 - vice versa. Then how can they maintain the value of LUNA? If the LUNA value goes down, they let people invest in LUNA with a guaranteed 20% interest rate. So, it was so natural that it reminded me of the word of P. With FED circulating it and some hedge funds shorting it, Terra (and LUNA) collapsed.
I don't know much about crypto and DeFi; I believe it is not appropriate for me to add my opinion on Terra's future. But as an older man who had some experiences over time, I cannot agree more with one sentence of the WSJ article.
“in downturns, equity hurts but debt kills.”