) and the future of DeFi. The one-time Korean DeFi darling – ever the elephant in the room – was taboo.
At the core of Terra was UST – a decentralized stablecoin that sought to maintain its $1 peg through clever programming rather than through direct 1:1 backing. The vision was ambitious. And it worked well until it didn’t. For months before the crash, onlookers warned that UST’s stabilizing mechanism, which was supposed to expand and contract the supply of luna to keep UST at $1, was destined to fail just like virtually all similar experiments preceding it.adamantTerra played a major role in growing South Korea’s nascent crypto scene. Many of the builders and retail investors who I spoke to in Korea cited Terra – sometimes with an embarrassed chuckle – as their first door into the sector.
But Terra skeptics have long maintained that Hashed bears some blame for propping up the project’s fragile ecosystem.
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