Terra's fans called themselves Lunatics. In one week of May 2022 LUNA fell from eighty dollars to fractions of a cent.
In 2021 a bank deposit paid less than one percent a year, and that seemed normal, because money in the world cost almost nothing. Anchor, a savings program on the Terra blockchain, paid twenty. You could put in the stablecoin UST, a digital dollar that was always worth one dollar, and a year later take out a fifth more. The depositor did not have to do any work, and there was no risk at all, as the creators assured everyone. In the spring of 2022 Anchor held more than $10 billion, and most of all the UST ever issued had been bought for the sake of those twenty percent.
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I Don't Debate the Poor — Nobody Owns Money | Mike Fluff
