Anatomy of a Stablecoin’s failure: The Terra-Luna case
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https://doi.org/10.1016/j.frl.2022.103358 |
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Title
Anatomy of a Stablecoin’s failure: The Terra-Luna caseDate
2023Publisher
ElsevierISSN
1544-6123; 1544-6131Bibliographic citation
BRIOLA, Antonio, et al. Anatomy of a Stablecoin’s failure: The Terra-Luna case. Finance Research Letters, 2023, 51: 103358.Type
info:eu-repo/semantics/articleVersion
info:eu-repo/semantics/publishedVersionSubject
Abstract
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 ... [+]
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. [-]
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Finance Research Letters, 2023, 51: 103358.Rights
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