The UST Implosion Continues #shorts

Since Sunday, the Anchor protocol has lost $6 billion in UST deposits.

Since last weekend, DeFi has lost $27 billion.

Professor Clemens from the University of Calgsry says, “Algorithmic stablecoins are based on confidence and trust in the economic incentives of the stablecoin issuer's underlying ecosystem. Once that trust and investor demand evaporates, they quickly fail in a death spiral.”

Is LUNA facing a death spiral? Do Kwon says on Twitter, “Hang tight” and “Stay strong.” He is working on a “recovery plan.”

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