Nansen’s On-chain Deep-Dive reveals two key lessons as we settle on the aftermath of the cataclysmic ecosystem collapse.

It was the cryptocurrency ecosystem. There is an abundance of speculative theories around the cause of Terra’s algorithmic stablecoin UST’s Decoupling from the $1 peg. The who and why seemed a mystery but the outcome was catastrophic, with UST dropping well below $1 while the value of Terra’s stablecoin token plummeted in value as a result.

To exploit arbitrage opportunities, attackers preyed upon liquidity in the Curve.

Seven wallets central to UST’s depeg