The Incredible implosion in the ecosystemIn mid-May, the cryptocurrency industry was in a bind. Though there were some brave critics who understood just how thin the razor’s edge was for TerraUSD (UST) — now TerraUSD Classic (USTC) — I think it’s safe to say that most people didn’t expect Terra to fail so fast, so dramatically and so completely irrevocably.

I’m writing this as the Terra community is voting on a plan to restart some kind of Terra 2.0 — a plan to salvage the layer-1 ecosystem without the UST stablecoin. Terra Classic has become the new Terra. A failed attempt to stop UST holders printing trillions of LUNA tokens destroyed their value, and eventually jeopardized the safety of network.