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.

我们定量描述了导致 Terra 项目在 2022 年 5 月失败的主要事件。我们首先以系统的方式回顾来自异构社交媒体来源的新闻；我们讨论了 Terra 项目的脆弱性及其对 Anchor 协议的恶性依赖。因此，我们确定了崩溃的触发事件，分析了比特币、Luna 和 TerraUSD 的每小时和交易数据。最后，我们使用网络科学中最先进的技术，研究了 61 种高度资本化的加密货币在低迷市场期间的依赖结构的演变，我们还强调了分析横截面回报绝对偏差的羊群行为的缺失。