Anatomy of a run: The Terra Luna crash

• 成果类型: Article
• 署名作者: Liu, Jiageng; Makarov, Igor; Schoar, Antoinette
• 署名单位: Massachusetts Institute of Technology (MIT); University of London; London School Economics & Political Science; National Bureau of Economic Research; Centre for Economic Policy Research - UK
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2026.104359
• 发表日期: 2026-10
• 页码: 104359
• 关键词: Cryptocurrencies; DeFi; Financial runs; financial fragility; Bank runs; equilibrium; INFORMATION; panics; MODEL

摘要

We examine the dramatic collapse of the Terra blockchain in May 2022. Using granular blockchain data, we show that the run resulted from the interaction of three economic forces: subsidized money creation, real-time observability of transactions, and investor concentration. The early success of Terra's algorithmic stablecoin, UST, was fueled by highly subsidized deposit rates, which attracted many investors but failed to engage them meaningfully with other services. Blockchain transparency allowed investors to observe Terra's worsening fundamentals and monitor each other's exits in real time. Larger and sophisticated investors reacted faster to adverse signals and served as catalysts for the run. These findings challenge the idea that blockchain transparency levels the playing field and highlight how greater observability and concentration can amplify financial fragility. Our results contribute to the understanding of the limits of private money creation and the dynamics of runs in fully digital financial systems.