Exposed Weaknesses of Crypto-Based Platforms

[TomPluz]

The recent industry-wide debacle that is still happening affects us all and it was heavily brought to us by the downfall of Luna's UST which is supposedly a stablecoin but instead of being backed by fiat currency it was then based on other cryptocurrencies. I am sure that this will go down in the crypto history as one of the most unforgettable one, among many especially because many people are affected and I am sure there are those who are financially wiped out because they believe so much on Tera and the people behind it.

There can be many lessons that as an industry we can learned from this. One, maybe we should be avoiding stablecoins with similar set-up and this should be serving a big warning to them to make things as good as they can and be transparent in everything they do.

Please share your opinion here...

[pelana vreo]

I think the failure of UST has been seen from the De-pegging they made, I completely like Terra's idea with the algorithm they made, but the team still didn't make changes to the algorithm and let UST continue to be printed without Fiat guarantees.
In the future I would like to see stable Coins that are better than UST, without Fiat guarantees, but using Gold guarantees and developers need to do some calculations in order to make the coins really stable.