Terra debacle exposes flaws plaguing the crypto industry

[TomPluz]

The downfall of Terra calls into question the real-world utility as well as the long-term viability of algorithmic stablecoins. The past week has been a dark period in the history of crypto, with the total market capitalization of this industry dipping as low as $1.2 trillion for the first time since July 2021. The turmoil, in large part, has been due to the real-time disintegration of Terra, a Cosmos-based protocol that powers a suite of algorithmic stablecoins.

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Am sure that what is happening right now with cryptocurrency industry would already be one of the most memorable one with a lot of repercussions for the industry that will appear later. Surely, many other platforms and players in this industry will be questioned as to their integrity and transparency. Let's hope that this will not be a big signal for regulators to make things stricter which can lead to the demise of many platforms...but definitely this can be a way for cleansing the industry of players that are not doing well according to what they should be. It would be interesting to see which can suffer the consequences next...