Liu, Jiageng; Makarov, Igor; Schoar, Antoinette - National Bureau of Economic Research - 2023
wiped out $50 billion in valuation. At the center of the collapse was a run on a blockchain-based borrowing and lending … protocol (Anchor) that promised high yields to its stablecoin (UST) depositors. Using detailed data from the Terra blockchain …, 2022, other large traders followed. Blockchain technology allowed investors to monitor each other's actions and amplified …