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Research Anatomy of a Run: The Terra Luna Crash, 2023 with Igor Makarov and Antoinette Schoar. Working paper.
Terra, the third largest cryptocurrency ecosystem after Bitcoin and Ethereum, collapsed in four days in May 2022 and 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 and trading data from exchanges, we show that the run on Terra was a complex phenomenon that happened across multiple chains and assets. It was unlik