2025-12-12 09:23:09

After the Terra incident, industry reflection has just begun. The founder was sentenced to 15 years in prison, but the scars in the market have not yet healed—DeFi leverage ratios have fallen below pre-Luna collapse levels. What does this indicate? The $15 billion lending market now has collateral that is less sufficient than in 2021, and the risk defense line continues to weaken. Celsius creditors cannot wait; the distribution plan for Q1 2026 has been implemented, but they can only redeem each dollar of debt for 10-40 cents. Ironically, LUNC surged by 200% due to this verdict news—short-term market reactions often run counter to long-term risks. What has this cycle taught us? Leverage is always a double-edged sword; the sufficiency of collateral determines the resilience of the entire ecosystem.

LUNC-13.17%

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VitalikFanAccount

· 13h ago

Are the collateral assets even more sufficient than in 2021? I really didn't expect that, we're actually going backwards.

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ImaginaryWhale

· 13h ago

This wave is really outrageous, are the collateral assets even less sufficient than in 2021? Why are we going backwards? LUNC surging 200% and that's all? Wake up, everyone. Celsius creditors exchanging ten cents for one dollar—that's called risk management. The market will never teach people; the temptation of leverage outweighs reason. Even a 15-year ruling can't contain retail investors' greed; it's truly sick. Collateral is the key to life; without it, everything is just talk on paper. Short-term bets on reversals, long-term being reversed, cycling back and forth like this.

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CryptoComedian

· 13h ago

Laughing until I cried, the collateral isn't even as sufficient as it was two years ago. Is this what they call reflection? --- Celsius creditors will be paid out at 10 cents. I'm embarrassed for them, and we still have to wait until Q1 next year. --- LUNC soars 200%? Ha, sometimes the market is really absurd. It gets pumped as soon as news breaks. How do they think about the risk? --- 15 years of imprisonment has been enforced, but DeFi leverage multiples are even more虚 (meaning "hollow" or "虚假" - fake/empty). It's so ironic I want to laugh. --- The quality of collateral used in the 15 billion lending market has even declined? Isn't this just裸奔 (meaning "naked running" or "going all out without protection")? --- A double-edged sword, right? Now I understand. Leverage is just a timed bomb; whoever touches it will爆 (explode). --- I'm just wondering, why does the market short-term surge after every major event, but in the long run, it's still the same坑 (pit/trap)? --- The market's scars haven't healed yet, and now they're thinking about加杠杆 (adding leverage). Are they really敢 (daring)? --- Does the sufficiency of collateral decide the ability to抗击打 (withstand blows)? Then this ecosystem must be on the verge of碎 (breaking) at the slightest touch.

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