Failure atlas
Terra and the UST peg
A peg that depended on arbitrage against the system's own token.
What to keep
UST was designed to hold a dollar peg by expanding and contracting LUNA.
In May 2022 the peg broke and the mechanism that was supposed to restore it increased the supply of the token it leaned on.
This page is a design lesson. It is not a full legal or market reconstruction, and it is not a trading history.
What this is not
Not a complaint, not a price chart, and not a complete history. Primary sources outrank this summary.