{"id":9600,"date":"2026-08-15T15:15:00","date_gmt":"2026-08-15T12:15:00","guid":{"rendered":"https:\/\/fxknews.com\/?p=9600"},"modified":"2026-08-15T00:43:02","modified_gmt":"2026-08-14T21:43:02","slug":"terrausd-ustc-nedir-1-dolara-sabit-olmasi-gereken-stablecoin-nasil-%99dan-fazla-coktu","status":"publish","type":"post","link":"https:\/\/fxknews.com\/?p=9600","title":{"rendered":"TerraUSD (USTC) Nedir? 1 Dolara Sabit Olmas\u0131 Gereken Stablecoin Nas\u0131l %99\u2019dan Fazla \u00c7\u00f6kt\u00fc?"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">TerraUSD (UST), 2020 y\u0131l\u0131nda piyasaya s\u00fcr\u00fclen ve ABD dolar\u0131na <strong>1:1 sabit kalmas\u0131<\/strong> hedeflenen algoritmik bir stablecoin\u2019di.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Geleneksel stablecoin\u2019lerden farkl\u0131 olarak UST\u2019nin arkas\u0131nda do\u011frudan dolar rezervi bulunmuyordu. Sistem, UST ile Terra\u2019n\u0131n yerel token\u0131 LUNA aras\u0131ndaki algoritmik arz mekanizmas\u0131na ve piyasa arbitraj\u0131na dayan\u0131yordu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2021-2022 d\u00f6neminde UST, \u00f6zellikle Anchor Protocol \u00fczerinden yakla\u015f\u0131k <strong>%20 getiri<\/strong> vaadiyle milyarlarca dolarl\u0131k sermaye \u00e7ekti. Bir d\u00f6nem UST\u2019nin piyasa de\u011feri 18 milyar dolar\u0131n \u00fczerine \u00e7\u0131kt\u0131 ve Terra ekosistemi kripto sekt\u00f6r\u00fcn\u00fcn en b\u00fcy\u00fck projelerinden biri haline geldi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ancak May\u0131s 2022\u2019de UST dolar sabitini kaybetti.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sonras\u0131nda ya\u015fanan <strong>death spiral<\/strong>, hem UST\u2019yi hem de LUNA\u2019y\u0131 neredeyse tamamen yok etti.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bug\u00fcn orijinal UST, Terra Classic zincirinde <strong>TerraClassicUSD (USTC)<\/strong> ad\u0131yla i\u015flem g\u00f6r\u00fcyor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">USTC, 2026 y\u0131l\u0131nda yakla\u015f\u0131k <strong>0,005 dolar<\/strong> seviyesinde i\u015flem g\u00f6r\u00fcyor. Tarihi zirvesi yakla\u015f\u0131k <strong>1,09 dolar<\/strong> oldu\u011fu i\u00e7in ATH\u2019den kay\u0131p <strong>%99,5\u2019in \u00fczerinde<\/strong>.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_86 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">\u0130\u00e7indekiler<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/fxknews.com\/?p=9600\/#TerraUSD_USTC_Nedir\" >TerraUSD (USTC) Nedir?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/fxknews.com\/?p=9600\/#TerraUSD_Nasil_Ortaya_Cikti\" >TerraUSD Nas\u0131l Ortaya \u00c7\u0131kt\u0131?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/fxknews.com\/?p=9600\/#Anchor_Protocol_Nedir\" >Anchor Protocol Nedir?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/fxknews.com\/?p=9600\/#TerraUSD_Ne_Vaad_Etti\" >TerraUSD Ne Vaad Etti?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/fxknews.com\/?p=9600\/#Do_Kwon_Kimdi\" >Do Kwon Kimdi?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/fxknews.com\/?p=9600\/#UST_Neden_Bu_Kadar_Buyudu\" >UST Neden Bu Kadar B\u00fcy\u00fcd\u00fc?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/fxknews.com\/?p=9600\/#UST_Nasil_Coktu\" >UST Nas\u0131l \u00c7\u00f6kt\u00fc?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/fxknews.com\/?p=9600\/#Death_Spiral_Nasil_Olustu\" >Death Spiral Nas\u0131l Olu\u015ftu?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/fxknews.com\/?p=9600\/#LUNA_Arzi_Nasil_Patladi\" >LUNA Arz\u0131 Nas\u0131l Patlad\u0131?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/fxknews.com\/?p=9600\/#Bitcoin_Rezervleri_Neden_Yetmedi\" >Bitcoin Rezervleri Neden Yetmedi?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/fxknews.com\/?p=9600\/#UST_Yatirimcilari_Nasil_Magdur_Oldu\" >UST Yat\u0131r\u0131mc\u0131lar\u0131 Nas\u0131l Ma\u011fdur Oldu?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/fxknews.com\/?p=9600\/#UST_Neden_Yeniden_1_Dolara_Donemedi\" >UST Neden Yeniden 1 Dolara D\u00f6nemedi?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/fxknews.com\/?p=9600\/#Terra_Classic_ve_USTC_Nasil_Ortaya_Cikti\" >Terra Classic ve USTC Nas\u0131l Ortaya \u00c7\u0131kt\u0131?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/fxknews.com\/?p=9600\/#USTC_Bugun_Ne_Durumda\" >USTC Bug\u00fcn Ne Durumda?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/fxknews.com\/?p=9600\/#Terraform_Labsa_Ne_Oldu\" >Terraform Labs\u2019a Ne Oldu?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/fxknews.com\/?p=9600\/#Turkiyede_UST_Nasil_Pazarlaniyordu\" >T\u00fcrkiye\u2019de UST Nas\u0131l Pazarlan\u0131yordu?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/fxknews.com\/?p=9600\/#Turkiyedeki_Yatirimcilar_Neden_Buyuk_Zarar_Etti\" >T\u00fcrkiye\u2019deki Yat\u0131r\u0131mc\u0131lar Neden B\u00fcy\u00fck Zarar Etti?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/fxknews.com\/?p=9600\/#UST_Bir_Ponzi_Miydi\" >UST Bir Ponzi Miydi?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/fxknews.com\/?p=9600\/#USTC_Icin_Gelecekte_Beklenti_Var_mi\" >USTC \u0130\u00e7in Gelecekte Beklenti Var m\u0131?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/fxknews.com\/?p=9600\/#Sonuc\" >Sonu\u00e7<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"TerraUSD_USTC_Nedir\"><\/span>TerraUSD (USTC) Nedir?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">TerraUSD, ba\u015flang\u0131\u00e7ta ABD dolar\u0131na sabitlenmek \u00fczere tasarlanm\u0131\u015f <strong>algoritmik bir stablecoin<\/strong>di.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ama\u00e7 son derece basitti:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>1 UST = 1 ABD dolar\u0131<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ancak UST\u2019nin dolar kar\u015f\u0131l\u0131\u011f\u0131n\u0131 korumak i\u00e7in banka hesab\u0131nda tutulan nakit rezervler veya ABD Hazine tahvilleri bulunmuyordu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bunun yerine sistemin merkezinde LUNA bulunuyordu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">UST\u2019nin fiyat\u0131 1 dolar\u0131n \u00fczerine \u00e7\u0131kt\u0131\u011f\u0131nda yeni UST olu\u015fturulabiliyor, UST 1 dolar\u0131n alt\u0131na d\u00fc\u015ft\u00fc\u011f\u00fcnde ise UST yak\u0131larak kar\u015f\u0131l\u0131\u011f\u0131nda LUNA olu\u015fturuluyordu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bu mekanizma, piyasa kat\u0131l\u0131mc\u0131lar\u0131n\u0131n arbitraj yaparak fiyat\u0131 yeniden 1 dolara ta\u015f\u0131yaca\u011f\u0131 varsay\u0131m\u0131na dayan\u0131yordu.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"TerraUSD_Nasil_Ortaya_Cikti\"><\/span>TerraUSD Nas\u0131l Ortaya \u00c7\u0131kt\u0131?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Terra ekosistemi, <strong>Terraform Labs<\/strong> taraf\u0131ndan geli\u015ftirildi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u015eirketin kurucular\u0131 aras\u0131nda <strong>Do Kwon<\/strong> ve <strong>Daniel Shin<\/strong> bulunuyordu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Terra\u2019n\u0131n temel hedeflerinden biri blockchain \u00fczerinde fiyat\u0131 istikrarl\u0131 dijital para birimleri olu\u015fturmakt\u0131.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">UST ise bu sistemin en \u00f6nemli par\u00e7as\u0131 haline geldi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Terra ekosistemi b\u00fcy\u00fcd\u00fck\u00e7e UST\u2019nin kullan\u0131m alanlar\u0131 da geni\u015fledi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ancak projenin as\u0131l b\u00fcy\u00fck s\u0131\u00e7ramas\u0131 <strong>Anchor Protocol<\/strong> ile ger\u00e7ekle\u015fti.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Anchor_Protocol_Nedir\"><\/span>Anchor Protocol Nedir?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Anchor Protocol, Terra ekosistemindeki merkeziyetsiz bor\u00e7 verme ve tasarruf platformuydu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Anchor\u2019\u0131n en dikkat \u00e7ekici \u00f6zelli\u011fi, UST yat\u0131ran kullan\u0131c\u0131lara yakla\u015f\u0131k <strong>%20 y\u0131ll\u0131k getiri<\/strong> sunmas\u0131yd\u0131.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bu getiri oran\u0131 UST\u2019ye y\u00f6nelik talebi ciddi \u015fekilde art\u0131rd\u0131.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yat\u0131r\u0131mc\u0131lar\u0131n mant\u0131\u011f\u0131 \u015fuydu:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>UST dolar de\u011ferini koruyor + Anchor yakla\u015f\u0131k %20 getiri veriyor = dolar benzeri varl\u0131kta y\u00fcksek getiri.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bu anlat\u0131 Terra ekosistemine milyarlarca dolarl\u0131k sermaye \u00e7ekti.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ancak y\u00fcksek getirinin s\u00fcrd\u00fcr\u00fclebilirli\u011fi uzun s\u00fcre tart\u0131\u015fma konusu oldu.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"TerraUSD_Ne_Vaad_Etti\"><\/span>TerraUSD Ne Vaad Etti?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">UST\u2019nin temel vaadi, merkezi bir banka veya geleneksel rezerv sistemi olmadan dijital dolar yaratmakt\u0131.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Projenin \u00f6ne \u00e7\u0131kan anlat\u0131lar\u0131:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>1 dolara sabit dijital para<\/li>\n\n\n\n<li>Merkeziyetsiz stablecoin<\/li>\n\n\n\n<li>Bankalara ihtiya\u00e7 duymayan finansal sistem<\/li>\n\n\n\n<li>Y\u00fcksek getiri<\/li>\n\n\n\n<li>DeFi ekosisteminde kullan\u0131labilirlik<\/li>\n\n\n\n<li>K\u00fcresel \u00f6deme altyap\u0131s\u0131<\/li>\n\n\n\n<li>Algoritmik para politikas\u0131<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u015feklindeydi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bu nedenle UST yaln\u0131zca bir stablecoin olarak de\u011fil, <strong>merkeziyetsiz finans\u0131n gelece\u011fi<\/strong> olarak g\u00f6r\u00fcl\u00fcyordu.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Do_Kwon_Kimdi\"><\/span>Do Kwon Kimdi?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Terra\u2019n\u0131n en tan\u0131nm\u0131\u015f kurucusu <strong>Do Kwon<\/strong>\u2019du.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Kwon, Terraform Labs\u2019\u0131n CEO\u2019su olarak Terra ve UST\u2019nin k\u00fcresel \u00f6l\u00e7ekte b\u00fcy\u00fcmesinde en \u00f6nemli isimlerden biri oldu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Terra\u2019n\u0131n ba\u015far\u0131s\u0131 s\u0131ras\u0131nda b\u00fcy\u00fck bir topluluk olu\u015ftu ve Terra yat\u0131r\u0131mc\u0131lar\u0131 s\u0131kl\u0131kla <strong>\u201cLunatics\u201d<\/strong> olarak adland\u0131r\u0131l\u0131yordu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Do Kwon\u2019un agresif ve kendinden emin sosyal medya ileti\u015fimi de Terra toplulu\u011funun karakteristik \u00f6zelliklerinden biri haline geldi.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"UST_Neden_Bu_Kadar_Buyudu\"><\/span>UST Neden Bu Kadar B\u00fcy\u00fcd\u00fc?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">UST\u2019nin b\u00fcy\u00fcmesinin arkas\u0131nda yaln\u0131zca stablecoin kullan\u0131m\u0131 yoktu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">En b\u00fcy\u00fck motor <strong>Anchor Protocol\u2019deki y\u00fcksek getiri<\/strong> oldu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">UST arz\u0131 b\u00fcy\u00fcd\u00fck\u00e7e Terra ekosisteminin piyasa de\u011feri de h\u0131zla artt\u0131.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2022\u2019nin ba\u015flar\u0131nda Terra, d\u00fcnyan\u0131n en b\u00fcy\u00fck kripto ekosistemlerinden biri haline gelmi\u015fti.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">LUNA yakla\u015f\u0131k <strong>119 dolar<\/strong> seviyelerine ula\u015f\u0131rken UST\u2019nin piyasa de\u011feri de 18 milyar dolar\u0131n \u00fczerine \u00e7\u0131kt\u0131.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bu d\u00f6nem Terra\u2019n\u0131n zirvesiydi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ancak sistemin en b\u00fcy\u00fck g\u00fcc\u00fc ayn\u0131 zamanda en b\u00fcy\u00fck zay\u0131fl\u0131\u011f\u0131yd\u0131:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>UST\u2019ye olan g\u00fcven devam etti\u011fi s\u00fcrece sistem b\u00fcy\u00fcyordu. G\u00fcven kayboldu\u011funda ise mekanizma ters y\u00f6nde \u00e7al\u0131\u015f\u0131yordu.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"UST_Nasil_Coktu\"><\/span>UST Nas\u0131l \u00c7\u00f6kt\u00fc?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u00c7\u00f6k\u00fc\u015f May\u0131s 2022\u2019de ba\u015flad\u0131.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">7 May\u0131s civar\u0131nda UST likiditesinde \u00f6nemli hareketler ya\u015fand\u0131 ve stablecoin dolar sabitinden ayr\u0131lmaya ba\u015flad\u0131.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u0130lk a\u015famada fiyat yakla\u015f\u0131k 0,985 dolara kadar geriledi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bu tek ba\u015f\u0131na \u00f6l\u00fcmc\u00fcl de\u011fildi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ancak yat\u0131r\u0131mc\u0131 g\u00fcveni sars\u0131lm\u0131\u015ft\u0131.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Anchor\u2019daki kullan\u0131c\u0131lar UST\u2019lerini \u00e7ekmeye ba\u015flad\u0131.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sat\u0131\u015f bask\u0131s\u0131 artt\u0131k\u00e7a UST\u2019nin dolar sabitini korumas\u0131 daha zor hale geldi.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Death_Spiral_Nasil_Olustu\"><\/span>Death Spiral Nas\u0131l Olu\u015ftu?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">UST\u2019nin \u00e7\u00f6k\u00fc\u015f\u00fcn\u00fc anlaman\u0131n en \u00f6nemli noktas\u0131 <strong>LUNA-UST mekanizmas\u0131<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">UST sahipleri sistem \u00fczerinden UST\u2019lerini LUNA kar\u015f\u0131l\u0131\u011f\u0131nda kullanabiliyordu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">UST 1 dolar\u0131n alt\u0131na d\u00fc\u015ft\u00fc\u011f\u00fcnde arbitrajc\u0131lar\u0131n UST sat\u0131n al\u0131p sistem \u00fczerinden LUNA elde etmesi gerekiyordu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ancak panik b\u00fcy\u00fcd\u00fck\u00e7e \u00e7ok fazla UST ayn\u0131 anda sistemden \u00e7\u0131kmak istedi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bunun sonucunda \u00e7ok b\u00fcy\u00fck miktarlarda yeni LUNA olu\u015fturuldu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">LUNA\u2019n\u0131n arz\u0131 kontrolden \u00e7\u0131kt\u0131.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">LUNA\u2019n\u0131n fiyat\u0131 d\u00fc\u015ft\u00fck\u00e7e UST\u2019yi destekleyen mekanizman\u0131n g\u00fcvenilirli\u011fi daha da azald\u0131.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bu da daha fazla UST sat\u0131\u015f\u0131na yol a\u00e7t\u0131.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sonu\u00e7:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>UST d\u00fc\u015ft\u00fc \u2192 daha fazla LUNA \u00fcretildi \u2192 LUNA d\u00fc\u015ft\u00fc \u2192 g\u00fcven kayboldu \u2192 daha fazla UST sat\u0131ld\u0131 \u2192 daha fazla LUNA \u00fcretildi.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bu kendi kendini besleyen mekanizma <strong>death spiral<\/strong> olarak adland\u0131r\u0131ld\u0131.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"LUNA_Arzi_Nasil_Patladi\"><\/span>LUNA Arz\u0131 Nas\u0131l Patlad\u0131?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u00c7\u00f6k\u00fc\u015f s\u0131ras\u0131nda LUNA arz\u0131ndaki art\u0131\u015f inan\u0131lmaz boyutlara ula\u015ft\u0131.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">LUNA\u2019n\u0131n arz\u0131 birka\u00e7 g\u00fcn i\u00e7erisinde y\u00fcz milyonlar seviyesinden <strong>onlarca milyar tokena<\/strong> \u00e7\u0131kt\u0131.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">LUNA\u2019n\u0131n fiyat\u0131 da yakla\u015f\u0131k 31 dolar seviyesinden <strong>0,01 dolar seviyesine<\/strong> kadar geriledi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">B\u00f6ylece sistemin UST\u2019yi desteklemek i\u00e7in kulland\u0131\u011f\u0131 mekanizma, tam tersine LUNA\u2019n\u0131n hiperenflasyonuna yol a\u00e7t\u0131.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Bitcoin_Rezervleri_Neden_Yetmedi\"><\/span>Bitcoin Rezervleri Neden Yetmedi?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Terra\u2019n\u0131n \u00e7\u00f6k\u00fc\u015f\u00fcnden \u00f6nce <strong>Luna Foundation Guard (LFG)<\/strong> UST\u2019nin istikrar\u0131n\u0131 desteklemek amac\u0131yla Bitcoin rezervleri toplam\u0131\u015ft\u0131.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ama\u00e7, UST \u00fczerindeki bask\u0131 artt\u0131\u011f\u0131nda Bitcoin rezervlerini kullanarak piyasaya m\u00fcdahale etmekti.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2022\u2019nin ba\u015flar\u0131nda LFG milyarlarca dolarl\u0131k Bitcoin rezervi olu\u015fturdu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ancak \u00e7\u00f6k\u00fc\u015f s\u0131ras\u0131nda ya\u015fanan sat\u0131\u015f bask\u0131s\u0131 o kadar b\u00fcy\u00fckt\u00fc ki bu rezervler UST\u2019nin 1 dolarl\u0131k sabitini kal\u0131c\u0131 olarak korumaya yetmedi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sonu\u00e7ta UST sabitini kaybetti ve LUNA\u2019n\u0131n arz\u0131 kontrolden \u00e7\u0131kt\u0131.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"UST_Yatirimcilari_Nasil_Magdur_Oldu\"><\/span>UST Yat\u0131r\u0131mc\u0131lar\u0131 Nas\u0131l Ma\u011fdur Oldu?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">UST\u2019nin en tehlikeli taraf\u0131, yat\u0131r\u0131mc\u0131lara bir stablecoin g\u00fcvenli\u011fi hissi vermesiydi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bir\u00e7ok ki\u015fi UST\u2019yi Bitcoin veya volatil altcoin gibi g\u00f6rm\u00fcyordu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u201c1 UST = 1 dolar\u201d<\/strong> varsay\u0131m\u0131 yat\u0131r\u0131m kararlar\u0131n\u0131n temeliydi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Anchor\u2019daki yakla\u015f\u0131k %20 getiri de yat\u0131r\u0131mc\u0131lar\u0131n UST\u2019yi uzun s\u00fcre tutmas\u0131n\u0131 te\u015fvik etti.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ancak sabit bozuldu\u011funda yat\u0131r\u0131mc\u0131lar\u0131n elindeki varl\u0131k birka\u00e7 g\u00fcn i\u00e7inde dramatik \u015fekilde de\u011fer kaybetti.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2022 \u00e7\u00f6k\u00fc\u015f\u00fc s\u0131ras\u0131nda UST ve LUNA ekosistemindeki yat\u0131r\u0131mc\u0131 kay\u0131plar\u0131n\u0131n toplam\u0131 yakla\u015f\u0131k <strong>40 milyar dolar<\/strong> olarak tahmin edildi.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"UST_Neden_Yeniden_1_Dolara_Donemedi\"><\/span>UST Neden Yeniden 1 Dolara D\u00f6nemedi?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u00c7\u00fcnk\u00fc May\u0131s 2022\u2019de ya\u015fanan kriz yaln\u0131zca ge\u00e7ici bir likidite problemi de\u011fildi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sistemin temelindeki g\u00fcven ortadan kalkm\u0131\u015ft\u0131.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">UST\u2019nin 1 dolara d\u00f6nmesi i\u00e7in yat\u0131r\u0131mc\u0131lar\u0131n algoritmik mekanizmaya yeniden g\u00fcvenmesi gerekiyordu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ancak LUNA\u2019n\u0131n \u00e7\u00f6kmesi, UST\u2019nin arkas\u0131ndaki ekonomik mekanizman\u0131n \u00e7al\u0131\u015fmad\u0131\u011f\u0131n\u0131 ortaya koydu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">B\u00f6ylece stablecoin\u2019in temel iddias\u0131 ortadan kalkt\u0131.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Terra_Classic_ve_USTC_Nasil_Ortaya_Cikti\"><\/span>Terra Classic ve USTC Nas\u0131l Ortaya \u00c7\u0131kt\u0131?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u00c7\u00f6k\u00fc\u015f\u00fcn ard\u0131ndan Terra toplulu\u011fu yeni bir blockchain olu\u015fturma karar\u0131 ald\u0131.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Eski Terra zinciri <strong>Terra Classic<\/strong> olarak yeniden adland\u0131r\u0131ld\u0131.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Eski LUNA token\u0131 <strong>LUNC<\/strong> oldu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Eski UST ise <strong>USTC \u2014 TerraClassicUSD<\/strong> ad\u0131n\u0131 ald\u0131.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yeni Terra zincirinde ise LUNA token\u0131 kullan\u0131ld\u0131 ve yeni zincir UST gibi algoritmik stablecoinleri desteklemedi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bu nedenle bug\u00fcn <strong>USTC ile 2022 \u00f6ncesindeki UST ayn\u0131 ekonomik yap\u0131ya sahip de\u011fil.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"USTC_Bugun_Ne_Durumda\"><\/span>USTC Bug\u00fcn Ne Durumda?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">USTC art\u0131k 1 dolara sabit bir stablecoin de\u011fil.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Eski UST\u2019nin yeniden adland\u0131r\u0131lm\u0131\u015f hali olarak Terra Classic blockchain \u00fczerinde serbest \u015fekilde i\u015flem g\u00f6r\u00fcyor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2026 y\u0131l\u0131nda USTC yakla\u015f\u0131k <strong>0,005 dolar<\/strong> seviyesinde bulunuyor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bu nedenle USTC\u2019nin bug\u00fcnk\u00fc fiyat\u0131n\u0131 \u201cstablecoin peg\u2019i\u201d \u00fczerinden de\u011ferlendirmek m\u00fcmk\u00fcn de\u011fil.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Art\u0131k fiyat tamamen piyasa arz\u0131 ve talebi taraf\u0131ndan belirleniyor.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Terraform_Labsa_Ne_Oldu\"><\/span>Terraform Labs\u2019a Ne Oldu?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Terra\u2019n\u0131n \u00e7\u00f6k\u00fc\u015f\u00fcn\u00fcn ard\u0131ndan Terraform Labs ve Do Kwon hakk\u0131nda ABD\u2019de hukuki s\u00fcre\u00e7 ba\u015flat\u0131ld\u0131.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">SEC, Terraform Labs ve Do Kwon\u2019u yat\u0131r\u0131mc\u0131lar\u0131 yan\u0131ltmak ve kripto varl\u0131k menkul k\u0131ymetleriyle ba\u011flant\u0131l\u0131 \u00e7e\u015fitli ihlaller ger\u00e7ekle\u015ftirmekle su\u00e7lad\u0131.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2024 y\u0131l\u0131nda federal mahkeme Terraform Labs ve Do Kwon\u2019u doland\u0131r\u0131c\u0131l\u0131k ve kay\u0131ts\u0131z menkul k\u0131ymet teklifleri konusunda sorumlu buldu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Daha sonra Terraform Labs ve Do Kwon, SEC ile yakla\u015f\u0131k <strong>4,5 milyar dolarl\u0131k<\/strong> bir anla\u015fmaya vard\u0131.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Terraform Labs ayr\u0131ca iflas s\u00fcrecine girerek operasyonlar\u0131n\u0131 tasfiye etme yoluna gitti.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Turkiyede_UST_Nasil_Pazarlaniyordu\"><\/span>T\u00fcrkiye\u2019de UST Nas\u0131l Pazarlan\u0131yordu?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Terra ve UST, 2021-2022 d\u00f6neminde T\u00fcrkiye\u2019deki kripto yat\u0131r\u0131mc\u0131lar\u0131 aras\u0131nda da olduk\u00e7a pop\u00fclerdi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00d6zellikle:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>UST\u2019nin \u201cdolar sabitli\u201d olmas\u0131<\/li>\n\n\n\n<li>Anchor\u2019daki yakla\u015f\u0131k %20 getiri<\/li>\n\n\n\n<li>LUNA\u2019n\u0131n y\u00fckseli\u015fi<\/li>\n\n\n\n<li>Terra ekosisteminin b\u00fcy\u00fcme beklentisi<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">T\u00fcrk\u00e7e kripto topluluklar\u0131nda yo\u011fun \u015fekilde konu\u015fuluyordu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ancak belirli T\u00fcrk fenomenlerini UST yat\u0131r\u0131mc\u0131lar\u0131n\u0131n ma\u011fduriyetinden sorumlu tutacak \u015fekilde do\u011frulanm\u0131\u015f ve g\u00fcvenilir bir kaynak bulunmad\u0131\u011f\u0131ndan isim vermek do\u011fru olmaz.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bu olayda as\u0131l problem tek bir influencer de\u011fil, k\u00fcresel \u00f6l\u00e7ekte b\u00fcy\u00fcyen Terra anlat\u0131s\u0131n\u0131n milyonlarca yat\u0131r\u0131mc\u0131 taraf\u0131ndan benimsenmesiydi.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Turkiyedeki_Yatirimcilar_Neden_Buyuk_Zarar_Etti\"><\/span>T\u00fcrkiye\u2019deki Yat\u0131r\u0131mc\u0131lar Neden B\u00fcy\u00fck Zarar Etti?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">UST\u2019nin stablecoin olmas\u0131, baz\u0131 yat\u0131r\u0131mc\u0131lar\u0131n onu di\u011fer kripto paralara g\u00f6re daha g\u00fcvenli g\u00f6rmesine neden oldu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00d6zellikle y\u00fcksek enflasyon ortam\u0131nda dolar bazl\u0131 getiri arayan yat\u0131r\u0131mc\u0131lar a\u00e7\u0131s\u0131ndan UST ve Anchor\u2019\u0131n sundu\u011fu yakla\u015f\u0131k %20 getiri son derece cazip g\u00f6r\u00fcn\u00fcyordu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ancak UST\u2019nin dolar sabitini kaybetmesiyle birlikte yat\u0131r\u0131mc\u0131lar\u0131n \u201cdolar benzeri\u201d g\u00f6rd\u00fc\u011f\u00fc varl\u0131k birka\u00e7 g\u00fcn i\u00e7erisinde b\u00fcy\u00fck de\u011fer kaybetti.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bu nedenle Terra \u00e7\u00f6k\u00fc\u015f\u00fc, T\u00fcrkiye\u2019deki yat\u0131r\u0131mc\u0131lar a\u00e7\u0131s\u0131ndan yaln\u0131zca bir altcoin \u00e7\u00f6k\u00fc\u015f\u00fc de\u011fil, <strong>stablecoin olarak kabul edilen bir varl\u0131\u011f\u0131n tamamen g\u00fcven kaybedebilece\u011fini g\u00f6steren b\u00fcy\u00fck bir \u015fok<\/strong> oldu.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"UST_Bir_Ponzi_Miydi\"><\/span>UST Bir Ponzi Miydi?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Terra\u2019n\u0131n \u00e7\u00f6k\u00fc\u015f\u00fcnden sonra UST s\u0131k s\u0131k \u201cPonzi\u201d olarak tan\u0131mland\u0131.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ancak bunu teknik veya hukuki bir s\u0131n\u0131fland\u0131rma olarak kullanmak do\u011fru de\u011fil.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Daha \u00f6nemli olan \u015fu:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">UST\u2019nin y\u00fcksek getirili Anchor ekonomisi ve LUNA ile olan algoritmik ba\u011flant\u0131s\u0131, s\u00fcrekli g\u00fcven ve talebe ihtiya\u00e7 duyuyordu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sistem bu g\u00fcveni kaybetti\u011finde mekanizma kendi kendini besleyen bir \u00e7\u00f6k\u00fc\u015fe d\u00f6n\u00fc\u015ft\u00fc.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">ABD makamlar\u0131n\u0131n y\u00fcr\u00fctt\u00fc\u011f\u00fc hukuki s\u00fcre\u00e7lerde Terraform Labs ve Do Kwon hakk\u0131nda yat\u0131r\u0131mc\u0131lar\u0131n yan\u0131lt\u0131ld\u0131\u011f\u0131na ili\u015fkin ciddi bulgular ortaya \u00e7\u0131kt\u0131.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dolay\u0131s\u0131yla Terra hik\u00e2yesini <strong>algoritmik stablecoin modelinin \u00e7\u00f6k\u00fc\u015f\u00fc, yat\u0131r\u0131mc\u0131lar\u0131n yan\u0131lt\u0131ld\u0131\u011f\u0131na ili\u015fkin hukuki bulgular ve death spiral<\/strong> \u00fczerinden de\u011ferlendirmek daha do\u011fru.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"USTC_Icin_Gelecekte_Beklenti_Var_mi\"><\/span>USTC \u0130\u00e7in Gelecekte Beklenti Var m\u0131?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">USTC\u2019nin eski 1 dolar seviyesine d\u00f6nmesi topluluk i\u00e7erisinde zaman zaman g\u00fcndeme gelse de mevcut yap\u0131 a\u00e7\u0131s\u0131ndan son derece zor bir hedef.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00c7\u00fcnk\u00fc orijinal UST mekanizmas\u0131 art\u0131k mevcut de\u011fil.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Terra Classic \u00fczerindeki \u00e7e\u015fitli topluluk giri\u015fimleri USTC\u2019nin de\u011ferini art\u0131rmaya y\u00f6nelik mekanizmalar \u00fczerinde \u00e7al\u0131\u015fsa da mevcut fiyat ile 1 dolar aras\u0131ndaki fark yakla\u015f\u0131k <strong>200 kat<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bu nedenle USTC\u2019nin eski 1 dolarl\u0131k sabitine geri d\u00f6nmesi i\u00e7in yaln\u0131zca piyasa ko\u015fullar\u0131n\u0131n iyile\u015fmesi yeterli olmayacakt\u0131r.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00c7ok b\u00fcy\u00fck miktarda talep, arz y\u00f6netimi ve ekosistem kullan\u0131m\u0131n\u0131n yeniden olu\u015fmas\u0131 gerekir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Sonuc\"><\/span>Sonu\u00e7<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">TerraUSD, kripto para tarihinin en b\u00fcy\u00fck stablecoin ba\u015far\u0131s\u0131zl\u0131klar\u0131ndan biri.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bir d\u00f6nem <strong>1 dolara sabit<\/strong>, merkeziyetsiz ve y\u00fcksek getirili bir dijital para olarak sunulan UST; Anchor Protocol, LUNA ve algoritmik arbitraj mekanizmas\u0131 \u00fczerine kurulmu\u015f devasa bir ekosistemin merkezindeydi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ancak May\u0131s 2022\u2019de g\u00fcven kayboldu\u011funda sistem tersine \u00e7al\u0131\u015fmaya ba\u015flad\u0131.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>UST d\u00fc\u015ft\u00fc \u2192 LUNA \u00fcretildi \u2192 LUNA \u00e7\u00f6kt\u00fc \u2192 daha fazla UST sat\u0131ld\u0131 \u2192 sistem tamamen \u00e7\u00f6kt\u00fc.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sonu\u00e7ta yakla\u015f\u0131k <strong>40 milyar dolarl\u0131k yat\u0131r\u0131mc\u0131 de\u011feri yok oldu<\/strong>, Terraform Labs iflas s\u00fcrecine girdi ve UST\u2019nin orijinal mekanizmas\u0131 tarihe kar\u0131\u015ft\u0131.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bug\u00fcn USTC yakla\u015f\u0131k <strong>0,005 dolar<\/strong> seviyesinde i\u015flem g\u00f6r\u00fcyor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yani 1 dolar olmas\u0131 gereken bir stablecoin, y\u0131llar sonra dolar\u0131n yakla\u015f\u0131k <strong>%0,5\u2019i<\/strong> de\u011ferinde.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">TerraUSD\u2019nin hik\u00e2yesinin en b\u00fcy\u00fck dersi ise \u015fu:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Bir varl\u0131\u011f\u0131n \u201cstablecoin\u201d olarak adland\u0131r\u0131lmas\u0131 onu otomatik olarak g\u00fcvenli yapmaz. Rezerv, teminat ve s\u00fcrd\u00fcr\u00fclebilir mekanizma olmadan yaln\u0131zca piyasa g\u00fcvenine dayanan bir sabitleme sistemi, g\u00fcven ortadan kalkt\u0131\u011f\u0131nda g\u00fcnler i\u00e7inde tamamen \u00e7\u00f6kebilir.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>TerraUSD (UST), 2020 y\u0131l\u0131nda piyasaya s\u00fcr\u00fclen ve ABD dolar\u0131na 1:1 sabit kalmas\u0131 hedeflenen algoritmik bir stablecoin\u2019di. Geleneksel stablecoin\u2019lerden farkl\u0131 olarak<\/p>\n","protected":false},"author":1,"featured_media":9601,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","footnotes":""},"categories":[7,16],"tags":[789],"class_list":["post-9600","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kripto-paralar","category-incelemeler","tag-ustc"],"_links":{"self":[{"href":"https:\/\/fxknews.com\/index.php?rest_route=\/wp\/v2\/posts\/9600","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fxknews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fxknews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fxknews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/fxknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9600"}],"version-history":[{"count":0,"href":"https:\/\/fxknews.com\/index.php?rest_route=\/wp\/v2\/posts\/9600\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fxknews.com\/index.php?rest_route=\/wp\/v2\/media\/9601"}],"wp:attachment":[{"href":"https:\/\/fxknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9600"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fxknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9600"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fxknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9600"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}