โWe believed a high level of external collateralization was a necessity in the long run, and we saw this as a path to get there. Unfortunately, it didnโt grow fast enough compared to UST supply, and, combined with a fall in value of the BTC reserves, the liability overhang was too large to be defended,โ Delphi wrote.
Terra Backers Delphi Digital and Hashed Lick Their Wounds After UST and Luna Collapse
