Because it's an intentionally obtuse Ponzi scheme. You can stake Terra on Anchor protocol which was advertised as up to 20% yoy return for lending your Terra. T

Because it's an intentionally obtuse Ponzi scheme. You can stake Terra on Anchor protocol which was advertised as up to 20% yoy return for lending your Terra. This creates demand for Terra, which in turn creates demand for Luna, as you can only mint new Terra by burning Luna. As long as there are newcomers buying into the ecosystem, Luna will increase in value.