The 20% APY provided by Anchor was way above the average yields for safe DeFi lending. Which indicated that even among crypto users, this was considered a degen

The 20% APY provided by Anchor was way above the average yields for safe DeFi lending. Which indicated that even among crypto users, this was considered a degen play! The whole Terra saga was a typical example of speculative bubble. Everyone knew it was risky, but its sheer size and the caliber of people endorsing it (https://twitter.com/novogratz/status/1478535972560195585 https://twitter.com/novogratz/status/1478535972560195585) was providing an aura of safety. Too big to fail. It's also similar to the stock market as a whole before it started correcting. Everyone knew valuations were detached from every fundamental except liquidity, yet everyone went along thinking the music just had to keep going.