{"id":450388,"date":"2022-05-20T16:07:00","date_gmt":"2022-05-20T13:07:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ust-aftermath-is-there-any-future-for-algorithmic-stablecoins\/"},"modified":"2022-05-20T16:07:00","modified_gmt":"2022-05-20T13:07:00","slug":"ust-aftermath-is-there-any-future-for-algorithmic-stablecoins","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ust-aftermath-is-there-any-future-for-algorithmic-stablecoins\/","title":{"rendered":"# UST aftermath: Is there any future for algorithmic stablecoins?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a28c869f3353\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a28c869f3353\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/ust-aftermath-is-there-any-future-for-algorithmic-stablecoins\/#%E2%80%9D_UST_aftermath_Is_there_any_future_for_algorithmic_stablecoins_%E2%80%9C\" >&#8221; UST aftermath: Is there any future for algorithmic stablecoins?  &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/ust-aftermath-is-there-any-future-for-algorithmic-stablecoins\/#Can_algo_stables_survive\" >Can algo stables survive?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/ust-aftermath-is-there-any-future-for-algorithmic-stablecoins\/#Is_more_collateral_the_answer\" >Is more collateral the answer?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/ust-aftermath-is-there-any-future-for-algorithmic-stablecoins\/#Are_algo_stables_even_needed\" >Are algo stables even needed?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/ust-aftermath-is-there-any-future-for-algorithmic-stablecoins\/#Consequences_for_crypto_generally\" >Consequences for crypto generally<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/buradabiliyorum.com\/en\/ust-aftermath-is-there-any-future-for-algorithmic-stablecoins\/#Lessons_learned\" >Lessons learned?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_UST_aftermath_Is_there_any_future_for_algorithmic_stablecoins_%E2%80%9C\"><\/span>&#8221; UST aftermath: Is there any future for algorithmic stablecoins?  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvYTFjNzg3YTYtZWVkNy00ZDk0LThlYWYtMGRjZjc3MjI2Yzg5LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>TerraUSD (UST) is an algorithmic stablecoin that is pegged at $1.00. But, on the evening of May 19, it was <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coinmarketcap.com\/currencies\/terrausd\/\">trading<\/a> for $0.083.<\/p>\n<p>This isn\u2019t supposed to h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>en, of course, but last week UST, along with its affiliated coin Terra (LUNA), performed a sort of death spiral that \u201cwiped nearly $50 billion of investor wealth in a few short days,\u201d according to NYDIG\u2019s May 13 <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>letter.<\/p>\n<p>The crash shook the crypto sector, but it also raised some questions: Is this about a single flawed project or is it also about an entire class of cryptocurrencies \u2014 algorithmic stablecoins \u2014 which use an arbitrage mechanism instead of fiat reserves to keep their market price stable? That is, are algo stables inherently unstable?<\/p>\n<p>Also, how have last week\u2019s events affected more traditional stablecoins, like Tether (USDT), the industry\u2019s largest, but which also briefly lost its 1:1 peg to the United States dollar? And, what about implications for the cryptocurrency and blockchain space <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>ly \u2014 has it too been tarred by UST\u2019s fall? <\/p>\n<p>Finally, what lessons, if any, can be drawn from the week\u2019s tumultuous events so that this doesn\u2019t happen again?<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Can_algo_stables_survive\"><\/span>Can algo stables survive?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As the dust settles, some are asking if the UST\/LUNA flatlining spells the beginning of the end for algorithmic stablecoins as a class. For the record: Some algo stables, including UST, may be partially collateralized, but algo stables rely mainly on market maker \u201carbitrage\u201d activity to maintain their $1.00 market price.\u00a0<\/p>\n<p>Pure algo stables, which put up no collateral at all, are \u201cinherently fragile,\u201d according to Ryan Clements, assistant professor at the University of Calgary Faculty of Law. They \u201crely on numerous assumptions for operational stability, which are neither certain nor guaranteed.\u201d As he further explained to Cointelegraph:<\/p>\n<blockquote><p>\u201cSpecifically, they require ongoing demand, willing market participants to perform arbitrage and reliable price information. None of these are certain and all of them have been tenuous during times of crisis or heightened volatility.\u201d<\/p><\/blockquote>\n<p>For these reasons, last week\u2019s bank run on LUNA and UST and the ensuing \u201cdeath spiral\u201d that resulted could have been predicted, said Clements, who indeed <a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/www.wakeforestlawreview.com\/2021\/10\/built-to-fail-the-inherent-fragility-of-algorithmic-stablecoins\/\">warned<\/a> of something like this in an October 2021 paper published in the Wake Forest Law Review.\u00a0<\/p>\n<p>\u201cPrior to the failure of UST, I argued that algorithmic stablecoins \u2014 those that are not fully collateralized \u2014 are based purely on confidence and trust in the economic incentives of the stablecoin issuer\u2019s underlying ecosystem. As a result, there is nothing stable about them.\u201d<\/p>\n<p>\u201cI don\u2019t see how algorithmic stablecoins can survive,\u201d Yves Longchamp, head of research at SEBA Bank \u2014 a Swiss regulated digital assets bank \u2014 told Cointelegraph. Last week\u2019s drawdown in the stablecoin space showed that: &#8220;Not all of them are created equal and that quality matters. USDC does better than USDT which, in turn, does better than UST.&#8221;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Is_more_collateral_the_answer\"><\/span>Is more collateral the answer?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Others, like Ganesh Viswanath-Natraj, assistant professor of finance at Warwick Business School, agreed that algo stablecoins are \u201cinherently fragile,\u201d but only insofar as they are under-collateralized. They can be shored up by \u201cdollar reserves or an equivalent in stablecoins on the blockchain. Alternatively, they can adopt a system of over-collateralization through smart contracts.\u201d The latter is how decentralized stablecoins like Dai (DAI) and Fei (FEI) work.<\/p>\n<p>Kyle Samani, co-founder of Multicoin Capital, largely agreed. \u201cThe problem with UST wasn\u2019t the algorithm, but the lack of collateral.\u201d<\/p>\n<p>\u201cAn algorithmic stablecoin is very challenging,\u201d Campbell Harvey, Duke University finance professor and co-author of <em>DeFi and the Future of Finance<\/em>, told Cointelegraph. \u201cEvery time you\u2019re under-collateralized, you run the risk of a so-called bank run.\u201d <\/p>\n<p>What was worse in the UST case is that it used an affiliated cryptocurrency, LUNA, to help keep its price steady. LUNA was \u201chighly correlated with the fate of UST,\u201d said Harvey, and when one began to sink, the other followed, which drove the first token\u2019s price down even more, and so on. He added:<\/p>\n<blockquote><p>\u201cDoes this mean it will be difficult to launch another algorithmic stablecoin? Yes. Does this mean the idea disappears? I\u2019m not sure about that. I\u2019d never say never.\u201d\u00a0<\/p><\/blockquote>\n<p>What is more certain is that UST was using a flawed model, insufficiently stress-testing and lacking in circuit breaking mechanisms to break the fall when the death spiral began, said Harvey.<\/p>\n<p><strong><em>Recent:\u00a0\u2018DeFi in Europe has no lobby,\u2019 says co-founder of Unstoppable Finance<\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Are_algo_stables_even_needed\"><\/span>Are algo stables even needed?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>One hears again and again that algorithmic stablecoins are a \u201cfascinating\u201d experiment with important implications for the future of global finance. Indeed, a purely algorithmic stablecoin that sustains operational stability without reserves is sometimes viewed as the \u201choly grail\u201d in decentralized finance (DeFi) development, Clements told Cointelegraph, adding:<\/p>\n<blockquote><p>\u201cThis is because, if it could be attained, it could scale in a capital efficient manner and still be \u2018censorship resistant.\u2019\u201d\u00a0<\/p><\/blockquote>\n<p>\u201cWe need a decentralized stablecoin,\u201d Emin G\u00fcn Sirer, founder and CEO of Ava Labs, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/el33th4xor\/status\/1523968918934728709?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1523968918934728709%7Ctwgr%5E%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcryptoslate.com%2Favalanche-founder-claims-only-one-algorithmic-stablecoin-can-succeed-defends-terras-ust%2F\">declared<\/a> last week. \u201cFiat-backed stables are subject to legal seizure and capture. A decentralized economy needs a decentralized stablecoin whose backing store cannot be frozen or confiscated.\u201d<\/p>\n<p>Are stablecoins subject to seizure? \u201cThis is certainly true,\u201d commented Samani, \u201cbut it hasn\u2019t been much of a problem historically. In general I think most people overstate this risk.\u201d<\/p>\n<p>\u201cI see the argument,\u201d Todd Phillips, director of financial regulation and corporate governance at the Center for American Progress and a former Federal Deposit Insurance Corporation lawyer, told Cointelegraph.<\/p>\n<p>What he can\u2019t understand, however, is how decentralized assets get around this conundrum: Decentralized assets are invariably more volatile than traditional assets, and so to pledge that their assets will hold a stable value \u2014 and not back them with stable assets like U.S. dollar but with other decentralized assets, like LUNA, or an arbitrage mechanism \u2014 is ultimately just asking for a UST-type scenario. <\/p>\n<p>Many were deploring Terra and its \u201cflawed\u201d stablecoin model last week, but maybe the notion of an algorithmic stablecoin in itself isn\u2019t so outlandish, especially if one takes a more historic view of money. Look at how the U.S. dollar and other currencies evolved in terms of their backing or \u201creserves,\u201d Alex McDougall, the president and COO of Stablecorp \u2014 a Canadian fintech firm, told Cointelegraph \u2014 further explaining:<\/p>\n<blockquote><p>\u201cFiat currencies started out as \u2018fully-backed,\u2019 like by gold, silver, etc, and evolved into basically algorithmic currencies with the central banks being the opaque algorithm underpinning and managing their value.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Consequences_for_crypto_generally\"><\/span>Consequences for crypto generally<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In the longer term, will the TerraUSD collapse have a lasting impact on the larger cryptocurrency and blockchain world?<\/p>\n<p>\u201cIt will help formulate clear principles on stablecoin design and the need for stable and liquid reserves to back the peg at all times,\u201d said Viswanath-Natraj. \u201cFor regulators, this is an opportunity to introduce rules on auditing and capital requirements for stablecoin issuers.\u201d <\/p>\n<p>Clements already sees some changes in the stablecoin environment. \u201cIn light of Terra\u2019s failure and the contagion that it caused across crypto markets, demand has moved to fully or over-collateralized forms.\u201d <\/p>\n<p>Stablecoins are largely a U.S. phenomenon, but the UST crash could have implications in Europe, too, Oldrich Peslar, legal counsel at Rockaway Blockchain Fund \u2014 a Swiss venture capital firm \u2014 told Cointelegraph. For example: <\/p>\n<blockquote><p>\u201cIn the EU, there is a discussion about whether there should be a real claim for redemption by law for all stablecoins, whether they should always be backed at least 1:1, and whether the issuance of stablecoins can be halted if they grow too big, or even whether the regulation should apply to decentralized stablecoins.\u201d\u00a0<\/p><\/blockquote>\n<p>\u201cThe UST saga,\u201d Peslar continued, \u201ccould serve as a pretext for stricter regulation rather than for a softer approach.\u201d<\/p>\n<p>Longchamp predicted that \u201calgorithmic stablecoins will be under pressure and are unlikely to be part of coming regulation\u201d in Europe \u2014 which is not a good thing for algo stables because in Europe, regulation is tantamount to acceptance. \u201cMy prediction would be that only audited asset-backed stablecoins will be regulated and encouraged.\u201d<\/p>\n<p>Last week\u2019s events could even \u201cchill\u201d institutional and venture capital formation for stablecoin and DeFi projects, at least in the near term, suggested Clements. It will also likely hasten regulatory policy formation in the U.S. and internationally around all stablecoin forms, \u201cidentifying taxonomic forms, and distinguishing operational models.\u201d This is needed because algorithmic versions of stablecoins \u201care not stable and should be distinguished from the fully collateralized forms.\u201d<\/p>\n<p>It may even discourage retail investment in crypto markets at large \u201cgiven the impact of the failure of Terra on the larger market,\u201d added Clements. <\/p>\n<p>On the positive side, Bitcoin (BTC), the oldest and largest cryptocurrency by market cap, often viewed as a bellwether for the entire industry, held up relatively well last week. \u201cEven though the market collapsed and BTC lost most of its value, its price has remained close to $30,000, which is high,\u201d said Longchamp. \u201cThe value offered by blockchain and crypto in the market remains strong.\u201d<\/p>\n<p>In the stablecoin sphere, performances were mixed. \u201cWhat was the impact on DAI? There was no impact,\u201d said Harvey, referencing the leading decentralized stablecoin. \u201cWhat was the impact on FEI, another decentralized stablecoin? There was no impact. There was no impact because those coins were over-collateralized and have multiple mechanisms to make sure the peg stays as close as possible to one dollar.\u201d <\/p>\n<p>\u201cWhat happened to USDC? Nothing,\u201d continued Harvey, alluding to USD Coin (USDC), the centralized stablecoin with a 1:1 USD backing. \u201cBut, what about Tether? Tether is a centralized stablecoin backed by fiat, but Tether is so opaque that we don\u2019t know what the collateral is.\u201d The result: \u201cTether took a hit\u201d because \u201cpeople said, \u2018Well, maybe this is just a situation similar to UST.\u2019\u201d Its opaqueness was held against it, he suggested. <\/p>\n<p>Tether, in its defense, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/tether.to\/en\/assurance-opinion-once-again-re-affirms-tethers-reserves-fully-backed-reveals-significant-reductions-in-commercial-paper-and-increase-in-us-treasury-bills\/\">claimed<\/a> in a May 19 statement that \u201cTether has never once failed to honor a redemption request from any of its verified customers.\u201d And, on the reserves front, Tether said it was reducing its commercial paper investments, for which it has been criticized, and increasing its U.S. Treasury Bill holdings.<\/p>\n<p><strong><em>Recent:\u00a0Indian government&#8217;s \u2018blockchain not crypto\u2019 stance highlights lack of understanding<\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Lessons_learned\"><\/span>Lessons learned?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Finally, what lessons, if any, can be learned from the UST tumult? One can probably assume that the \u201cquest\u201d for a pure algorithmic stablecoin will continue among DeFi developers, Clements told Cointelegraph. But, it is important that it be \u201cdone within a regulatory environment that has sufficient consumer and investor safeguards and disclosures.\u201d<\/p>\n<p>The last week has brought us closer to crypto regulation in the U.S., according to Phillips, \u201cat least I hope so, because we need regulation so investors don\u2019t get hurt.\u201d At a minimum, they should be forewarned about the risks. <\/p>\n<p>Overall, given that the crypto and blockchain industry is still in early adolescence \u2014 only 13 years old \u2014 periodic failures like UST\/LUNA probably should be expected, Harvey added, though \u201cwe hope the frequency and the magnitudes decrease.\u201d <\/p>\n<p>A certain amount of philosophical calm might be in order too. \u201cWe have to take the position that we\u2019re 1% into this disruption using decentralized finance and blockchain <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a>, and it will be a rocky ride,\u201d said Harvey, adding:<\/p>\n<blockquote><p>\u201cThe problems that DeFi solves are very substantial. There\u2019s a lot of promise. But it\u2019s early and there will be a lot of iterations before we get it right.\u201d\u00a0<\/p><\/blockquote>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/ust-aftermath-is-there-any-future-for-algorithmic-stablecoins\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; UST aftermath: Is there any future for algorithmic stablecoins? &#8220; TerraUSD (UST) is an algorithmic stablecoin that is pegged at $1.00. But, on the evening of May 19, it was trading for $0.083. This isn\u2019t supposed to happen, of course, but last week UST, along with its affiliated coin Terra (LUNA), performed a sort&#8230;<\/p>\n","protected":false},"author":1,"featured_media":450389,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvYTFjNzg3YTYtZWVkNy00ZDk0LThlYWYtMGRjZjc3MjI2Yzg5LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74894,74868,76556,75493,122378,70934,4965,36041],"class_list":["post-450388","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-blockchain","tag-defi","tag-fintech","tag-stablecoin","tag-terra","tag-regulation","tag-technology","tag-tether"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/450388","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=450388"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/450388\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/450389"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=450388"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=450388"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=450388"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}