{"id":461526,"date":"2022-06-12T08:17:00","date_gmt":"2022-06-12T05:17:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/what-can-other-algorithmic-stablecoins-learn-from-terras-crash\/"},"modified":"2022-06-12T08:17:00","modified_gmt":"2022-06-12T05:17:00","slug":"what-can-other-algorithmic-stablecoins-learn-from-terras-crash","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/what-can-other-algorithmic-stablecoins-learn-from-terras-crash\/","title":{"rendered":"# What can other algorithmic stablecoins learn from Terra\u2019s crash?"},"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-6a27c0f793b61\" 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-6a27c0f793b61\" 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\/what-can-other-algorithmic-stablecoins-learn-from-terras-crash\/#%E2%80%9D_What_can_other_algorithmic_stablecoins_learn_from_Terras_crash_%E2%80%9C\" >&#8221; What can other algorithmic stablecoins learn from Terra\u2019s crash? &#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\/what-can-other-algorithmic-stablecoins-learn-from-terras-crash\/#Stablecoins_New_name_for_an_age-old_concept\" >Stablecoins: New name for an age-old concept<\/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\/what-can-other-algorithmic-stablecoins-learn-from-terras-crash\/#Terra_aint_no_HKD_though\" >Terra ain\u2019t no HKD, though<\/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\/what-can-other-algorithmic-stablecoins-learn-from-terras-crash\/#Pricking_the_bubble\" >Pricking the bubble<\/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\/what-can-other-algorithmic-stablecoins-learn-from-terras-crash\/#Its_all_about_the_collateral\" >It\u2019s all about the collateral<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_What_can_other_algorithmic_stablecoins_learn_from_Terras_crash_%E2%80%9C\"><\/span>&#8221; What can other algorithmic stablecoins learn from Terra\u2019s crash? &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>The spectacular implosion of the Terra ecosystem in mid-May left the crypto industry scarred. Though there were some brave critics who understood just how thin the razor\u2019s edge was for TerraUSD (UST) \u2014 now TerraUSD Classic (USTC) \u2014 I think it\u2019s safe to say that most people didn\u2019t expect Terra to fail so fast, so dramatically and so completely irrevocably.<\/p>\n<p><iframe loading=\"lazy\" title=\"The LUNA and UST crash \u2014 WTF happened? Will they recover? | The Market Report\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/8dzMOuEjFIY?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>I\u2019m writing this as the Terra community is<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/station.terra.money\/proposal\/1623\"> voting<\/a> on a plan to restart some kind of Terra 2.0 \u2014 a plan to salvage the layer-1 ecosystem without the UST stablecoin. The old Terra, now to be known as Terra Classic, is completely dead. An ill-fated attempt to backstop UST holders printed trillions of LUNA tokens, destroying their value and ultimately jeopardizing the safety of the network itself.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-06\/6b06720b-59c9-4010-8eeb-ce195596da1e.png\"><\/figure>\n<p>The complete wipeout of $50 billion in value seems to have made people decide once and for all that algorithmic stablecoins cannot work. But I think it\u2019s important to have a more nuanced understanding of why the original LUNA failed and how others can learn from its lessons.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Terra 2.0: A crypto project built on the ruins of $40 billion in investors\u2019 money<\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Stablecoins_New_name_for_an_age-old_concept\"><\/span>Stablecoins: New name for an age-old concept<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The term stablecoin mostly evokes United States dollar-pegged currencies that aim to maintain a $1 value. But it\u2019s important to remember that this is mostly a matter of convenience. The same mechanisms underpinning today\u2019s USD stablecoins can be used to create coins that are pegged to the euro, gold, even Bitcoin (BTC), Nasdaq futures, or some specific stock, such as Tesla (TSLA).<\/p>\n<p><iframe loading=\"lazy\" title=\"What are stablecoins, and how do they work?\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/fdPmjHtQ5aM?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p>It\u2019s also interesting to note that stablecoins are not really a new crypto idea. Today\u2019s stablecoin designs are closely related to either how money works under a gold standard \u2014 e.g., Maker\u2019s Dai is a claim to a hard collateral just like early banknotes were claims to a gold vault \u2014 or they\u2019re a reproduction of pegged currencies such as the Hong Kong dollar.<\/p>\n<p>The HKD is a very interesting example in all of this because it\u2019s pretty much your run-of-the-mill \u201calgorithmic stablecoin.\u201d It\u2019s pegged to the U.S. dollar, even if not at a 1:1 ratio, and the HK central bank uses its vast reserves to keep HKD\u2019s price in a well-defined ratio by trading it on the market. The latest <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.hkma.gov.hk\/eng\/news-and-media\/press-releases\/2022\/05\/20220506-4\/\">audits<\/a> place the Hong Kong reserves at $463 billion, which is six times the HKD in im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>te circulation and almost half of its M3, the broadest definition of \u201cmoney\u201d that also includes not immediately liquid assets (like locked bank deposits).<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-06\/72a12ad8-28d8-4f75-aa13-f607aa56ff24.png\"><\/figure>\n<p>Really the only reason why HKD is technically not an algorithmic stablecoin is that there is a central bank conducting market operations. In decentralized finance (DeFi), the central bank is replaced by an algorithm.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>UST aftermath: Is there any future for algorithmic stablecoins?<\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Terra_aint_no_HKD_though\"><\/span>Terra ain\u2019t no HKD, though<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Conflating Terra with the algorithmic stablecoin space, in <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>, fails to see why Terra collapsed as hard as it did. It\u2019s important to realize just how fragile the Terra protocol design was. In a nutshell, UST was \u201ccollateralized\u201d by LUNA, the gas token of the Terra blockchain. Since there was a fairly solid DeFi and nonfungible token ecosystem developed on Terra, the LUNA token had some inherent value that helped boost the initial supply of UST.<\/p>\n<p>The way the mechanism worked was, in principle, similar to HKD. If UST traded above $1, users could acquire some LUNA and burn it for its dollar value in UST. Crucially, the system assumed that UST was worth $1, so the LUNA burner can just sell the UST on the market for, say, $1.01 and make a profit. They can then recycle the profits into LUNA, burn it again, and continue the cycle. Eventually, the peg would be restored.<\/p>\n<p>If UST traded below $1, the reverse mechanism helped backstop it. Arbitrageurs would buy the cheap UST, redeem it for LUNA at a rate of 1 UST equaling $1, and sell those tokens on the market at a profit.<\/p>\n<p>This system is great at keeping the peg in normal circumstances. One issue with Dai, for example, is that it can\u2019t be directly arbitraged for its underlying collateral. Arbitrageurs need to \u201chope\u201d that the peg stabilizes to make a profit, which is the primary reason why Dai is so reliant on USD Coin (USDC) now.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-06\/b40334ec-6aff-4cf0-9927-ed251effad68.png\"><\/figure>\n<p>But we also need to mention the extreme reflexivity in Terra\u2019s design. Demand for UST that makes it go above peg results in demand for LUNA, and thus, an increase in price. The keystone of this mechanism was Anchor, the lending protocol on Terra that guaranteed a 20% APY to UST stakers.<\/p>\n<p>Where did the 20% APY come from? From extra UST minted through Terraform Labs\u2019 LUNA reserves. A higher price of LUNA meant that they could mint more UST for Anchor yield, thus increasing UST demand and increasing LUNA\u2019s price \u2014 thus they were able to mint even more UST\u2026<\/p>\n<p>UST and LUNA were in a cycle of reflexive demand that, let\u2019s face it, had all the elements of a Ponzi. The worst thing was that there was no cap on how much UST could be minted as, say, a percentage of LUNA market capitalization. It was purely driven by reflexivity, which meant that just before the crash, $30 billion in LUNA\u2019s market cap backed $20 billion in UST\u2019s market cap.<\/p>\n<p>As Kevin Zhou, founder of Galois Capital and a famous critic of LUNA and UST before it collapsed, explained in an interview, each dollar put into a volatile asset raises its market cap by eight or more times. In practice, this meant that UST was wildly undercollateralized.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Based on his calculations, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Galois_Capital?ref_src=twsrc%5Etfw\">@Galois_Capital<\/a>&#8216;s Kevin Zhou believes that $4-$5B in liquidity will leave UST if the yields on Anchor are cut down to 7-12%, which he estimates could lead to an 8x decompression of the LUNA price. What do you think of his math? <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/pnlLHHXtkM\">https:\/\/t.co\/pnlLHHXtkM<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/oAhNCvTgim\">pic.twitter.com\/oAhNCvTgim<\/a><\/p>\n<p>\u2014 Laura Shin (@laurashin) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/laurashin\/status\/1512496832655544329?ref_src=twsrc%5Etfw\">April 8, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Pricking_the_bubble\"><\/span>Pricking the bubble<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>It\u2019s difficult to pinpoint the specific reason why the collapse began when it did, as there were definitely multiple factors ongoing. For one, Anchor reserves were visibly depleting, with only a couple of months worth of yield remaining, so there was talk of reducing the yield. The market was also not doing too well, as most large funds began to expect some kind of large crash and\/or protracted bear market.<\/p>\n<p>Some conspiracy theorists blame TradFi giants like Citadel, or even the U.S. government, for \u201cshorting\u201d UST with billions and triggering the bank run. Be that as it may, this is crypto: If it\u2019s not the U.S. government, it\u2019s going to be some rich whale who wants to be known as the second coming of Soros (who famously shorted the British pound when it had a similar peg setup, known as the Black Wednesday. While not as dramatic as Terra, the pound did lose 20% in just about two months).<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-06\/650b3bd5-c510-4444-af1c-794fa67a2dd9.png\"><\/figure>\n<p>In other words, if your system can\u2019t handle coordinated and well-funded attacks, it probably wasn\u2019t a good system, to begin with.<\/p>\n<p>Terraform Labs sought to prepare itself for the inevitable, collecting a total of just about 80,000 BTC that were supposed to backstop the peg. It was worth about $2.4 billion at the time, not nearly enough to redeem all UST holders who wanted to exit.<\/p>\n<p>The first depegging event between May 9 and 10 took UST to about $0.64 before recovering. It was bad, but not deadly just yet.<\/p>\n<p>There is an under<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>reciated reason why UST never recovered. The LUNA redemption mechanism I explained earlier was capped at about $300 million per day, which was ironically done to prevent a bank run for UST from destroying LUNA\u2019s value. The problem was that LUNA collapsed anyway, quickly going from $64 to just about $30, which already shed $15 billion in market capitalization. The depeg event barely shed any UST supply, as more than 17 billion remained out of an initial 18.5 billion.<\/p>\n<p>With Do Kwon and TFL being silent for the next few hours, the price of LUNA continued its collapse without any meaningful redemption activity, going to single-digit lows. It was only <em>here<\/em> that the management decided to up the redemption cap to $1.2 billion when LUNA\u2019s market cap had already fallen to $2 billion. The rest, as they say, is history. This rushed decision sealed the fate of the Terra ecosystem, resulting in hyperinflation and a later halt of the Terra blockchain.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Terra\u2019s meltdown highlights benefits of CEX risk-management systems<\/em><\/strong> <\/p>\n<h2><span class=\"ez-toc-section\" id=\"Its_all_about_the_collateral\"><\/span>It\u2019s all about the collateral<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Successful examples from TradFi like HKD should be a clue to what happened here. Terra appeared to be overcollateralized, but it really wasn\u2019t. The real collateralization before the crash amounted to maybe $3.6 billion (the Bitcoin reserves plus Curve liquidity and a couple of days worth of LUNA redemptions).<\/p>\n<p>But even 100% is not enough when your collateral is as volatile as a cryptocurrency. A good collateral ratio could be between 400% and 800% \u2014 enough to account for that valuation compression Zhou mentioned. And smart contracts should rigorously enforce this, prohibiting new coins from being minted if the collateralization is not ideal.<\/p>\n<p>The reserve mechanism should also be maximally algorithmic. So, in the case of Terra, the Bitcoin should\u2019ve been placed in an automatic stabilization module instead of opaque market makers (though here, there just wasn\u2019t enough time to build it).<\/p>\n<p>With safe collateralization parameters, a bit of diversification and a real use case for the asset, algorithmic stablecoins can survive.<\/p>\n<p>It\u2019s time for a new design for algorithmic stablecoins. Much of what I recommended here is contained in the Djed<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/eprint.iacr.org\/2021\/1069.pdf\"> white paper<\/a> that was released a year ago for an overcollateralized algorithmic stablecoin. Nothing has really changed since then \u2014 the Terra collapse was unfortunate but predictable, given just how undercollateralized it was.<\/p>\n<p class=\"post-content__disclaimer\"><em>This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<\/em><\/p>\n<p class=\"post-content__disclaimer\"><em>The views, thoughts and opinions expressed here are the author\u2019s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.<\/em><\/p>\n<div>\n<div style=\"background: rgb(239, 239, 239); border: 1px solid rgb(204, 204, 204); padding: 10px;\"><strong>Shahaf Bar-Geffen<\/strong> has been the CEO of Coti for more than four years. He was also part of the Coti founding team. He is known as the founder of WEB3, an online marketing group, as well as Positive Mobile, both of which were acquired. Shahaf studied computer <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/sciencee\/\" data-internallinksmanager029f6b8e52c=\"5\" title=\"Science\" target=\"_blank\" rel=\"noopener\">science<\/a>, bio<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> and economics at Tel-Aviv University.<\/div>\n<\/div>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template>\n<\/div>\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 <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> 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\/what-can-other-algorithmic-stablecoins-learn-from-terra-s-crash\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; What can other algorithmic stablecoins learn from Terra\u2019s crash? &#8220; The spectacular implosion of the Terra ecosystem in mid-May left the crypto industry scarred. Though there were some brave critics who understood just how thin the razor\u2019s edge was for TerraUSD (UST) \u2014 now TerraUSD Classic (USTC) \u2014 I think it\u2019s safe to say&#8230;<\/p>\n","protected":false},"author":1,"featured_media":461527,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvNWM5OGZjNDYtZTVlZi00ZjQ5LTkyNWQtM2NmYzAzMTZmMTMyLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74894,74863,74868,75493,122378,74355],"class_list":["post-461526","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-blockchain","tag-cryptocurrencies","tag-defi","tag-stablecoin","tag-terra","tag-adoption"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/461526","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=461526"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/461526\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/461527"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=461526"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=461526"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=461526"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}