The white paper that launched the cryptocurrencies terra and luna, like all such papers, is composed in the elegant font of a peer-reviewed journal. It cites The Review of Financial Studies and the Journal of Financial Economics. It is a very serious work.

“Terra Money: Stability and Adoption”, released in 2019, lays out two axioms of money. First, a stable currency is elastic — it can expand and contract to counter swings in demand. Second, stability alone doesn’t guarantee that anyone will use a currency. For that, a currency needs a fiscal policy that will spend it on efficient projects that create growth.

Well, yeah. Keeping a currency stable by managing supply is the central challenge of monetary policy. Efficient spending that creates growth is the central challenge of fiscal policy. The two axioms in the terra white paper are inarguably true descriptions of ancient problems.