That is not true. The supply of luna coins kept increasing, which means that new money was being pumped in without corresponding sellers. Furthermore, while on one side luna coins were being destroyed to support the tera peg on the other side new supply of luna coins was being created and new money brought in. This new money went to the luna foundation which used it to pay the yield on the anchor protocol.
So anything with inflation is considered a ponzi scheme in your eyes?
Just want to mention that I in no way support algorithmic stable coins, I think they are a joke (including luna/terra). But I also don't agree crypto currencies are generally a ponzi scheme (there may be a few exceptions).
I am not talking about crypto in general but the ancor protocol in particular. The ancor protocol provided 19.5 % yield without having any asset that actually produces that kind of income. It provided the yield from new investments coming in, which is the definition of a ponzi scheme.
