1/ The prevailing peg pressure on $UST from its current supply overhang is rendering severe dilution of $LUNA.
The primary obstacle is expelling the bad debt from UST circulation at a clip fast enough for the system to restore the health of on-chain spreads.
1/当前供应过剩对美元UST造成的普遍钉住压力正在严重稀释美元LUNA。
主要障碍是以足够快的速度将坏账从UST流通中清除，以使系统恢复链上利差的健康。