Luna's unlimited supply makes it a classic example of a "vampire" token. Due to design flaws, Luna has evolved into a token with an "unlimited supply." While its initial design included a supply cap of 1 billion tokens and a burning mechanism, algorithmic defects caused it to become a "vampire" of over-issuing tokens during crises. The core logic is that Luna is pegged to the stablecoin UST, maintaining the peg through an algorithmic arbitrage mechanism of "burning Luna to mint UST and burning UST to mint Luna." However, UST has no external collateral and relies entirely on Luna's value. Once the market panics about decoupling from UST, a run on the tokens triggers a death spiral—investors rush to redeem Luna with UST, forcing the system to mint a massive amount of new Luna to meet these redemptions. This causes the Luna supply to surge from 386 million before the crisis to 6.5 trillion, completely exceeding the supply cap and creating the appearance of "unlimited issuance." This over-issuance is essentially a "vampire-like" plunder: the massive sell-off of newly issued Luna causes the price to drop to zero, diluting the assets of early holders and stakers. All value is devoured by the collapse of the algorithm mechanism, ultimately turning them into "vampires."