DeFi

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The next luna is in the making with 

Ethena

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The next luna is in the making with 

Ethena

   https://www.coinlive.com/news/analysis-why-did-makerdao-issue-dai-in-large-quantities-to

The comparison is not on the mechanism. 

The comparison is that LUNA was a huge disaster for many. 
It seems this could also happen here.

The comparison with luna doesnt make sense, there is no death spiral. There is a variety of other risks though.

Definitely not comparable to Luna. If you wanted to compare it to anything, it's closer to Celsius. However, Ethena has put far more measures, risk mitigations in place than Celsius ever did. It's a CeFi product that has notable custodial, counterparty, and legal/regulatory risks.