What is Terra (LUNA)?
The Terra Protocol’s goal is to generate a coin that can be algorithmically coded through different blockchains. Terra Protocol has a native stabilizing crypto-asset called LUNA close to its better-known rival, Maker (MKR). It has been backed by Binance Labs.
Over the last year, the market capitalization of TerraUSD (UST) reached $2.75 billion, a notable accomplishment given the stablecoin was only released last year.
What is the History of Terra (LUNA)?
An alliance of 15 major Asian e-commerce firms introduced the project, which services over 30 million customers. In the ecosystem’s building, it places performance, scalability, and competition before all else.
Ahead of its March 2019 ICO, which earned $32 million, Hashed, Polychain Capital, Huobi, and XRP Arrington Capital participated in the seed financing round.
At the core of Terra’s main product is the Chai payments software, which has more than a million installs on the Android store. Through Chai’s partners, consumers can earn points that can be exchanged for prizes from participating merchants.
TMon, Qoo10, Yanolja, Megabox, and Musinsa have signed on as collaborators. These businesses provide perks in return for Chai member marketing promotion.
Also, they recently introduced a debit card named the Chai Card. Chai was one of the big winners of SoftBank and Hanwha Investment & Securities’s $60 million Series B investment on December 9, 2015.
How does Terra (LUNA) work?
A regular statistic given by Terra reveals that 2,000 new accounts are generated on the Terra chain.
More and more people are selecting Terra’s stablecoin as their money of preference, and this increased popularity has culminated in over 2 million total accounts being established.
For a total of 63,000 active accounts on a daily basis, on-chain data shows that there are about 63,000 active accounts per day.
To mine transactions on the Terra blockchain, miners need to “stake” LUNA, the native cryptocurrency.
Yield revenue actually comes mainly from clients that use the CHAI app to buy e-commerce goods. LUNA token investors stand to reap major benefits from staking.
A special savings protocol known as Anchor was created for Terra’s blockchain. It is peculiar among decentralized financial services in that it provides a principal-protected stablecoin that pays interest.
UST stablecoin deposits are pumped into Anchor, and Anchor can ultimately gain staking positions on numerous blockchains with the financing. Passive income would be created by proof-of-stake blockchains being able to communicate with the scheme.
The Terra’s Mirror Protocol, which began on December 3, 2017, was developed. Mirrored Assets enables real-world assets to be monitored, released, and exchanged utilizing synthetic assets (mAssets).
This assets are connected to the real-world commodity they mirror and therefore have their market valuation mirrored on the blockchain.
While UST is used as the medium of trade in Mirror, it is also necessary to mint and swap the Mirrored Properties on Terra.
Although the company has only obtained $90 million worth of collateralized UST securities, so far, Mirror has accrued $90 million in UST-collateralized assets.
How do I hold LUNA?
The most common LUNA wallet is Terra Station. There is also a wrapped version of LUNA called WLUNA that exists on the Ethereum blockchain. As an ERC20, WLUNA can be held using Metamask, MyEtherWallet, or other common ETH wallets.