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Terra Ecosystem
The Terra Ecosystem ave.change is
Launched in 2018 as an algorithm-based staboin Protocol, Terra Protocol aims to provide a stable and widely adopted staboin system, and for three years the entire Terra ecosystem has indeed been working around the two core goals of "price stability" and "widespread adoption". Especially since this year, with the constant development of stablecoin UST on the chain (Mirror Finance, Anchor Protocol), Expansion to Solana, Harmony and other blockchain networks) and off-chain (Amazon gift cards, payment integration), combined with the expected multi-chain assets from the Launch of the Columbus-5 upgrade in September and the Wormhole cross-chain Bridge, Recently, Terra ecology has received renewed attention in the market. Terra is one of the new public chains, but it was born with a different vision than Solana or Polygon, whose core goal is to improve performance. In fact, Terra is an organization with the goal of commercial landing. So far, Terra Ecology has covered stablecoin, synthetic assets, machine gun pool, real world payment and other scenarios. Stablecoin stands out as a representative work. Terra was able to make it into the top 10 when eco-projects were few and far between. In a word, Terra can be understood as Terra= stablecoin +DeFi+ payment under the chain. Centering on stablecoin, Terra vigorously develops DeFi around stablecoin, and connects stablecoin with the real world to achieve commercial landing in a real sense. Terra ecology can be summed up as "one core, three grips, and N ecological protocols". The "one core" is the stabler currency UST (the other two stabler currencies on Terra are the STABler currency SDT of THE IMF's Special Drawing Rights SDR and the stabler currency KRT linked to the Korean won, which has the same idea as the UST). Currently, the total market capitalization has reached $2.44 billion (as of September 7), ranking only behind USDT, USDC, BUSD and DAI. The whole design idea of Terra Ecology is all about how to expand the use scenario and payment demand of stabocoin UST, and the operation of UST adopts a dual token design: Luna: governance, pledge and verification token; UST: stable currency pegged to the original US dollar; The simple understanding is that every time a UST is cast, a dollar's worth of LUNA must be burned, and LUNA helps maintain the link between UST and dollar through arbitrage mechanism: whenever the UST trade is higher than the link, the user can send a dollar's worth of LUNA to the system and receive a UST. Conversely, when UST trades below the hook, a user can send a $1 UST to the system in order to get $1 LUNA. In both cases, users were incentivized to arbitrage, helping to maintain the UST peg to the dollar. The "Three Grips" are Mirror Finance and Anchor Protocol, two of Terra's official on-chain eco-hit products (sponsored and launched by Terraform LABS), and Chia, a payment application that supports the actual demand of payment scenarios under the chain. Among them, the payment program Chai has experienced more than two years of development test in the offline payment scene in South Korea, with stable growth according to data. Mirror Finance, a synthetic asset protocol, has become the industry's largest trading platform for synthetic U.S. stocks. Anchor Protocol, as a fixed interest rate Protocol, introduced bETH in August and ushered in significant growth in lock-up ecology and volume. In general, Mirror Finance and Anchor Protocol, two flagship products, play an almost central role in Terra's on-chain ecosystem. In addition, the coverage of off-chain payment scenarios of Chai has captured a large number of novice users who want to try to access the crypto world from the three aspects of payment, investment and savings. The "N Ecology sub-protocols" are a number of Terra ecology projects currently lined up around UST, such as Prism, Nebula, Alice, and more (there are more than 60 of them, according to an incomplete count by Tera.smartStake. IO). The world lines of these ecological protocols eventually converge to the use scenarios and consumption demands of stabocoin UST by cooperating with the combined benefits of Mirror Finance and Anchor Protocol. Synthetic assets within the Mirror are primarily cast through UST, which provides the most direct use scenario for UST. Among the three early applications, UST represents the central bank of Terra Ecology, ANCHOR represents the bank, and Mirror represents market circulation or investment. With the rise of new public chains in the crypto market this year, Terra launched a $150 million Eco-fund in July to support Terra's apps within the ecosystem. In less than a year, Terra Ecology has grown from a few projects such as Anchor and Mirror to nearly 200 projects. There are still a number of ecological projects that are lining up around UST, and it's not hard to see how Terra's on-chain applications are developing closely around UST.
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