It is the 11th most valuable cryptocurrency in the market, with a market value of 16 billion 200 million dollars. There are 401,850,151.49 LUNAs in circulation, with a total supply of 971,150,116. Terra (LUNA) is the cryptocurrency of the Terra blockchain, created for the use of stablecoins indexed to certain currencies for use in trade and payment. In this way, Terra collects the payment system we use constantly in a single blockchain network and makes it ready for use. For this, they serve with stablecoins alongside Terra Luna. The network is controlled by Terra (LUNA) and it is possible to mine and earn income with staking.
While Terra Luna is still in the project stage, it is from very large exchanges such as Binance Labs, Huobi, OKex; 1kx has received investments from companies such as Polychain Capital, Arrington XRP CAPITAL. The Terra platform has a payment system called CHAI, which can be used for instant payments. Businesses and customers can easily use this application. This mobile payment application has also managed to raise up to $60 million from Hashed, Hanwah, SoftBank and many other payment institutions. The CHAI application contains over 20 payment options such as PayPal, Payoneer, Ecopayz in a single network. Facilities such as paying bills, making bank transfer & EFT, using credit card & paying debt, accessing digital wallet are available in the application. CHAI has now approached 2.5 million users per month and has passed 3 million transactions. About 20 thousand new users start using the application every week. The company continues its development rapidly, especially in Asian countries.
The Terra executive team includes Do Kwon as CEO and Daniel Shin as COO. Shin is also the CEO of CHAI. This duo has great experience in both the blockchain world and the e-commerce industry.
Mining System
The reason why Terra creates stablecoins and makes them available on its network is to ensure that coins can be used freely with a decentralized, open-source financial infrastructure. The reason for PoS mining is to ensure that the stablecoins I will list below work regularly within the network without deviating from the exchange rate. Again, staking investors can get some share of the transaction fees on the network. On the other hand, miners can have a say in changes in the network, they have the power to vote for the amount of LUNA they stake. The Terra platform burns some of the LUNAs gained, thus reducing the mining power. The default percentage of transaction fees within the network is 0.1%. Although this percentage can increase or decrease, it is set to rise to a maximum of 1%. During mining on the network, blocks are created every 6 seconds.
Terra Stablecoins
There are many stablecoins belonging to the Terra platform. Coin printing and burning actions are carried out by the platform so that the prices of these coins do not differ from the actual exchange rate. TerraUSD (UST) trades as the US dollar-pegged stablecoin, TerraKRW (KRT) trades as the Korean Won-pegged stablecoin. There is also MNT, the Mongolian Tögrög (Tugrik) indexed stablecoin of Terra, which develops stablecoin projects for countries where cryptocurrencies are popular but local exchanges are not / insufficient. IMF SDR, GBP, JPY, CNY and EUR, which do not appear on CoinMarketCap, are also other stablecoins available on the Terra platform. The purpose of the platform is to increase the use of these stablecoins in the world. Based on this, we can expect a TRY-indexed stable coin to work.
Mirror DeFi Protocol
The Mirror protocol enables tokenized trading of stocks and commodity ETFs traded on US exchanges. Terra Platform also offers the opportunity to invest in certain stocks, such as the FTX Exchange or the PancakeSwap decentralized exchange. To list the tokenized shares and efts in Terraswap:
iShares Gold Trust
iShares Silver Trust
ProShares VIX
United States Oil Fund
Twitter
Apple
Tesla
Microsoft
Alibaba
Netflix
Invesco QQQ Trust
Google
Amazon