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CoindiskusEnlightened
Asked: April 11, 20222022-04-11T11:03:52+00:00 2022-04-11T11:03:52+00:00In: Terra Luna

What is Terra Luna?

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  1. cryptogeek Pundit
    2022-04-11T11:04:37+00:00Added an answer on April 11, 2022 at 11:04 am

    Terra is a blockchain-based platform that uses fiat-pegged stable coins to enable a price-stable global payment network. Terra, according to its whitepaper, combines the price stability and widespread use of fiat currencies with the censorship resistance of Bitcoin (BTC) to allow rapid and cost-effective transactions.

    Following a year of development, Terra’s main net became operational in April 2019. As of September 2021, it offers stable coins pegged to the US dollar, South Korean won, Mongolian tugrik, and the International Monetary Fund’s SDR basket of currencies, with more options on the way.

    Terra’s native token, the LUNA token, ensures that the price of the protocol’s stable currency remains constant. Holders of LUNA have the ability to propose and vote on governance proposals, making it a potential governance token.

    Unique Features Of Terra (LUNA)

    • Holders of LUNA Can Get Rewards for Staking

    Owners of LUNA tokens may decide to stake their tokens in the Terra ecosystem. When users put their LUNA on the line, they promise the Terra network their tokens, which are subsequently used to validate transactions. Users can unstick their tokens from the Terra ecosystem by unstacking them, although this process can take up to 21 days. Investors that stake LUNA gain a recurring portion of the transaction fees Terra receives when its stable coins are used.

    The Terra protocol distributes tokens first to validators, who are paid a commission for their services, and then to delegators, who are granted a reasonable quantity of tokens.

    Staking payouts for LUNA holders, like any other staking mechanism in the crypto market, are proportional to the size of the stake — the amount of rewards is proportional to the magnitude of the transaction volume. As more Terra applications or use cases for UST arise, demand for LUNA will increase, resulting in a rise in LUNA’s value.

    • Stablecoins Used In Various Situations

    Terra’s design is adaptable, allowing it to introduce self-stabilizing stable coins and other unique features to the market. The network relies on an elastic monetary supply mechanism to do this. The network automatically changed the quantity of stable coins to keep currency values matched with their underlying assets.

    The stable coins Terra USD (UST), TerraSDR (SDT), TerraKRW (KRT), and TerraMNT are just a few of the options (MNT). The US dollar, Mongolian tugrik, South Korean won, and other stable coins are all backed by a currency.

    • Anchor Protocol

    Anchor is a Terra stable coin-based low-volatility deposit-based savings system. Terra stable currency holders can use it as a way to earn prizes through the Terra stable coin network. In the same way that money is deposited into a bank account, it is deposited into Terra stable coins.

    Because it is sustained by a large supply of staking rewards from major proof-of-stake blockchains, the Anchor rate is more stable than money market interest rates.

    Instant deposits and withdrawals are supported by the protocol. Anchor also serves as a lending platform, enabling borrowers to obtain short-term loans utilising liquid-staked PoS assets from a variety of blockchains.

    • Mirror Protocol

    Mirror is a DeFi technology that allows smart contracts on the Terra blockchain to be used to create imitated assets known as’mAssets’ (Mirrored Assets). mAssets are virtual assets that mirror the market behaviour of real-world assets, allowing traders from all over the world to gain price exposure without the hassles of owning or trading real-world assets.

    The Mirror Protocol allows Terra users to simply build fungible assets. Synthetics are the name given to these newly created assets. Simply put up more than 150 percent of the value of the existing investment in Terra stable currencies or assets as collateral to create a Mirror asset (Masset).

    • Terra Gas

    Terra, like Ethereum, uses gas to carry out smart contract execution. This technique makes it easier to remove spam off the blockchain while simultaneously giving miners with a monetary incentive to do so.

    Validators establish minimum gas prices and reject transactions that have implied gas costs that are less than this. The computation expenses are allocated pro-rata to the participating validators at the end of each block.

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