What is Terra ?
Terra is a blockchain for global and decentralised payments. Terra-based stablecoins, such as UST and KRT, keep their price pegged to the US dollar and Korean Won thanks to an algorithm based on LUNA supply. A number of decentralised finance services and stablecoins have been developed on its blockchain. LUNA is the central cryptocurrency on the Terra blockchain.
What is the Terra blockchain for?
LUNA has many use cases. On Terra it enables people to contribute to the blockchain as validators, to participate in project governance by voting on community proposals, and staking. Staking consists of holding locked LUNA coins to receive periodic rewards. LUNA can also be used on Terra’s native lending and DeFi protocols, such as Anchor.
What happened to Terra LUNA?
(update) The price of LUNA has dropped dramatically, following the major crisis suffered by the Terra ecosystem. As a matter of fact, on 9 May 2022, the price of the UST stablecoin lost its peg with the reference currency (the US dollar). The phenomenon – also known as depeg – caused a rapid mass sell-off. The combination of bearish market and sell-off caused Terra’s finances to collapse, resulting in a flight from Anchor Protocol and the classic phenomenon of bank-running, as well as the pre-emptive halt of the blockchain itself.
How it began?
Terra was developed by Terraform Labs, South Korean company founded in 2018 by Do Kwon and David Shin. Do Kwon, CEO of Terraform Labs, worked at Microsoft, and with Terra he wanted to create a stablecoin that combined the best of fiat and cryptocurrencies. Shin is CEO of Chai, an online payment company powered by Terra.
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