Commendably, Terra has promoted efficiency, transparency, and security; when transactions are ongoing between service providers and customers. There is a remarkable increase in the customer’s value.
What Is Terra Luna?
Terra, a promising blockchain payment system. is incorporated with fiat-pegged stablecoins like TerraUSD, TerraCNY, TerraEUR, etc. It has a native token called LUNA coin with a circulating supply of 400 Million. Terra blockchain aims to become a global cross-border digital payment network with low transaction fees, instant payment, and low-risk cross-border due to the incorporation of stable coins.
In this article, we discuss the top ten coins on the Terra blockchain network. An analysis of their pricing graph, trading volume, market dominance, and market capitalization.
Below is the list of the top ten coins on the Terra blockchain. Read on before making your investment decision.
Top 10 Coins on Terra
Anchor(ANC)
Anchor (ANC) is a two-token algorithmic stablecoin with a unique property. Its price is dependent on sustainability and predictions to monitor the growing inclination of the global economy.
ANC is quite popular because of these features: its exceptional stability makes it free from market fluctuation, inflation, and depreciation. It functions on an Ethereum network. Also, it has a six pillar safety net that secures the system for swift transactions.
Lido(LDO)
Lido provides a liquid staking system for Ethereum 2.0 through which users participate in trading activities like lending. Compound returns are earned by users without minimum deposits or maintaining infrastructure.
On Terra, Lido provides daily rewards on the liquidity provided by the staked assets at no lockups. LDO is the native token used for granting governance rights, managing fee parameters, and distribution. On December 19, 2020, Lido’s stalking app began with 1 billion LDO tokens at its beginning, during its launch.
Mirror(MIR)
MIR is an artificial assets protocol developed by Terraform Labs (TFL) using the Terra blockchain.
According to its name, this blockchain “mirrors” versions of real-world assets by showing the market prices on-chain. Mirrored assets provide the following advantages during transactions: global receptiveness, swift order execution, and partial orders execution. To keep MIR decentralized, TFL has decided against keeping or selling MIR tokens. Hence, there are no admin keys or private access licenses given to anyone.
Total value locked on the Mirror platform is currently hovering around almost two billion US dollars and is expected to rise exponentially with the Columbus-5 network upgrade.
Terraswap(-)
Terraswap is a Uniswap-inspired automated market-maker (AMM) protocol started on late 2020. It implements smart contracts on the Terra blockchain which allows a decentralized on-chain exchange for the various assets directly on the Terra ecosystem automatically. Terraswap creates an accessible financial marketplace for empowering developers, liquidity providers, and traders.
Users can carry out an exchange involving native Terra assets (LUNA, UST, KRT, etc.) and user-defined CW20 tokens using Terraswap as a smart contract interface. Users can become liquidity providers by depositing assets to Terraswap pools which generate automatic profits. You can also choose your trading fee as any denomination of Terra chain assets.
According to CoinGecko, the total value locked (TVL) on the platform is over one billion and it currently supports 26 coins and a 55 pairing system.
ApolloDAO(APOLLO)
ApolloDAO expedites cost-efficient and reliable auto-compounding profits. It can be used as a routine yield aggregator on the Terra ecosystem.
They are the first yield administration platform that uses cross-chain and complex DeFi strategies, NFT exploration and gamification, and other innovative wrapped savings stocks and sequentially a DAO to command a capital war chest.
Spectrum Protocol(SPEC)
Spectrum Protocol(SPEC) is the first and resourceful yield optimizer on Terra Ecosystem. It is an auto-compound and auto-stake platform for your Mirror and Anchor. You get rewards via auto farming.
Spectrum is a fully Decentralized Autonomous Organization (DAO). It does not provide privileged access. It influences changes in its system via voting. People, SPEC stakers, can follow the changes process, and make decisions on the modifications by participating in the voting process. The voting period lasts for 7 days and time locks 1 day. SPEC holders can also create suggestions and recommendations, in the form of proposals.
Pylon Protocol(MINE)
MINE comprises both savings and payments properties in Decentralized Finance (DeFi). It produces minerals that are nicknamed “MINE” on stable yield-bearing protocols. One of which is Terra’s Anchor Protocol.
With the MINE token, users and holders have the principal functionality to partake in community governance on Pylon Protocol through the Pylon WebApp. Since the MINE protocol is built on a stable yield-bearing protocol such as Anchor Protocol, it provides its holders with benefits through retrievable key stablecoin deposits and yield redirection. Pylon initiates a new opportunity for long-term motive alignment between users and service providers. This long-term alignment proposes payment through cash flow instead of upfront expenditure.
LoTerra(LOTA)
LoTerra is a decentralized (DeFi) lottery governed by a smart contract. The LOTA smart manages the smart connect. The smart connect influences the terms of the agreement between the player and the lottery program and the DApp. You can store your LOTA on Terastation wallet and carry out transactions with LOTA by using TerraSwap.
Since LoTerra is a gaming platform built on smart connect, it is fully a decentralized and open-source protocol. You can make a profit by staking LOTA and the jackpots rewards come in as profits. To prevent price manipulation, sometimes times are given for the brothers to have unbonded time. Through staking. you can have more DAO voting power.
StarTerra
StarTerra is the first gamified launchpad built on the Terra blockchain network. It proposes a unique combination of guaranteed & lottery-based prize pools. It has a native token called STT that acts as governance as well as a staking token.
The platform claims $STT stakers will earn passive income not only from everyday $STT rewards but also from weekly airdrops coming. With the governance, $STT stakers will have an influence on the crucial aspects of platform development such as staking yield, buyback & burn percentage, etc.
The platform also brags about its deflationary tokenomics where $STT token holders will enjoy decreasing inflation model additionally boosted by buyback & burning mechanism fueled by transaction fees.
Mars Protocol (Upcoming)
Mars Protocol aims to be the bank of the future with its features such as non-custodial, open-source, transparent, algorithmic, and community-governed.
Like all banks, Mars aims to attract deposits and lend out this money while managing illiquidity and insolvency risk. Unlike any other bank, Mars is a fully automated, on-chain credit facility governed by a decentralized community via a transparent governance process.
All decisions are made by the Martian Council, composed of Mars stakers who put skin in the game to underwrite protocol risk in exchange for a portion of the protocol borrowing fees.
Conclusion
As of now, there are only these coins and platforms have already launched on the Terra network. With Columbus-5 mainnet upgrade, soon we’ll come across many other dapps and coins on the network such as Orion Money, Ozone Protocol, Nebula, Stader, Prism, Angel Protocol, Spar Protocol, Talis Protocol, and many more.
With the network upgrade, starting this October, Terra’s stablecoins will seamlessly be available on various blockchain networks such as Solana, Ethereum, Avalanche, etc.
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Written by: Narender Charan
