Terra (LUNA) is emerging as one of the important projects in the cryptocurrency sector. Because of the stablecoin’s ability to maintain stable value and strong development in its ecosystem.
In this article, AZCoin will help you better understand Terra (LUNA), its functions and the features related to this project.
What is Terra (Luna)?
Terra (LUNA) is a decentralized blockchain platform designed to provide secure and efficient payment solutions. The platform uses a stablecoin algorithm to link the value of digital currencies to fiat currencies, especially the USD. This helps minimize price fluctuations and facilitates safer and more efficient transactions.
Terra was developed by Terraform Labs, a technology company based in Seoul, South Korea. The platform uses advanced blockchain technology to ensure the security and transparency of every transaction. With the goal of providing a seamless payment experience, Terra has developed a robust DeFi ecosystem with a wide range of decentralized financial applications and services.
Development team, investors and partners
Development Team
Terra’s development team consists of experts with extensive knowledge in a wide range of areas. Notable members include:
- Daniel Shin : Co-founder of Terra and CEO of TicketMonster, a leading e-commerce platform in South Korea. He has a strong network and a deep understanding of cryptocurrency.
- Do Kwon : Co-founder of Terra and CEO of Anyfi. He has developed numerous patents related to decentralized networks and has work experience at Microsoft and Apple.
- Evan Kereiakes : Terra’s financial researcher, worked at the Federal Reserve Bank of New York and the U.S. Treasury. He has a solid academic background with engineering degrees from Duke and the University of Illinois, and an MBA from the University of Chicago.
Investors
Terra has attracted interest from many leading investors in the world, namely Polygon, Velo, Dfyn network, Tiki,… This not only enhances the reliability of Terra but also opens up opportunities for more users to access LU tokens
Partner
Terra has attracted the interest of many large institutions in the investment industry. In particular, it is the first and only project to receive investment from Polychain Capital in South Korea. In addition, Terra is also financially supported by major global exchanges such as Upbit, Huobi Capital, OKEx and Binance.
Functions of the Terra project
Terra is used to make payment transactions for goods and services on e-commerce platforms within the Terra ecosystem.
It helps maintain the value of the transaction fees collected from the network. The Terra protocol works by ensuring that the market value of the reserve is always higher than the value of the circulating Terra.
The Terra Protocol adopts Tendermint’s PoS (Proof of Stake) consensus mechanism. Therefore, miners need to own the $Luna coin and perform a staking on the system to participate.
Terra (Luna) Highlights
Here are the highlights of Terra (LUNA):
- Availability Ecosystem : Terra has built a rich ecosystem with multiple partners and an integrated e-commerce platform, enabling the use of stablecoins in multiple daily transactions and financial services across the globe.
- Stability : Terra offers stable coins like TerraUSD (UST) with the goal of maintaining a stable value against fiat currencies like USD, helping to minimize price volatility and bring trust and imdemnity to transactions.
- Very Low Transaction Fees : Terra s system is designed to optimize transaction costs, providing an economical solution for the execution of financial and commercial transactions.
- Decentralization Ability : Terra adopts Tendermint s Proof of Stake (PoS) consensus mechanism, which allows for the participation of the community and stakeholders in the governance process, ensuring transparency and fairness in system development decisions.
- No Asset Liquidation : Terra does not require asset liquidation when maintaining or adjusting the value of stablecoins, which helps to mitigate risk and enhance stability of the financial system.
Basic information about Luna token
Luna token key metrics
- Token Name: LUNA
- Ticker: LUNA
- Blockchain: Terra
- Token Standard: CW-20
- Contract: Updating…
- Token type: Utility, Governance
- Total Supply: 994,815,826 LUNA
- Circulating Supply: 403,517,332 LUNA
Luna token allocation
- Support for the project: 26%
- Team participating in project development: 20%.
- Terraform: 10%.
- Terra Alliance: 20%.
- Token Price Stabilization Reserve: 20%.
- Use for Liquidity: 4%.
Luna token use cases
LUNA is used for the following purposes:
- Maintaining Price Stability : LUNA helps maintain stability for Terra s stablecoins and covers the fees associated with issuing and burning these stablecoins.
- Staking and Receiving Rewards : Users can stake LUNA to receive rewards. A portion of transaction fees from the system will be distributed to LUNA holders.
Where to buy and sell Luna tokens?
You can trade LUNA tokens on many of the best cryptocurrency exchanges,such as Binance, Coinbase, KuCoin, Kraken, Gate.io and Huobi. These exchanges offer trading pairs with LUNA and support easy and secure token purchases.
Where to store Luna tokens?
Just like Astra coin and MX token, you can also store LUNA tokens in wallets that support the Terra network, such as Terra Station Wallet, the official Terra wallet. In addition, hardware wallets like Ledger Nano S and Ledger Nano X also support LUNA, providing an extra layer of security for your assets.
Roadmap of Terra (LUNA)
On 30/9/2021, Terra will release the Columbus-5 update, marking the launch of many new projects in the Terra ecosystem. Plus, as mentioned before, we could see a boom not only in the DeFi sector but also in the NFT space in the near future.
Conclusion
Overall, Terra stands out for its ability to maintain price stability of stablecoins and sustainable growth in its blockchain ecosystem. AZcoin hopes that this article has given you a clear and complete view of LUNA and the opportunities this project offers.
I am Louis Dang, living in Ottawa, Canada. I am currently working as a trader for AZCoin company, with 7 years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
