Terra is an open-source blockchain-based community for creating stablecoins pegged at their corresponding fiat currencies. Its native tokens are Luna (LUNA) and TerraUSD (UST).
The challenge was developed by South Korea-based agency Terraform Labs in 2018, being constructed on Cosmos SDK.
The community has since then welcomed a variety of merchandise which has seen it develop massively inside its 4 years of growth, even overtaking the nicely famend Binance Sensible Chain (BSC).
In late December final 12 months, the entire worth locked (TVL) in Terra had hit an all-time excessive of $20 billion in TVL, having risen by 68% from its $11.9 billion worth on the first of December – a progress that occurred inside a month.
Three months later, it has now grown by 55% and exhibits no indicators of slowing down anytime quickly. This goes to show that extra crypto fans and merchants in current occasions are using the Terra challenge, particularly within the areas of staking and miscellaneous DeFi actions as offered by its product choices.
As of the time of writing, one in every of Terra’s native tokens LUNA has a worth of $69.81 with a market valuation of $23.8 billion, placing it within the ninth place in market rank and market dominance of 1.86% in line with CoinMarketCap.