You're going to have to wait a little longer for the liquidity mining–powered savings account from Korean stablecoin maker Terra.
The savings account's returns will be based on various proof-of-stake currencies, plus additional yield over the first five years in the form of its growth token. The system is called Anchor and was originally expected to go live in October; the latest update from the company has pushed that back to late November.
That said, the project is riding forward on a wave of momentum. The firm's Chai payments app, in which the Terra stablecoin is prominently featured, now has over 2 million accounts.
"Growth over the last couple months has been largely driven by volume lift from COVID-friendly categories," Terra co-founder Do Kwon told CoinDesk via email. "For example, some of the high performing recent integrations include [Korean food-delivery service] Yogiyo and [online grocer] Hello Nature, both of which have seen tremendous growth in the recent months."
Terra should soon have more visibility in the Western market as it bridges to Ethereum, offering a wrapped version of its stablecoin on the leading decentralized finance (DeFi) blockchain.
Terra has the additional advantage of offering versions that mirror several other fiat currencies beyond U.S. dollars, with Terra-based stablecoins for Korea, the Philippines and Mongolia.
"Wrapped Terra stablecoins will become available on Ethereum starting mid-October soon after our Columbus-4 mainnet upgrade on [Oct. 3]," Do wrote, adding:
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.