LUNA
Terra
$0.04985
8.07%
Terra
LUNA
$0.04985
8.07%
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Terra Information
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About Terra
Terra is an open-source blockchain hosting a vibrant ecosystem of decentralized applications (dApps) and top-tier developer tools. It uses proof-of-stake consensus and ground-breaking technologies to provide an unparalleled DeFi experience. On May 25th, 2022, Terra Classic users passed governance proposal 1623, which outlined the genesis of a new Terra chain and the airdrop of Luna tokens to users. On May 27th, 2022, the phoenix-1 Terra mainnet launched. UST was an algorithmic stablecoin created by Terraform Labs which tied to Luna tokens but lost its peg and crashed, leading to the collapse of both Luna and UST.
Terra is an open-source blockchain hosting a vibrant ecosystem of decentralized applications (dApps) and top-tier developer tools. Using proof-of-stake consensus and ground-breaking technologies like Mantlemint, Terrain, and Station, the Terra blockchain is one of the fastest chains in existence, giving users an unparalleled DeFi experience. As a permissionless, borderless economy, Terra enables next-generation financial products accessible to anyone with an Internet connection.
Luna is the Terra protocol’s native staking token. Luna is used for governance and in mining. Users stake Luna to validators who record and verify transactions on the blockchain in exchange for rewards from transaction fees.
On May 25th, 2022, Terra Classic users passed governance proposal 1623, which outlined the genesis of a new Terra chain. This proposal also described a genesis distribution of Luna which would be airdropped to users of the Terra Classic chain based on pre-depeg and post-depeg snapshots. Users can find their airdropped Luna by viewing the same wallet address that was present during either snapshot and switching their Station network to the phoenix-1 mainnet.
On May 27th, 2022 the phoenix-1 Terra mainnet launched, ushering in a new era of development by the Terra community.
UST was an algorithmic stablecoin created by Terraform Labs and tied to Luna tokens. It was designed to maintain a $1 peg without the backstop of the US dollar and could be traded for $1 worth of Luna at any time. Unfortunately, it lost its peg and crashed, leading to the collapse of both Luna and UST. The risky venture was highly criticized for not being backed by traditional assets like tether, and instead relying on algorithms to keep the two tokens stable.
Terra (LUNA), developed by Terraform Labs founded by Do Kwon and Daniel Shin, aimed to boost blockchain and cryptocurrency adoption emphasizing price stability and user-friendliness. Do Kwon served as CEO of Terraform Labs.
