- Launched: 2019
- Creator: Terraform Labs (Do Kwon and Daniel Shin)
- Purpose: Terra is a blockchain protocol focused on creating algorithmic stablecoins that are pegged to various fiat currencies. The most notable stablecoin on Terra is LUNA, which is used to stabilize the price of Terra’s assets.
- Features:
- Algorithmic Stablecoins: Terra’s stablecoins, like UST, are algorithmically stabilized by using the LUNA token.
- Fast and Scalable: Terra’s blockchain is designed for high-speed transactions, allowing for low fees and quick settlement times.
- Use Cases: Cross-border payments, decentralized finance, and stablecoin-powered ecosystems.
- Status: Terra’s ecosystem gained rapid adoption, particularly in DeFi, but it has faced challenges following the collapse of its algorithmic stablecoin UST in 2022, which led to significant controversy and regulatory scrutiny.
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