All About Terra, The Stable Coin That Gained Prominence

Ether and Bitcoin have fluctuated in the past so people are now keen on investing in stable coins such as Terra mostly due to their predictable prices:

Due to the reason that Ether and Bitcoin have fluctuated in the past, people are now keen on investing in stable coins such as Terra mostly due to their predictable prices. Terra is a public Blockchain technology, which makes Defi accessible to the general public because it uses some algorithmic decentralized stable coins to drive a vibrant ecosystem.

TerraUSD (a stable coin created by Transform labs) is one example, as it keeps its peg to the US dollar to sell and purchase LUNA, (its crypto currency) by relying on a network of arbitrageurs.

The Terra ecosystem is a fast-growing network of decentralized apps:

The spike in the price of Terra (from forty-seven dollars to ninety-one dollars) spiked sharply around the start of the Russia and Ukraine conflict. The Terra ecosystem founded by Transform labs in 2018, is a fast-growing network of decentralized apps that results in rising Luna prices and sustained demand for Terra.

On the Terra blockchain, the users can spend, trade, save and swap Terra stablecoins (the stable coins are created to track the price of any fiat currency using a combination of decentralized Oracle voting and open marker arbitrage incentives).

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Author: Avery Owens