Terra is a blockchain network that uses a proof of stake consensus mechanism. It was created in 2018 and has become one of the largest blockchain networks. It aims to provide a platform for creating stablecoins that combines the stability of fiat money decentralization features of cryptos.
LUNA, the network’s native cryptocurrency, ranks with a market cap of $32 billion as the 7th biggest cryptocurrency in the world and is in the most recent Luna predictions provided by CryptoPredictions.com forecasted to increase by roughly 10% in one-year time.
Terra is also a leading DeFi ecosystem and only second to Ethereum. While Ethereum has 373 DeFi protocols, Terra has 13. However, it poses serious competition due to user growth and adoption. For instance, UST, one of the dollar-pegged Terra stablecoins, has performed exemplarily. Additionally, Terra has numerous upcoming projects that could boost its value and adoption rate.
Below we explore the top terra coins and upcoming projects.
Let’s get started.
Top Coins in Terra Ecosystem
1. LUNA
LUNA is the native cryptocurrency of the Terra ecosystem. It is used for staking and governance. There are one billion LUNA coins in circulation and maintains this number by burning excess coins. The burned coin creates USDT. Essentially LUNA is designed to maintain the price of UST at $1.
Currently, it is one of the few coins that are enjoying steady growth. For instance, the coin rose 75% in February as other major coins dropped or increased by a small percentage. In December, it hit an all-time high of $103
LUNA ecosystem is providing new solutions for overcoming digital assets volatility. The innovative protocol is also working on launching non-fungible tokens, metaverse, and airdrops. It exceeds $2 billion daily trading volume and has a $32 billion market capitalization.
2. UST
TerraUSD (UST) is the second biggest coin in the Terra ecosystem. It is pegged on 1:1 to the USD dollar. UST has a market capitalization of $15 billion, and 24 hours trading volume of $632 million, and a total supply of $15.04 billion. The algorithmic stablecoin boasts excellent features such as scalability, interoperability, and yield bearing.
The crypto uses LUNA as a reserve asset. The excess UST is converted to LUNA if the price rises above $1. Similarly, if the price of UST falls below $1, the price is brought down by converting and burning LUNA of equal value. Burning increases the value.
The Anchor protocol promises a 20% return on UST savings. dApps are yet another critical use case of UST.
3. ANC
ANC is yet another stablecoin developed on the Terra ecosystems. It is the governance token on the ANC protocol. This means the users can create governance polls that other stakers can vote. In addition, they can discuss, propose and vote for governance proposals. Moreover, ANC protocol distributes protocol fees to ANC stakers. This means they generate yields from assets under management (AUM).
According to Coingecko, ANC has a market cap of $791 million, trading at $2.79. The daily trading volume surpasses $120 million.
4. MIR
MIR is a creation of the Terraform Labs. It has two primary use cases: governance and investment. Users can stake MIR enabling them to vote on issues such as minting new massets and changing trading fees. Additionally, you can stake your tokens to provide mAssets liquidity to AMMs and earn MIR-dominated rewards. THE staking rewards exceed 35%.
Currently, MIR is trading at $1.66 and has a market capitalization of $249 million. The token’s total supply is capped at 370 575 000, while the total locked value is over $696 million.
5. MINE
Mine is a native digital token for the Pylon protocol. Holders can stake the crypto to earn yield or participate in the protocol’s governance through Pylon WebApp. They also get rewards from the platforms and products built on top of the Pylon protocols. For instance, MINE holders get yield from TerraUSD and token airdrops from Projects whitelisted on the Pylon Gateway.
Mine ranks in the top 500 cryptocurrencies and boasts a market capitalization of $104 million. It has a total supply of $10 billion. A MINE coin is trading at a modest $0.0541, which is quite affordable for most crypto investors.
Conclusion
Terra’s growth can not be overlooked. It ranks among the top cryptocurrencies after three years of operation. The platforms boast numerous projects and coins which could boost its value and adoption. Terra ecosystem’s coins, such as LUNA and UST, are also among the most traded cryptocurrencies. With an incredible solution that could revolutionize decentralized finance, there is no reason why Terra is not headed to the moon. Be on the lookout!
