February 2021 Community Update

This month brings a number of significant milestones for Terra. LUNA achieves $1 billion in market capitalization, surpassing $3 billion! Specifically, Mirror Protocol, Terra’s synthetics offering, has secured approximately 800 million UST in cash, collateral, and staked MIR. Furthermore, since Jump Trading’s on-chain liquidity parameters went active at the beginning of February, the protocol has burned 80 million LUNA to coin 447 million UST due to the massive increase in demand for UST. Terra Station is now available on mobile, according to the company.

As the Terra ecosystem continues to evolve rapidly, we look forward to celebrating milestones and welcoming new community members each month. Without further ado, here are Terra’s February highlights.

Updates on the Ecosystem

• The market capitalization of LUNA surpasses $3 billion, with a trading volume reaching an all-time high of $1.8 billion.
• The market capitalization of UST (TerraUSD stablecoin) has surpassed 700 million dollars.
• Project Surge, a community-led attempt to speed forward the integration of UST with other protocols.
• JUMP Trade implements a suggestion from Mirror Protocol to meet the enormous rise in demand for UST, allowing for the quick minting of UST and the burning of LUNA.
• Proposal 36 was passed in response to ongoing demand for UST even after the JUMP proposal was enacted, roughly doubling Terra’s stablecoin minting capacity by boosting minting parameters.
• For comparison, the protocol burnt 80 million LUNA to mint 447 million UST (8 percent of the total LUNA supply). This is a significant advancement in Terra economics. 
• 259 million USTs were issued, with a total value of $706 million (447M UST minted)
• LUNA burnt in circulation: 484M 404M (80M LUNA burned)
• In the first seigniorage distribution cycle, 24 million LUNA were divided equally in seigniorage to oracle rewards and the communal pool.
• Terraform Capital, Terra’s strategic investment arm, has been launched with a $10 million investment to pay audits for projects incorporating UST/LUNA. As audit partners, Terra Capital has added leading security firms Quantstamp, Sentnl, Solidified, and Cryptonics.
• Terra is sponsoring ETHDenver, which includes a live stream of CEO Do Kwon.
• The Transak fiat gateway platform, which Consensys sponsors, now supports (ERC-20) UST, allowing customers to convert fiat to UST in seconds.
• OKEx now supports ERC-20 LUNA, with trading pairs for LUNA/USDT and LUNA/BTC, as well as a promotion.
• LUNA perpetual swaps are on the list of FTX.
• KuCoin supports a LUNA futures market.
• UST joins CREAM’s platform.
• UST support has been added to the Stabilize Protocol.

Updates on technology and products

• Terra v.1.1.3 is now available from Ledger.
• Furthermore, Terra Station Mobile is available for Android and iOS devices, allowing users to manage LUNA, stake, and switch from the comfort of their phones. The software includes a QR code feature that makes it simple to export Terra wallets.
• Also, Terra SDK for Python (soft-release) is now available, along with an introductory tutorial.
• The engineering priorities for the first quarter are now available to the broader community.
• Over the month of February, thirteen new merchants also joined CHAI.
• Mirror Protocol’s highlights also include an ATH of 44 million UST in daily trading volume, the listing of new mAssets (BTC, ETH, Goldman Sachs Group, Facebook, Airbnb, GameStop, and AMC Entertainment), and an epic meme contest.
• The official Mirror Protocol community update has further information.
• BuzLink, a Terra blockchain-based viral marketing tool, held its inaugural promotional campaign with over 20K participants, with 96 percent of registrants joining through a friend’s BuzLink, a success rate of over 400%. BuzLink had a soft debut in February and is still gaining customers by working with big e-commerce sites like 1300K, with intentions to launch fully in Q2 2021.
• A quick look inside Alice Finance.
• On Terra, Saturn Money debuts its GBP and EUR-powered savings app.
• Spar Protocol has released a community update and an early product demo.

Features

• Firstly, Token Terminal’s Terra dashboard displays P/S, GMV, and standings against other blockchains.
• Also, keep track of mint and burn figures using the SmartStake dashboard, which provides UST and LUNA supply metrics.
• On the other note, Dapp.com compares dapp usage and finds that CHAI and Mirror are the most popular.
• Flipside Crypto’s Terra Community Console also provides insights into Terra’s ecosystem.
• Terra Bites is a collection of bite-sized chunks of Terra news.
• In the Development Trends Panel, Terra’s Dev Relations lead further discusses Terra’s open-source development landscape.
• Terra’s Community Lead also participates in an AMA with Flipside Crypto.
• The Defiant on Mirror however becomes a superior Robinhood alternative.
• DeFi Alliance’s Qiao Wang also discusses the emerging empire on the Cosmos environment (aka Terra).
• CryptoDR, Molly JM, and Elias Simons are among the Terra community members who have explained the ecosystem’s moving elements via a Twitter thread (Bison Trails)
• Ryan Watkins of Messari takes a look back at LUNA’s pricing action.
• LUNA’s market cap is overtaking MakerDAO, according to Hashed.
• A discussion of the Mirror / UST / LUNA link.
• A thread that looks at Anchor Protocol in-depth.

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