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January 2021 Community Update

The month is off to a great start for Terra.

January 2021 Community Update iBase Trading.
iBase Trading Crypto News

The month is off to a great start for Terra. Terra was off to a terrific start with a $25 million investment round led by Galaxy Digital, Pantera Capital, Coinbase Ventures, and returning investors Arrington XRP, Hashed, and Kenetic Capital 2021. Moreover, the community has voted in TEN’s new Terra stablecoins and has been quite active in selecting Mirror’s next steps. Let’s dive deep since that’s just the tip of the iceberg.

Updates on Technology

TerraSwap is a game that takes place on Terra Station. Terra Station now has a function called TerraSwap. The Swap function runs a simulation and then determines the most profitable alternative (On-chain vs. TerraSwap) for the user.


Terra now has ten new stablecoins

We’re ecstatic to announce the launch of ten new stablecoins on Terra, thanks to governance proposals 22 and 26! This is a significant step toward building a worldwide stablecoin that is both simple to use and appealing to hold.

Update on the Shuttle

Shuttle will now charge a relaying cost when a user transfers an asset from Terra to Ethereum to prevent spamming assaults. Also, relay fees for Terra to Ethereum transactions will be maximum ($1, amount * 0.1 percent), while relay fees for Ethereum to Terra transactions will remain nil.

Updates on Governance

Proposal for JUMP Trading

Jump Trading has proposed that Terra stablecoin minting and redemptions be made more capital efficient. To further reflect the prior illiquidity of UST and Luna on secondary markets, stablecoin mints and redemptions are currently inefficient – only $20k swaps would be possible within 1% of the oracle price. To put it another way, this would make the on-chain swap process ten times more efficient than it is now.

The Money Market as a Foundation for Simple Financing

Terra is announcing a new plan to add Money Markets to the Terra platform, which is aimed at both mainstream and crypto consumers. Borrowers would be able to take out loans in any asset (synthetics, stablecoins, or cryptocurrencies) and invest them in yield-generating pools. In exchange, the user can earn interest on any asset (much like a money market) in a method that is accessible to the general public.

Terra Partnerships is a non-profit organization

AMM Arb Hummingbot

Terra AMM Arb has been modded by Hummingbot! It can be used to arbitrage trades between $LUNA and Terra stablecoins such as $UST. Arb bots also aid the entire DeFi ecosystem by making AMMs more price efficient and keeping stablecoins stable.

Flipside Crypto Console

Finally, Terra’s Community Console is now available! Flipside uses some of the industry’s top on-chain analytics, visualizations, and analysis. Users can search on-chain data such as LUNA cash flows, UST velocity, and more in real-time via the Terra Community Console.

Axelar Partnership 

Terra has teamed up with Axelar to provide smooth blockchain interoperability. External assets from other blockchains will connect with applications like Mirror and Anchor by Axelar. Terra’s assets, including $LUNA, $UST, and mirrored assets, can seamlessly transfer to other major blockchains directly from users’ wallets.

List of Voyagers

Terra collaborated with Voyager to provide an easy and direct fiat gateway directly from their devices, allowing US-based consumers to go from USD to $LUNA in minutes. You can get LUNA and download the app here.

Trails of the Bison

By becoming a node operator with Bison Trails, individuals can participate in Terra, earn awards, and contribute to the security of the global payment network.

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Abby Hernandez is an independent crypto writer for iBaseTrading. She is passionate about NFT, decentralization and anything related to blockchain technology. She has worked in the financial sector for 7 years and loves yoga and dancing.