Luna coin what happend

in blurt •  last month 

Luna and TerraUSD (UST) are both native currencies of the Terra network, a blockchain-based technology established in South Korea by Terra Labs.

"The Terra blockchain is built on Cosmos SDK; a platform that allows developers to construct bespoke blockchains and build their own decentralized applications on top of Terra for various use cases," according to CoinDesk.

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"There are currently over 100 of these locally produced projects in The Terra ecosystem." Non-fungible token (NFT) collections, decentralized finance (DeFi) platforms, and Web 3 apps are examples."

Terra's vision is to create a peer-to-peer electronic currency system.

It intends to do this through the use of "stablecoins," which are cryptocurrencies tied to a real-world currency.

The UST is linked to the US dollar, which implies that one UST is valued about the same as one dollar. Luna is really important in this.

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"Instead than depending on a reserve of assets to preserve their peg, UST is an algorithmically stabilized coin," CoinDesk writes. This entails utilizing a smart contract-based mechanism to maintain the price of UST at $1 by burning (permanently destroying) Luna tokens in order to mint (produce) new UST tokens."

Users in the Terra ecosystem may always exchange the Lina token for UST at a fixed price of $1 – regardless of the market price of either token at the moment.

#blurt #blurtlife #photography #luna #death #lunacoin #blog #nature

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