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.


"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.

"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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Thank you 🙂 @tomoyan