Terra is a blockchain created by Terraform Labs (TFL), founded by Do Kwon and Daniel Shin in January 2018. The main highlight of Terra is that it lets users create stablecoins pegged to fiat currencies, and aims to offer cheaper fees and faster transactions compared to other blockchains.
The project has seen wide popularity with the stablecoins minted on the platform, most notably the United States Dollar, Euro and South Korean Won. As of the time of writing, TerraUSD (UST) is the fourth largest stablecoin by market cap.
Products on Terra have proved popular in Asian E-Commerce markets, with a majority of their user base in South Korea. Chai, a payment processor using the Terra blockchain offers merchants payment fees as low as 0.5%, where traditional processors like Paypal and Stripe offer rates of 1.5%-2%. Terra’s native token – LUNA was all the hype in 2021, with its price reaching an all-time high of $102.9 from $0.65 at the beginning of the year.
This report provides an in-depth look at the past, present and future events of the Terra blockchain.