TerraUSD is the decentralized and algorithm-based stablecoin of the Terra blockchain. The yield-bearing potential of the platform is pegged to the US dollars, thus making it a digital asset of value. The creation of the TerraUSD platform was designed to make the existing Terra network more valuable. The platform delivers this value by providing a solution to the existing severe problem of scalability faced by the entire cryptocurrency ecosystem. According to the developers of TerraUSD, the platform promises the delivery of high-end interchain usage, a higher level of scalability, and a more accurate level of interest rates.
The TerraUSD network promises to make provisions in its system that will put it at the top of the cryptocurrency community. Several of its features as a network are tailored towards the benefit of its users. The network uses a minting mechanism that satisfies all the Defi protocol requirements used by the network without losing its power of scalability. The TerraUSD network also has a design mechanism that makes easy inclusion of the cryptocurrency as a payment method and long-term addition to crypto wallets.
TerraUSD has also proven the power of its application to the Dapps community and the process of business in general. For example, the application of TerraUSD to a minting company that majors in fungible assets are evident through real-time asset pricing. The feature also allows for the use of UST as a benchmark for pricing.
Who are the Founders of TerraUSD (UST)?
The TerraUSD network was launched in collaboration with Bittrex Global in September 2020, and ever since, the network has gained the title of being the most scalable stable coin.
Before the launch of the company, it was co-founded by Do Kwon and Daniel Shin in 2019. Ever since the TerraUSD network hit the market, it has been received massively and overtaken major competitors in the crypto space such as GUSD and PAX. Even though both platforms have fiat backing held in banks, the TerraUSD network’s scalability function makes it superior to its contemporaries.
The native coin used by the Terra USD network is a creation of Terraform Labs. Terraform Labs is a subset of Terra Alliance, a system that consists of 16 e-commerce websites that are spread all through East Asia. The founders of the company are both exceptional professionals with Do Kwon being the present CEO of Terraform Labs. Kwon is a well-read software engineer who has worked with major tech companies like Apple and Microsoft. He also served in Anyfi as the CEO, a company with a specialization in providing decentralized solutions. Kwon is one of the most successful entrepreneurs in the world as stated by his inclusion in the former 30 under 30 list.
The other hand of the Terra network is Daniel Shin who is also a successful entrepreneur in addition to being a renowned economist. Before joining the Terra Alliance team, Shin was one of the co-founders of Fast Track Asia. He also led and co-founded a South Korean e-commerce platform known as Ticket Monster.
What is TerraUSD (UST) used for?
The TerraUSD network is a system that offers its users major scalability advantages as never before seen in any cryptocurrency. This is in addition to the wide range of features that are offered by the network.
The platform also features the regular trading ability common to all cryptocurrencies. However, due to the dollar backing of the Terra network, It has a unique value advantage. As such, the UST coin can be traded for other cryptocurrency pairs in the open market with the aim of making a profit.
What Is the Unique Point of TerraUSD (UST)?
The Terra network is different from its contemporaries in several ways. This difference has put the platform in a strategic position such that it is currently considered one of the best of its kind. The system however brought some specific features into the market which have helped it earn its spot on the list. For starters, the enhanced scalability algorithm used by the Terra network makes it a stale coin with an equal value to other stable coins. This coupled with the almost limitless scalability of the platform makes it easy for Defi projects to reach their full potential.
Another factor that makes the Terra network unique is its ease of liquidity. Regular crypto platforms charge substantial fees for the liquidation process of the coin. However, in the case of TerraUSD, its stable coin is pegged to the Korean Won making it easy to liquidate at menial fees.
The participants using the TerraUSD network also have the advantage of being open to earning passive income. By the stable interest rates of 20% provided by the Anchor lending protocol, individuals with the native token can earn passively. The system also creates room for earning additionally through rewards in PoS chains which helps maintain the platform’s stability through commission and inflation.
How many TerraUSD (UST) coins are in circulation?
The TerraUSD network is built on a blockchain. However, the platform has no technical support, instead, Luna tokens are burned to facilitate the creation of UST tokens.
The native coin of the network, UST, experiences consistent fluctuations because of its control by the forces of demand and supply and its ties to the value of the US dollars. As such, the holders of Luna can sell their tokens for UST only when the value exceeds one dollar. The link between the Luna platform and the UST also affects the values of the platforms as when the supply of UST is increased, Luna also experiences a spike in its growth. As a regulation mechanism, a certain amount of Luna has to be constantly burned to create scarcity for both platforms and effectively increase their values.
According to the records from the Terra USD network, the maximum supply of UST available is pegged at 1,900,300,000 tokens as of June 2021.
Is the TerraUSD (UST) Network secured?
The Terra network’s emergence at the top of the list of stable coins is based on several factors including the security protocol existing on the platform. The platform has a system in place in which its native token, UST, is protected by LUNA, an asset reserve whose job is solely the protection of UST. This process is known as seigniorage and it involves the application of income received from the emission of money.
The miners on the platform also play a significant role in guarding it as it also makes use of the proof-of-stake consensus mechanism. The protocol provides stability on the platform by engrossing the short-term volatility demand for Terra. This helps the network provide a stable rewarding system for participants involved in the protection and building of the network under all economic conditions.
How do I buy TerraUSD (UST)?
Terra has proven in time to be superior to other stablecoins in its category. Its infinite scalability feature alone has been able to multiply the adoption rate in a short period.
The cryptocurrency is presently available across several exchanges and the steps below provide the right direction to purchasing its tokens.
* Open an account with crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and Buy UST through your trading account.
Which Cryptocurrency Wallet Supports TerraUSD (UST)?
The PTPWallet platform supports many cryptocurrencies simultaneously, such as TerraUSD tokens. Because of its speed, flexibility, and unique features, it has grown to become one of the most used new platforms. In addition, users can easily use PTPWallet as their main TerraUSD wallet as it offers a simple and interactive interface, making it easy to navigate its system.