Terra Outpost report — April
This month’s trends, key metrics, and developments within the Terra Ecosystem.
Hello there! April has been pretty chill for LUNAtics, given the current market conditions. UST is still gaining dominance in the stablecoin space, and there are new & exciting projects coming up on Terra! Let’s take a look at what’s been happening.
Keeping up with the news on Terra
Protocol Launches & Updates
- Aperture Finance is seeking to give Defi users a consolidated place for auto-managed delta-neutral vaults and is aiming to bring vaults throughout 7 chains.
- Terra Bridge now supports AVAX, Solana, Osmosis, Fantom, Moonbean, and more. This makes it easier for you to bridge your assets across multiple chains.
- Nebula, an asset management protocol, has launched its LBP, and is preparing to launch its dApp soon with the first cluster.
- Kinetic Money, a dApp that allows you to borrow your future yields, similar to Alchemix has launched their dApp and you can borrow kUST.
- Atlo Protocol, a launchpad on Terra, is now starting to accept cross-chain projects, with its first one being $NEAR.
- Pylon Protocol has acquired Glow Yield and will be taking over their development teams and forthcoming product lines.
- Prism Protocol has implemented limit orders on their dApp AMM, and is now live.
- Leap Wallet, a wallet on Terra, is partnering with FlexaHQ to bring payments to the real world via their own wallet.
- Astroport has started the ASTROwars, and here are all of the projects involved.
- Anchor Protocol has reduced the earn rates down to 18% and will continue going down by 1.5% every month until it hits 15% or until the Yield Reserves go up.
- Terra is looking to bring approximately 1.5M liquidity to Solana and Fantom. Read more about the proposal here.
- Mars Protocol is looking to increase their field caps via MRC-3, expand their credit lines via MRC-4, MRC-5 and list a new asset via MRC-6. Read more about these proposals here.
- Anchor Protocol is looking to roll out veANC to increase ANC utility, drive down ANC emissions and elevate ANC demand via Poll 26, and wants to whitelist $bSOL via Poll 27. Read more about these proposals here.
Other interesting & important developments
With all of the recent developments happening on Terra, let’s see what’s been happening and how much Terra has grown over the past month.
▹ TVL Change (Source)
Terra has seen an increase in TVL in April, going from 19.76B to 21B (a 6.27% increase) this past month, with Anchor having a dominance of 78.20% of the whole TVL on Terra.
This is neutral for Terra, because while the TVL has skyrocketed, most of the TVL is still on Anchor still, despite the recent launches of various protocols and the introduction of Astro Wars.
▹ TVL as a % compared to other chains (Source)
When comparing Terra to other chains, we can see that it is still dominating in terms of TVL and has risen in dominance, from 11.51% to 13.95% (not including double-counting), when compared to the other chains. It is still holding the #2 position in terms of TVL, leading BSC with a huge difference of 11.07B.
This is positive for Terra in general, because it means that people are using the applications on the Terra ecosystem and it’s still gaining traction.
In this section, we take a look at how much UST has grown over the past month. Essentially, if UST and Terra’s other stablecoins are used more widely, this makes the LUNA ecosystem more robust. However, because developments thus far have only been for UST, we will only be focusing on UST’s growth.
▹ UST Market Cap (Source)
At the start of this month, UST’s Market Cap (MCAP) was at 16.37B and since then, we’ve seen a 13.43% increase in UST’s MCAP, bringing the total MCAP at the end of the month to 18.57B.
This is positive for UST because it means more UST is being minted and deployed (either on Terra or other chains) which accepts and utilizes UST.
▹ UST as a % of other stablecoins (Source)
Next up, we take a look at UST’s dominance as compared to other stablecoins. In the past month, UST has seen an increase of dominance from 8.97% to 10.15% of the whole stablecoin market cap.
This is positive for UST because the more dominance that UST has, the more people will trust UST and want to explore the Terra ecosystem.
▹ UST on Terra (Source)
We also take a look at where UST is being used on Terra. This is important because, ultimately, we don’t want UST to only be concentrated on one or a few dApps. What we want is for UST to be deployed and spent everywhere.
This is partly negative for Terra as currently UST is very concentrated on Anchor, with 62.2% deployed solely on Anchor. However, as other newer dApps launch this year, we hope that this balances the concentration of UST.
Wrapping it all up
And that’s it for the month of April! Due to the market structure this month, there has not been a lot of developments on-going as founders are delaying the launches.
However, UST is still growing and being used, which is a great thing.
On Terra’s side — like what I have said last month — the issue right now on Terra is the concentration of UST on Anchor, and we are waiting on projects like Vertex Protocol (FX market on Terra), Sigma (Options on Terra), and much more to launch!
Let’s hope the markets are back soon, but until then, stay safe and have fun!
See you guys in May!
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