January 2021 Community Update

Sarah Kim
Terra
Published in
5 min readFeb 4, 2021

--

👋 Hey Terrans!

It’s been a great start to 2021 here at Terra, with a $25M fundraising round backed by Galaxy Digital, Pantera Capital, Coinbase Ventures, as well as returning investors Arrington XRP, Hashed, and Kenetic Capital. Community governance voted in TEN new Terra stablecoins and has been extremely vibrant on determining next steps for Mirror. That’s just scratching the tip of the iceberg, so let’s dive in.

⚙️ Technical Updates

TerraSwap on Terra Station

TerraSwap is now available as a feature on Terra Station. The Swap feature simulates then automatically chooses the option (On-chain vs TerraSwap) that’s most profitable for you.

10 New Stablecoins on Terra

We’re thrilled to introduce 10 new stablecoins on Terra, passed through governance proposals 22 and 26! This is a great step forward in creating a global stablecoin that is the easiest to spend and most attractive to hold.

Chinese Yuan (CNY) | Japanese Yen (JPY) | British Pound (GBP) | Indian Rupee (INR) | Canadian Dollar (CAD) | Swiss Franc (CHF) | Hong Kong Dollar (HKD) | Australian Dollar (AUD) | Singapore Dollar (SGD)

Shuttle Update

To prevent spamming attacks, shuttle will now charge relaying fee when a user transfers an asset from Terra to Ethereum. Relay fees for a transaction from Terra to Ethereum will be max ($1, amount * 0.1%), while transactions from Ethereum to Terra continue to have zero relay fees.

🗳 Governance Updates

JUMP Trading Proposal

Jump Trading has introduced a proposal to make Terra stablecoin mints & redemptions more capital efficient. Currently, stablecoin mints & redemptions are highly inefficient to reflect the previous illiquidity of UST and Luna on secondary markets — only $20k swaps would be possible within ~1% of the oracle price. In rough terms, this would make the on-chain swap mechanism 10x more efficient than current levels.

Money Market as Basis for Easy Finance

Terra is introducing a new proposal to introduce Money Markets on top of Terra focused on both mainstream and crypto users. This would allow borrowers to take out loans in any asset (synthetics, stablecoins or cryptocurrencies) and deploy them to pools where there is yield. In return, the user can earn interest in any asset (as in any money market) — in a way that’s friendly for mainstream users.

Discuss: https://agora.terra.money/t/request-for-proposal-money-markets-on-terra/309

💰 Listings

$UST on KuCoin

We saw six new $UST quote pairs listed on KuCoin in January, with a trading competition to celebrate.

DOT/UST | ATOM/UST | USTC/UST | SNX/UST | AAVE/UST | YFI/UST

$UST on Balancer

With UST being listed on Balancer, LPs now have the opportunity to earn BAL rewards. Check out the pool details here.

Harvest Finance

Harvest Finance now has the option to deposit mTSLA-UST LP tokens to get rewarded in $LUNA.

🤝 Terra Partnerships

Hummingbot AMM Arb

Hummingbot has created a customized Terra AMM Arb bot! Users can plug into it to arbitrage trades between $LUNA and Terra stablecoins like $UST. Arb bots not only make AMMs more price efficient, but also keep stablecoins stable, benefitting the whole DeFi ecosystem.

Flipside Crypto Console

The Terra Community Console is now live! Flipside deploys some of the best on-chain metrics, visuals, and analysis in the industry. With the Terra Community Console, users can scour on-chain data like LUNA cash flows, UST velocity, and more — all in real-time.

Sneak-peek of terra.flipsidecrypto.com

Axelar Partnership

Terra partners with Axelar to enable seamless interoperability with multiple blockchains. Axelar will connect external assets from other blockchains to applications like Mirror and Anchor. Users can frictionlessly bridge Terra’s assets, like $LUNA, $UST, & mirrored assets, to other major blockchains directly from their wallets.

Voyager Listing

Terra partnered with Voyager to allow US-based users to go from USD to $LUNA in minutes by providing a simple and direct fiat gateway directly from their smartphones. You can download the app & buy LUNA here.

Bison Trails

Bison Trails offers users the opportunity to participate in Terra, earn rewards, and help to secure the global payment network by becoming a node operator with Bison Trails.

📈 Mirror Updates

January has been a wild month for Mirror — a new ATH for MIR, >340M in TVL, integration with BSC, and a number of exciting partnerships, to name a few highlights. Too many exciting developments to name here, so we’ll leave the link to the brand new Mirror Community Update below.

🗣 Interviews & AMAs

Terra x Arrington XRP: Unlocking DeFi’s Full Potential

Delphi Digital AMA: Taking Crypto Mainstream

DeFi Prime Panel

Reimagine 2021: Real World Adoption

🌎 Terra In the News

Terra Secures $25Million in Fundraising Round

Novogratz shares his thoughts on Terra

Bloomberg — Novogratz Invests in Crypto Startup Serving Millions in Korea

The Street: Terra Project Proves It’s on Solid Ground

Finance Magnates

Messari: Asia Crypto Landscape

Terra was featured in Messari’s latest deep dive into the crypto landscape in Asia. Here’s what they had to say:

“Along with the Philippines, Korea probably has the biggest population that inadvertently uses blockchain technology every day. The Chai payments app uses Terra’s blockchain as its backend to settle transactions. Chai hosts 2.5 million users, and counts Hanwha Investment & Securities and SoftBank Ventures Asia as investors.”

🌟 Looking Forward

We’re always keen to hear feedback from our community, so if you’re an active member, share the ways you think we can do better in our Community Feedback Form. We have some announcements we can’t wait to share with you all very soon, so stay tuned!

As always, please join our communities!
Twitter | Discord | Medium | Telegram

--

--

Sarah Kim
Terra
Writer for

Ecosystem Development Associate @ terra.money