Coin Healthcheck: Terra (LUNA) By DailyCoin

About
(LUNA) is a decentralized, open-source blockchain protocol for algorithmic stablecoins. It hosts a variety of such stablecoins on its network, that consistently track the price of fiat currencies.

The project, created by South Korean Terraform Labs back in 2018, is now the second largest blockchain after , in terms of the total value locked (TVL) on its protocol.

State of the Project:
The Terra blockchain seeks to solve the lack of decentralization among prominent stablecoins available on the market. To achieve this goal, it is growing a strong and constantly growing ecosystem around it.

Terra operates using a Proof-of-Stake (PoS) algorithm.

The protocol consists of two main currencies, algorithmic stablecoin TerraUSD (UST), and LUNA.

The LUNA token is the native coin of the Terra blockchain and boasts multiple use cases. It ensures the stability of the stablecoins by functioning as collateral, and acts as an incentive for validators to ensure the security of the PoS protocol. LUNA also provides governance and voting rights to its holders.

LUNA has a dynamic supply of 1 billion tokens. The Terra protocols automatically burns new LUNA tokens whenever this number is exceeded.

Terra reinvests the profits from issuing currencies to encourage transactions, and thus broader adoption.

The blockchain has more than 2.6 million users, and around 70K active users on a monthly basis.

Terra charges a transaction fee for each transfer. The fee varies from 0.1% to 1%.

Whitepaper:
Official whitepaper released on April 2019.

Development Stage:
Terra’s mainnet was officially launched in April 2019.

Terra’s most significant mainnet upgrade since its inception was Columbus-5, which went live in September 2021.

Terra offers stablecoins pegged to many of the world’s major fiat currencies, and also to the International Monetary Fund’s Special Drawing Rights basket of currencies.

Terra has 16 protocols built on its network, a number which is much lower when compared to other blockchains.

The Anchor Protocol and the Mirror Protocol are the main DeFi protocols operating on Terra. Anchor offers incentivized staking yield services, while the Mirror Protocol enables the creation and usage of synthetic assets.

Terra allows cross-chain stablecoin transactions between Terra, Ethereum, Binance Smart Chain and Harmony blockchains.

The Terra community voted to burn 89 million LUNA tokens in mid-November 2021.

Roadmap:
There is currently no sign of an official roadmap for 2022 and beyond as of this writing.

The Terra ecosystem is expected to grow by double, or even more in 2022, with dozens of new projects jumping onboard.

Partnerships:
The project has partnerships with over 15 e-commerce companies, including mobile payment app ‘Chai,’ which also has MasterCard integration.

Terra currently has 13 organizational investors, including Binance Labs, Coinbase (NASDAQ:) Ventures, 1kx, Delphi Digital,…