Dear #LUNAtics this thread is for you.
Columbus 5 is just around the corner and this thread is all about what Columbus-5 upgrade is all about, a small recap on Terra Ecosystem and what can we expect as #LUNAtics from this upgrade.
So let's break it down
Columbus 5 is just around the corner and this thread is all about what Columbus-5 upgrade is all about, a small recap on Terra Ecosystem and what can we expect as #LUNAtics from this upgrade.
So let's break it down
1) $LUNA Recap
Terra is one of the strongest ecosystems in #Crypto and the community make a hell of a noise on Twitter.
$LUNA is a governance and staking token that fuels the whole Terra network. It supports Terra's stablecoins and payment processing systems.
Terra is one of the strongest ecosystems in #Crypto and the community make a hell of a noise on Twitter.
$LUNA is a governance and staking token that fuels the whole Terra network. It supports Terra's stablecoins and payment processing systems.
2) Terra Stable Coin $UST
$UST is the glue that is holding everything together. Currently, being recognized as one of the biggest stable coins in the market.
It is an off-chain collateralized stablecoin, which means it should be backed by non-crypto currency bank deposits.
$UST is the glue that is holding everything together. Currently, being recognized as one of the biggest stable coins in the market.
It is an off-chain collateralized stablecoin, which means it should be backed by non-crypto currency bank deposits.
Terra's coins work differently. They are called algorithmic stablecoins and are backed by the LUNA token.
LUNA is fundamental to keeping Terra's stablecoins steady, and token holders can stake the coin so that they're rewarded for absorbing the volatility.
LUNA is fundamental to keeping Terra's stablecoins steady, and token holders can stake the coin so that they're rewarded for absorbing the volatility.
So when $UST is widely adopted and used, $LUNA needs to be burnt in order to mint more $UST and stop its price from being pushed over 1$.
How ingenious is that?
Currently, you can stake your $UST on $ANC protocol and get 19% APY.
More than 3 Billion $UST locked on $ANC
How ingenious is that?
Currently, you can stake your $UST on $ANC protocol and get 19% APY.
More than 3 Billion $UST locked on $ANC
3) What is Columbus-5?
Columbus-5 is the highly anticipated mainnet upgrade of the Terra ecosystem.
This upgrade will bring integration of the ecosystem with other ecosystems, building new bridges, transactions at fast speed and burning off more $LUNA tokens.
Columbus-5 is the highly anticipated mainnet upgrade of the Terra ecosystem.
This upgrade will bring integration of the ecosystem with other ecosystems, building new bridges, transactions at fast speed and burning off more $LUNA tokens.
3 main upgrades from Columbus-5
3.1) Burn all Seigniorage
3.2) Upgrade to Stargate
3.3) Integration of Ozone and Wormhole
3.1) Burn all Seigniorage
3.2) Upgrade to Stargate
3.3) Integration of Ozone and Wormhole
3.1) Burn all Seigniorage
One of the most controversial features of Columbus-5: It will execute the proposal to “burn all seigniorage,” including a sizable sum of LUNA from the over-funded community pool, and will ultimately make the LUNA → UST swap much more efficient.
One of the most controversial features of Columbus-5: It will execute the proposal to “burn all seigniorage,” including a sizable sum of LUNA from the over-funded community pool, and will ultimately make the LUNA → UST swap much more efficient.
It will also give the swap fees to LUNA stakers. Staking rewards for #LUNAtics will grow and as the ecosystem evolves, those rewards will scale accordingly
It will provide support for interchain assets which is critical in expanding user adoption and increasing use case
It will provide support for interchain assets which is critical in expanding user adoption and increasing use case
3.2) Upgrade to Stargate
The upgrade to Stargate enables integration capabilities of the Inter Blockchain Communication protocol (IBC). The IBC provides support for interchain assets such as Solana, Polkadot, and Cosmos
The upgrade to Stargate enables integration capabilities of the Inter Blockchain Communication protocol (IBC). The IBC provides support for interchain assets such as Solana, Polkadot, and Cosmos
Terra’s stablecoin $UST will become the de-facto stablecoin for the Cosmos ecosystem. When LUNA burns, the remaining coins become more valuable.
Mars Protocol will become the go-to native asset money market for PoS chains. It will allow borrowers to provide ETH, SOL as collateral
Mars Protocol will become the go-to native asset money market for PoS chains. It will allow borrowers to provide ETH, SOL as collateral
More dApps will be able to integrate with the Terra Ecosystem. Cosmos $ATOM ecosystem itself comes with more than 250 daps which will be able to interact with Terra Ecosystem with the help of Gravity Bridge.
3.3) Integration of Ozone and Wormhole
- Ozone
Ozone will now become the de-facto insurance/coverage protocol. This will just increase the trust of investors and more people will be able to invest their $UST on $ANC
This was the last piece of the puzzle in terms of safety.
- Ozone
Ozone will now become the de-facto insurance/coverage protocol. This will just increase the trust of investors and more people will be able to invest their $UST on $ANC
This was the last piece of the puzzle in terms of safety.
- Wormhole
Wormhole is a bridge that connects different ecosystems and helps them to interact smart contracts of those individual ecosystems. With Columbus-5, Wormhole will be enabled between Solana $SOL and Terra.
Wormhole is a bridge that connects different ecosystems and helps them to interact smart contracts of those individual ecosystems. With Columbus-5, Wormhole will be enabled between Solana $SOL and Terra.
This will significantly reduce friction for UST moving to Solana. This will allow for further integration and collaboration between Terra and Solana’s great stable swap projects.
The relationship between the Terra and Solana ecosystems will blossom with the upgrade.
The relationship between the Terra and Solana ecosystems will blossom with the upgrade.
4) $LUNA stakers rejoice
After the launch of Columbus-5, LUNA stakers should see staking rewards grow. As UST adoption grows and LUNA burns, the value of LUNA will increase, and, therefore, LUNA staking rewards will scale with it.
After the launch of Columbus-5, LUNA stakers should see staking rewards grow. As UST adoption grows and LUNA burns, the value of LUNA will increase, and, therefore, LUNA staking rewards will scale with it.
5) Time Line
The Columbus-5 was initially set to be deployed on 9th September 2021 but was delayed by 3 weeks. The new timings are
9/29 at 20:30 PST
9/30 at 03:30 UTC
9/30 at 12:30 KST
More information is in the tweet link
The Columbus-5 was initially set to be deployed on 9th September 2021 but was delayed by 3 weeks. The new timings are
9/29 at 20:30 PST
9/30 at 03:30 UTC
9/30 at 12:30 KST
More information is in the tweet link
https://twitter.com/terra_money/status/1432927061849427968?s=20
Overall
Columbus-5 will be a grand event for all #LUNAtics and it will be celebrated across the #Crypto universe.
It will bring many ecosystems closer and reward the token holders. It will also send $LUNA to new horizons.
So don't miss out on it. Moon awaits for $LUNA🚀
Columbus-5 will be a grand event for all #LUNAtics and it will be celebrated across the #Crypto universe.
It will bring many ecosystems closer and reward the token holders. It will also send $LUNA to new horizons.
So don't miss out on it. Moon awaits for $LUNA🚀
YouTube Video on Columbus-5 comes out tomorrow morning. I will go into a bit more detail in the video.
Don't forget to check it out.
youtube.com/channel/UC9Za_…
Don't forget to check it out.
youtube.com/channel/UC9Za_…
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