Terra (UST) 🌍 Powered by LUNA 🌕 Profile picture
DeFi for everyone. Algorithmic Stablecoin -- $UST Decentralized. Scalable. Robust.
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12 Oct
1/ Pleased to announce that @antimatterdefi will be supporting non-oracle-based perpetual options using Terra assets on Columbus-5!
2/ Users will be able to buy and redeem call and put options on AntiMatter at a low cost, enabling risk-hedging and amplified price exposure to Terra assets.
3/ Non-oracle perpetual options eschew conventional oracle-based price feeds in DeFi for an arbitrage-oriented model that simplifies the user experience and maintains independence from external feed reliance.
Read 6 tweets
30 Sep
1/ Columbus-5 is now officially live as the new Terra mainnet!

Welcome to the future of Terra 🌕

2/ Col-5 unlocks numerous dimensions for the Terra ecosystem to better capture value, port assets across IBC-enabled chains, and set the foundation for a vibrant TeFi economy.
3/ Economic Changes:

Columbus-5 simplifies the Treasury Module logic of the Terra protocol so that 100% of the $LUNA seigniorage generated by the expansion of the $UST supply is burned.
Read 14 tweets
29 Sep
1/ The official Columbus-5 execution plan and set of available resources 👇

At the block height #4,724,000, the Columbus-4 chain will halt and the Columbus-5 mainnet migration will commence.
2/ This roughly translates to the following times:

Wed Sep 29 2021 23:00:00 GMT-0800 (PDT)
Thu Sep 30 2021 07:00:00 GMT+0000 (UTC)
Thu Sep 30 2021 16:00:00 GMT+0900 (KST)
3/ The migration is expected to take roughly 2 hours pending no extenuating circumstances.

The initiation of the migration will be relayed publicly both 1 hour before its execution and also at the precise time that the Col-4 chain halts.
Read 15 tweets
28 Sep
1/ Important Columbus-5 mainnet migration update for VALIDATORS:

The oracle-mempool-priority patch has been released with the applied version of core to avoid oracle misses even when the network is congested.

- github.com/terra-money/co…
2/ Hardware Requirement for Validators:

CPU: Computer Optimized 4x cores
Ram: 32GB
Storage: 1.5TB
3/ Don't forget to update your Go version to v1.16+

Required ops pre-Mainnet Upgrade:

Set halt-height(4,724,000) via --halt-height=4724000 flag option or config in ~/.terrad/config/app.toml (restart required)

Upgrade to Bombay-12 node to v0.5.5-oracle tag version for testing
Read 5 tweets
28 Sep
1/ Important Bombay-11 → Bombay-12 testnet update in preparation for the Columbus-5 mainnet launch.

NOTE -- Bombay-12 does not contain breaking changes to Bombay-11, but developers still need to migrate to the new testnet in preparation for the Col-5 mainnet.
2/ The latest core release v0.5.5 for Columbus-5 and the new Bombay-12 testnet will occur on:

2021-09-28T09:00:00 (UTC)
2021-09-28T18:00:00 (KST)
2021-09-28T01:00:00 (PDT)
3/ core@v0.5.5 will be released with the fix of the issue in the wasm event emitter.

- github.com/terra-money/co…

- github.com/terra-money/co…
Read 9 tweets
14 Sep
1/ Thrilled to see @JumpCryptoHQ officially launch!

Jump has quietly played a pivotal role in the Terra ecosystem for a long time and is one of the most well-reputed, talented, and strategically important firms in the broader market.

2/ Jump is a consummate Terra partner.

Watching an established TradFi firm dive headlong into crypto underscores the potential of the crypto industry. As premier builders and market makers in crypto already, Jump Crypto opens up an array of new possibilities.
3/ @wormholecrypto and @PythNetwork are just the beginning. We look forward to a vibrant future with the Jump team, expanding our co-initiatives in liquidity, market-making, building, and other forms of collaboration.
Read 5 tweets
1 Sep
1/ The Columbus-5 mainnet deployment will be delayed ~3 weeks until a new block height of 4,724,000, roughly equivalent to the following times:

9/29 at 20:30 PST
9/30 at 03:30 UTC
9/30 at 12:30 KST
2/ No need to fret, as the goal is to implement some extra precautionary measures for the rollout of Terra’s most significant mainnet upgrade yet to ensure the smoothest launch possible.
3/ For some context, the Columbus-5 mainnet upgrade is massive.

Behind the scenes, numerous moving parts require attentive and thorough examination from multiple perspectives + reviews between TFL, eco partners, the community, and projects dependent on Terra applications.
Read 14 tweets
9 Aug
1/ Wormhole for Terra has arrived!

With V2 now live and the Guardian set supporting Terra on mainnet, inter-chain DeFi between @ethereum, @solana, @BinanceChain, and Terra can realize its full potential.

2/ TFL will be converting its Shuttle bridge implementations to Wormhole, meaning that the Terra -- ETH and Terra -- BSC Shuttle bridges will be migrated to Wormhole, which will remain available on the Terra Bridge UI just with different back-end functionality.
3/ Solana will be added to the Terra Bridge UI as well, utilizing Wormhole. Stay tuned for further updates.

Eventually, the goal is for Terra Bridge to serve as the unified front-end for inter-chain transfers between Terra and other chains, including both Wormhole and IBC.
Read 7 tweets
6 Aug
1/ Community Content Bounty Update:

Introducing Week #5’s winners and a special new format for the next 2 weeks!

Check out the details below 👇
2/ After the first 5 weeks of the community content bounty program, we’ve discovered some truly talented content creators part of the #LUNAtics fam. We’ve also received some valuable feedback, which has contributed to internal discussions about modifying the program.
3/ In that light we’d like to introduce a new format for weeks #6 and #7 -- a 2-week, open-ended topic bounty pooling both weeks’ prizes ($3K total) into one bounty.

Winning submissions will be awarded as follows:

1st Place -- $1,800

2nd Place -- $700

3rd Place -- $500
Read 18 tweets
17 Jul
1/ Community Bounty Program -- Announcing last week’s winners and the new bounties!

Thanks, everyone for your submissions! The quality is excellent and we encourage the continued diversity in both perspectives and content format (e.g., animated video, written content, etc).
2/ Let’s dive into week #2’s winners:

Bounty #4 -- Winning 3 Submissions:

-- 350 UST

jayljl.medium.com/terra-re-deleg… -- 100 UST

aurastake.medium.com/terra-redelega… -- 50 UST
Read 11 tweets
16 Jul
1/ Introducing the latest issue of Terra’s Project Spotlight, a special edition covering our valued partner network and one of the most fascinating application-specific blockchains in the Cosmos ecosystem -- @SecretNetwork!

2/ Secret is built on the Cosmos SDK and Tendermint, and is the only permissionless smart contracts platform to offer “privacy by default.” Secret Contracts allow queries from other application-specific chains in Cosmos to verify data integrity without sacrificing privacy.
3/ Known as “computational privacy,” Secret enables applications on the network to utilize encrypted data on the network without ever exposing the data itself -- even to network nodes. This supersedes the “transactional privacy” of most privacy-oriented public blockchains.
Read 9 tweets
16 Jul
1/ We’re thrilled to introduce Terra’s new $150M Ecosystem Fund, which will propel Terra towards its next adoption phase; augmenting an accessible, cross-chain DeFi supersystem targeting mainstream adoption -- supported by the amazing #LUNAtic community.

2/ The onset of dozens of projects on Terra has induced the need to bolster the ecosystem’s capital & resource base to support its exponential growth effectively, culminating in the Ecosystem Fund to guide the development of Terra towards a brighter future.
3/ The Ecosystem Fund serves as a capital foundation for builders to access the resources of the industry’s leading investors to manifest their vision for apps, protocols, & tooling on Terra. Accepted applicants will unlock a line of communication with the ensemble of investors
Read 6 tweets
9 Jul
1/ Announcing the community content bounty program’s winners and the new bounties for the next week!

First, we’d like to thank everyone for their submissions. The quality across the board was excellent, and we encourage writers who didn’t win to keep sending submissions.
2/ Let’s dive into week #1’s winners :)

Bounty #1 -- Top 3 Winning Submissions

1. jayljl.medium.com/forget-banks-e… -- $350 UST

2. danku-r.medium.com/how-to-get-sta… -- $100 UST

3. medium.datadriveninvestor.com/this-new-savin… -- $50 UST
3/ Bounty #2 -- Top 3 Winning Submissions

1. fynnlikesluna.medium.com/terra-validato… -- $350 UST

2. aurastake.medium.com/how-to-choose-… -- $100 UST

3. mlolalime.medium.com/how-to-pick-a-… -- $50 UST
Read 11 tweets
10 Jun
1/ In our fourth issue of Terra’s Project Spotlight, we’re thrilled to introduce @pylon_protocol --  a yield-based saving, payment, and launchpad platform built on Terra.

2/ Pylon is the 5th app incubated by the TFL team, following Chai, Mirror, Anchor, & Nebula. Pylon similarly infuses itself with the theme of “looking outwards,” where adoption, accessibility, & use cases that appeal to the average user are powered by Terra’s DeFi ecosystem
3/ The idea enshrined in Pylon is to swap “payments-in-principal with payments-in-cashflow” using Anchor’s high-yield, low-volatility deposit rate.

Anchor’s ability to unlock new dimensions for user engagement with products and services is powerful.
Read 14 tweets
26 May
1/ Terra’s integration with @WalletConnect — open-source protocol designed for dapp<>wallet connectivity — is now live, enabling users to access full Anchor, Mirror & Terra Bridge functionality through Terra Station.
2/ By deep linking each web application with Terra Station mobile, @WalletConnect enables users to simply manage their assets across the entire Terra ecosystem on the go.

Download Terra Station mobile & connect your wallet on the front page of the Anchor/Mirror/Bridge web app👇
Read 5 tweets
26 May
1/ A great video clarifying by YouTuber CryptoCents on some of the misconceptions around TerraUSD ($UST) and how the broader Terra economy works.

Check out his profile and give this man a follow #LUNAtics.

2/ “LUNA is not an asset that explicitly collateralizes UST -- it simply absorbs the short-term volatility of UST.”

UST is backed by the demand for the Terra ecosystem, not explicitly the asset price of LUNA collateralizing the system.
3/ Hence, why an FDNV of LUNA approaching the outstanding liabilities of circulating UST does not trigger a “death spiral” bank run characteristic of traditional endogenous collateral models.
Read 35 tweets
24 May
1/ Extreme volatility produced a series of collateral effects across the Terra ecosystem, primarily derived from the short-term peg deviation of $UST and its impact on the volatility of $LUNA and levers of the Terra protocol. There’s a lot to unpack, so let’s dive in 👇
2/ Let’s start with the basics. The Terra protocol mechanism is quite simple:

When the supply of Terra stablecoins (like UST) goes up, the LUNA supply goes down.

When the supply of Terra stablecoins goes down, the LUNA supply goes up.
3/ As an algorithmic stablecoin network, Terra is akin to a decentralized, open-source central bank.

Read 30 tweets
21 May
1/ Following an active day of community discussion around prop 82, the community has spoken.

2/ With the threshold currently passed and roughly 96% of votes reporting "No," the community pool will be swapped out for $UST after Columbus-5 and used to bootstrap Ozone. More details will follow after the conclusion of the current voting period.
3/ The community's decision reflects the idea that community-funded growth from the treasury for a blossoming DeFi ecosystem on Terra is the optimal path forward for the network to maximize value and adoption in the long term.
Read 9 tweets
23 Feb
For the first time in Terra’s history, seigniorage distribution to the validators/delegators and the community pool has occurred due to the sharp increase in UST demand -- equating to 24 million LUNA. This is NOT newly minted LUNA.
For some context, the Terra blockchain records "decreased LUNA supply during a week" as accrued seigniorage. The seigniorage is spent in two ways:
1. Oracle rewards: distributed to validators + delegators as staking rewards => increase staking rewards (released over 52 weeks).

2. Community pool: the treasury for the community.
Read 16 tweets
6 Feb
As @mirror_protocol gains traction, it’s important to denote the mutually beneficial relationship between Terra, LUNA stakers, and Mirror’s adoption. Rather than purely being a synthetic assets protocol, Mirror’s adoption accrues value to LUNA stakers.
How does it? Let’s follow UST, Terra’s USD-pegged stablecoin. At a high level, Terra’s LUNA collateralizes its cadre of stablecoins, including UST.
When UST is trading above $1, arbitrageurs can burn $1 of LUNA to mint 1 UST and sell UST on the open market for a profit. When UST trades below $1, then arbitrageurs can buy UST on the market at a discount, and swap it for $1 worth of LUNA.
Read 20 tweets
4 Feb
We’re thrilled to introduce Terraform Capital - the strategic investment arm @terra_money that will be seeded with $10 million!

What are we passionate about? Founders getting to market as efficiently & frictionlessly as possible.
How do we make that happen? Free access to launch capital covering audit costs for selected projects. To be considered, projects must incorporate $LUNA, $mAssets, $UST (TerraUSD) or any of our other interchain stablecoins, in a meaningful way.
Read 6 tweets