Native Terra Supported Now!
Coinmetro Officially Supports Native Terra
Native Terra support has arrived at Coinmetro, and we’re enthusiastic about helping our users quickly access its different protocols.
Terra is a blockchain payment network with stable coins and is powered by LUNA, its native token. LUNA is already part of the Coinmetro ecosystem and features the LUNA/USD and LUNA/EUR pairs. Our fiat on ramps will enable the purchase of Terra assets with fiat and withdraw on the Terra Chain.
How Does Terra UST Work?
In contrast to centralized stable coins, Terra’s decentralized stable coins are not backed by assets like cash or government debt. Instead, they’re backed by Terra’s native LUNA coin. Terra uses a novel mint and burn mechanism, wherein one dollar’s worth of LUNA can be burned to mint one UST. This dynamic makes it possible for UST to maintain its peg due to simple supply and demand.
Similar to Coinmetro’s XCM, LUNA is integrated into Terra. In this case, it supplements the UST supply when necessary to help it maintain its peg to the dollar.
The terra blockchain has 130 validators which double as oracles, meaning they constantly check and update the price of LUNA and TERRA’s decentralized stable coins with real-world data as reference.
Coinmetro Welcomes the Terra Ecosystem
You can easily buy UST on Coinmetro and participate in dApps or the Anchor Protocol to make 20% APY, but what’s behind it all?
Highlighting the Terra dApps is the Anchor Protocol. Anchor is a decentralized savings protocol offering low-volatile yields on Terra stable coin deposits. The Anchor rate is powered by a diversified stream of staking rewards from major proof-of-stake blockchains, and therefore can be expected to be much more stable than money market interest rates. The Anchor community believes that a stable, reliable source of yield in Anchor has the opportunity to become the reference interest rate in crypto.
While not yet reaching the levels of Ethereum, Terra has over 150 additional dApps. The largest protocols to date are Anchor (Lending) as mentioned previously, Lido (Liquid Staking), Mirror (Synthetic), and decentralized exchanges like Astroport (AMM) and Terraswap (AMM).
Depositing or Withdrawing Terra
Users can deposit or withdraw on the Terra or Ethereum chains. LUNA/MIR/UST on Coinmetro are treated the same (i.e., a user can buy LUNA with USD and withdraw it on either chain. Or they could deposit some UST on Ethereum chain, then withdraw any portion of it on Terra chain).
Terra Station and Leap Wallets
Terra Station is the official mobile wallet for managing native Terra assets and tokens. Additionally, you can connect with all the dApps running on the Terra blockchain.
The Leap Wallet is the simplest & safest way to store, send, swap and stake tokens on the Terra blockchain. Leap believes safety and privacy are vital, they don’t keep your keys. They also feature Protocol Integrations, Simplified Staking, NFT Management and Portfolio Tracking.
We look forward to working even more closely with the Terra team. Most importantly, we’re committed to having a connection between our platforms and evolving the synergy.