Hello All Steemians !!!
Today I'm going to make my Steemit Crypto Academy Homework task by professor @pelon53 that talking about Terra (LUNA) Blockchain. Very interesting lessons. Actually I have very little knowledge about this, but I will try to discuss it to improve my writing skills. On this occasion I will try to discuss it.
What is Terra Station? Explore the application, Download the wallet and connect the wallet to Terra Station
Terra Station is an application or wallet that is present in the cryptocurrency ecosystem that serves to provide various functions and access for users to store assets, especially LUNA tokens. It is a application that allows all users to carry out various types of transactions needed in one blockchain. This is one of the good DeFi projects and has a positive impact on the cryptocurrency world because this application has a stablecoin ecosystem created by the developers on that application.
Terra Station has important characteristics and factors that make it have a good level of efficiency and effectiveness with functions that allow users to create and connect other applications or wallets on the application blockchain. This is very useful and beneficial for users, especially in transacting LUNA tokens and other assets to invest or seek profit. This platform has a high level of security, high scalability, fast and good quality. To explore the application, here I will visit Terra Station
Download and install the Terra Station app. After the installation process is complete, you will enter the first page of the application which discusses about Terra Station.
Terra Station allows you to manage assets such as making transactions, swaps and staking on the blockchain. You can also earn rewards by delegating LUNA tokens and doing yield farming on the network.
You can explore Terra Station and connect wallets. You can create a new wallet or recover wallet on the application.
You must fill in all the data and information needed by Terra Station when creating a wallet. The most important thing here is the seed phrase that you must save. Here I already have a wallet on Terra Station.
Terra Station has a swap feature that is useful for users to carry out transactions needed to increase investment or earn profits. This feature allows users to swap various tokens available in the application ecosystem.
Terra Station has a staking feature that is useful for users to increase investment or get rewards. This application has many validators that can be relied upon to validate all transactions.
Explain Anchor Protocol, explore the app and connect the Terra Station wallet
Anchor Protocol is a stablecoin protocol that is present in the cryptocurrency ecosystem that serves to provide access between borrowers and lenders on applications. In this case, the lender will store and lock the assets in the protocol for a reward. The rewards generated from this process can be exchanged for stablecoins on Terra Station. This will benefit both borrowers and lenders, because it will be equally profitable according to the needs of their respective transactions.
Anchor Protocol has a good system and governance where all users can rely on this application to carry out all the transactions needed, especially the asset lending process to increase investment and maximize profit. An important factor that becomes the main function of this application is having a stablecoin protocol that keeps some assets in the market remains stable which is useful for users to protect assets from loss. To explore the application, here I will visit Anchor Protocol
Open the Anchor Protocol application and select WebApp. You must connect your Terra Station wallet to be able to make transactions on the application.
Anchor Protocol will ask you for access permission to connect your Terra Station wallet. Here I have connected the Anchor Protocol application with the Terra Station wallet.
Anchor Protocol has a dashboard feature that serves to provide all data and information about UST such as total locked value, yield reserve, ANC price, ANC buyback, total deposit and total borrow. The my page feature serves to provide all data and information about the assets I own such as total value and total rewards.
Anchor Protocol has an earn feature that serves to provide all data and information about the UST that I earn such as total deposit and interest. The borrow feature serves to provide all data and information about the assets that I borrow such as collateral value, loan value and APR.
Anchor Protocol has a bond feature that serves to provide all data and information about LUNA tokens that I can mint, burn and claim. The governance feature serves to provide all data and information about Anchor (ANC) such as ANC price and total staked.
Explain Mirror Protocol, connect Terra Station and explore the Mirror Protocol app
Mirror Protocol is a protocol that is present in the cryptocurrency ecosystem that serves to provide a place and access for users to transact assets where the value follows and is based on the value in the real world. It is an application called blockchain wrapper because the market value of the asset is the same as the market value of the asset in the real world. This application allows the minting of tokens from the Terra Station stablecoin ecosystem to increase user adoption and have good quality.
Mirror Protocol has important factors and special characteristics where the protocol has a very wide range of operating systems which allows the involvement of large exchange companies and not only in the world of cryptocurrencies. This application shows the development and relationship of the digital finance world is getting wider and involves many parties so that it has a positive impact and users can invest in various sectors. To explore the application, here I will visit Mirror Protocol
Open the Mirror Protocol application and select MirrorProtocol.app. You must connect your Terra Station wallet to be able to make transactions on the application.
Mirror Protocol will ask you for access permission to connect your Terra Station wallet. Here I have connected the Mirror Protocol application with the Terra Station wallet.
Mirror Protocol has a trade feature that allows users to trade cryptocurrency assets and digital financial company assets with their respective terrasswap prices. The borrow feature also allows users to borrow cryptocurrency assets and digital financial company assets with their respective oracle prices.
Mirror Protocol has a farm feature that allows users to farm cryptocurrency assets and digital financial company assets with their respective long and short percentage. The govern feature serves to provide all data and information about MIR such as community pool, total staked and allows users to manage stake.
What is the Terra Bridge? Explain
Terra Bridge is a technological innovation that is present in the cryptocurrency ecosystem that functions as a link that connects 2 networks such as terra and ethereum in the Terra Station ecosystem. This is a very useful technology for users because it provides a bridge or access that can be used to carry out any type of transaction on the Terra Station ecosystem. The use of this technology will increase the speed, security, efficiency and effectiveness of transaction processes that occur on the blockchain. To explore the application, here I will visit Terra Bridge
Open the Terra Bridge application and select Connect Wallet. You must connect your Terra Station wallet to be able to make transactions on the application.
Terra Bridge will ask you for access permission to connect your Terra Station wallet. Here I have connected the Terra Bridge application with the Terra Station wallet.
Terra Bridge has a send feature that can be used to send LUNA tokens or other tokens between 2 networks with the number and address that can be determined by each user.
Explain how it works and what Terra Stablecoins are
Terra Stablecoin is a coin or token from the Terra blockchain that is present in the cryptocurrency ecosystem and brings a positive impact to every user. Stablecoins function to maintain and control price stability and volatility in the cryptocurrency market. Stablecoins have a comparable ratio of 1:1 where 1 UST = 1 USD. The presence of stablecoins will affect the stability of the LUNA token and be able to reduce high volatility.
In this case, the user can make transactions based on how it works where 1 UST is equal to 1 USD. LUNA token burning process will be carried out on the Terra ecosystem to keep UST as a stablecoin equivalent to USD. This shows that stablecoins refer to the price of USD and make them coins or tokens that users can rely on for investment in the market. The list of stablecoins in the Terra ecosystem is as follows:
You have 1.500 USD and you want to transform it into UST. Explain in detail and take the price of the updated LUNA token
Based on the 2 pictures above, I can conclude that:
I have 1500 USD and the current price of LUNA is $64.28
Then $1500 : $64.28 = $23.3 LUNA
I have $23.3 LUNA and the current price of UST is $1
Then $23.3 x $1 = $23.3 UST
Now you have that 1.500 USD and you want to make a profit, since 1 UST = 1.07 USD. Explain in detail and take the price of the updated LUNA token
I have 1500 USD and the current price of LUNA is $64.28
Then $1500 : $64.28 = $23.3 LUNA
I have $23.3 LUNA and the current price of UST is $1.07
Then $23.3 x $1.07 = $24.9 UST
Profit is $24.9 UST - $23.3 UST = $1.6 UST
Conclusion
The presence of the Terra blockchain in the cryptocurrency ecosystem brings a positive impact to many users and makes the development of the cryptocurrency world better. Various kinds of applications that are connected in the Terra ecosystem can be used and utilized by users to carry out any transactions needed to increase investment and earn profits. The stablecoin owned by the Terra blockchain is an important point and factor that makes the LUNA token more stable and has good potential to be an investment asset in the cryptocurrency world.