Hey guys,
Welcome to the 4th week of the season 5 SteemitCryptoAcademy intermediate lecture by Professor @pelon53
Without wasting much of our time, let me quickly proceed with the given tasks.
QUESTION 1
What is Terra Station? Explore Terra Station on the web, Download the wallet and connect the wallet to Terra Station. Screenshots required.
Terra Station is decentralized platform of Terra blockchain that was developed by the blockchain team which includes the likes of Daniel Shin and Do Kwon.
It allows users the ability to perform various functions such as staking, delegating, voting (participating in governance), swapping, etc. All this is possible because the Terra Station has a web extension that allows users access to decentralized applications powered by smart contracts.
- Steps to download Terra wallet
Log into Terra.station.money and click on connect. After that, select the option of Terra Station mobile.
- screenshots
After selecting Terra Station mobile, click on Open Terra Station Mobile and allow if to update in other to proceed with wallet connection.
- Screenshots
Now that the update is completed, we will proceed with creating a new wallet.
- Screenshot
For security reasons, screenshots aren't allowed on the page of new wallet creation. This process is made up of 3 steps which include;
- Choosing your account username and password.
- Copying your phrasal words and keeping them safe and secure.
- Confirm your phrasal words.
After completing the above steps, your wallet will be successfully created. The Terra wallet also has provisions for staking and swapping.
- Screenshots
- Now we will proceed with connecting the wallet to Terra Station.
As usual, log into Terra.station.money and click on connect.
Then click on Terra Station mobile.
- screenshots
After clicking on Terra Station mobile, click on allow and the wallet will be connected to the Terra Station.
- Screenshots
Screenshot from My Terra wallet
Explore Terra extension
Dashboard
The dashboard contained a summary of data contained on the platform such as the amount of Luna in the community pool, the total number of existing accounts, Tax rate, insurance, price of its native token, etc.
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NFT
The feature allows users to manage and keep track of their NFTs. It also allows them to easily buy and sell NFTs.
WALLET
The wallet feature works like every other wallet. It allows users to manage their native cryptocurrencies and they can also perform transactions such as sending and withdrawing using this feature.
SWAP
Just as the name sounds, the swap feature allows users to swap between various cryptocurrencies listed on the platform. Exploring this feature, we will discover that multiple swaps is also allowed to be performed at a time.
Aside from the already mentioned features, the Terra extension platform has a lot of other features which include History, Governance, Contracts, etc.
- Screenshot
QUESTION 2
Explain Anchor Protocol, explore the application and connect the Terra Station wallet.
Anchor Protocol is a decentralized lending and savings protocol similar to Aave. It is unique because of its ability to offer more fixed performances when compared to other similar decentralized platforms.
Anchorprotocol.com
It's users earn an APY of 20% and this APY doesn't usually change or will just change a little due to a change in liquidity level. This stability is a great advantage to the Anchor Protocol because similar decentralized platforms tend to have varying APY which leaves users in worry and inability to be certain of what they should be expecting as an ROI due to high fluctuations of the APY.
The Anchor Protocol makes use of the stable token (Terra USD) or UST which is pegged to the US dollar. Therefore, uses worry less about the volatility of the crypto market because the US being pegged to the US dollar, has a fixed price of 1$ which can only fluctuate a little.
The Anchor platform has its native token known as Anchor Token (ANC). Holders of this token have the ability to participate in various governance activities such as voting on proposals. This makes them serve as nodes that help to improve the activities of the platform and thus making it more secure and decentralized.
Connect Terra Station wallet to Anchor Protocol
- Steps to connect Terra Station of Anchor Protocol
We will start by logging into the Anchor platform using Anchorprotocol.com
After logging in, click on Web App in other to navigate to the main page.
- Screenshot
On the main page, click on Open Terra Extention and click Allow on the proceeding page in other to successfully connect the wallet.
- Screenshots
Screenshot from my Terra Station wallet
Explore Anchor Protocol
Dashboard
The dashboard feature contains various information concerning the platform. This information includes the total value of a locked asset, price of the native token which is currently at $3.52 UST, YEILD reserve, total deposit, the total value of collateral, etc.
Earn
This feature allows savings of UST with an opportunity to earn interest which is currently at an APY of 19.57%.
This feature also allows deposit and withdrawal of assets at any time of choice.
Borrow
This feature contains all the information as regards to loans and collateral. Such information includes collateral value, a collateral list which are the cryptocurrencies set aside as collateral, borrowed value (value of cryptocurrencies borrowed), etc.
Other than the above mentioned, other features contained on the platform includes; My page, Bond, Govern, etc.
- Screenshot
QUESTION 3
Explain Mirror Protocol, connect Terra Station and explore the Mirror Protocol application. Show screenshots.
Mirror project is a decentralized finance platform built on Terra blockchain which enables its users to create synthetic assets which are tradable without any form of user identity verification.
These synthetic assets are obtained by minting tokens and in other to mint these tokens, a user is required to deposit as collateral an amount in cryptocurrency that is more than the amount a user intends to mint.
The Mirror Protocol also uses an oracle developed by Terra blockchain in obtaining the real-time value of its stocks. This oracle serves as a link between the real world and that of the blockchain and prices of stocks on the mirror platform are updated every 60 seconds.
Activities are done within this time interval and failure to meet up with the time, the user will have to complete his or her task at the updated price which may or may not be the same as the previous price.
In addition, the platform has a native token known as Mirror Protocol (MIR). This token gives holders the governance right which ables them to either accept or reject proposals brought up on the platform.
In other to connect Terra Station to mirror protocol, we will start by logging into the Mirror platform using Mirrorprotocol. app. When logged in, click on Connect at the top right corner. After that, you click on Terra Station mobile and it will navigate you to a page where you will click Allow in other to successfully connect wallet. This feature allows users the opportunity to farm with their synthetic assets. Similar to other farming opportunities we have on other platforms, farming on the Mirror platform has both long and short-term farming with a varying APY which is much higher for users taking part in long-term farming. These farmers serve as liquidity providers on the platform by depositing their assets into the liquidity pool. This is a feature that allows users to trade their UST for various synthetic assets listed on the platform. Trading here is very easy and self-explanatory because all you are required to do is to click on any asset of your choice and a buy and sell option will be displayed. This feature is very important on the platform because it serves to spread governance rights to the native token holders of the platform thereby giving them equal rights to either accept or reject a proposal and also initiate their own proposals which will be voted upon by other tokens holders. Using this feature, a user can stake his or her tokens in others to acquire governorship rights and also earn incentives. This feature gives us the ability to keep an eye on and manage the UST we have in our wallets. It also grants us easy access to the Kucoin platform where we can buy UST. Rewards earned on the platform is also claimed here. All loan activities of the Platform is carried out here. Users can easily request for a loan and be granted a loan as they have the required about of collateral in cryptocurrency to cover the loan they are asking of. The amount of collateral required for each loan is expected to be greater than the loan amount. This is to make sure that users do not borrow and refuse to pay back because that will lead to the platform running out of funds. These bridges serve to completely eliminate the interference of centralized bodies on the blockchain space providing services that are normally handled by centralized exchanges such as Binance. Therefore, a cryptocurrency holder will not have to move his or her assets to any centralized exchange in other to get it converted to another token of a different blockchain. The activities performed by this exchanges are now being carried out by smart contracts which is supported by different Blockchains such as BSC, Solona, Ethereum, etc. In other to take advantage of the Terra bridge, a user must have wallets which are compatible to the networks he or she wants to work with. After connecting the wallets, the used will be required to choose two different Blockchains which he or she will be working with (eg; Terra and Etheruem). When everything is completely set, the user will be required to choose the amount of token he or she wants to convert and then input the destination address. Stables coins are tokens pegged on the price of fiat currencies such as US dollar. They are created due to the volatility associated with cryptocurrencies which makes a lot of people sceptical thereby not seeing it as an asset. The Terra blockchain has a stable coin known as Terra USD (UST). This UST is a native token to the Terra blockchain but it can be used on other compatible blockchains due to the conversion made possible by blockchain Bridge. There are several other stable coins which exist on the Terra protocol and th include; AUT, CAT, CNT, etc. Obtainingany of the above stable coins will require a user to burn an equivalent amount of $Luna. That is, if you want to buy 1 UST which is pegged at $1 and with the current price of Luna being $57.92, you will have to burn around 0.017 Luna which will brc equivalent to the UST. The current price of Luna = $58.42 After obtaining the required Luna, a user will be required to go to the Terra Station platform, navigate to the swap feature and swapt to obtain UST. Note: It is important to have more that the exact amount of Luna equivalent to the desired UST in other to cover the charges that may occur during the transaction. The Luna currency has a current value of 58.43 USD Therefore; USD = 1500 UST × 1.07 USD Comparing with the initial value we have. MONA Won = 27.469 - 22.676 = 4.793 MOON USD Won = = $ 1500 - $ 1605.01 = 105.01 We got an additional 105.01 The Terra blockchain is a decentralized blockchain built with the core aim of maintaining stability at all rounds starting with the value of its native token UST which is pegged to the US dollar. The blockchain bridges has also helped to provide more decentralization on the blockchain ecosystem by making the conversion of tokens from different bkockchains possible. Special regards to professor @pelon53
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This governance right given this token holders on the platform makes the platform more Decentralized in terms of decision making.
Farm
TRADE
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Govern
My page
Borrow
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A blockchain Bridge can be regarded as way in which use can convert tokens from a blockchain to another token that belongs to a different blockchain.
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Terra bridge is a blockchain Bridge which allows the conversion of its native token (Luna), UST and other synthetic assets to tokens of different blockchains which are compatible to that of Terra. Examples of these blockchains include; Ethereum, BSC, Monero, etc.
[source]( Use of the terra bridge)
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Current price of UST = $1
Therefore, in other to obtain 1500 UST we will be required to burn 22.676 MOON.
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The UST value = $1.07
USD = $1605/58.43
USD = $27.469 Luna × 58.43
USD = $1,605.01
