Blockchain

Blockchain.com Invests in $LUNA, Joins $150M Terra Ecosystem Fund | by Samuel Harrison | @blockchain | Aug, 2021

Source link In June 2021, Blockchain.com Ventures invested in the digital asset, $LUNA. In addition, we’re excited to now be running a new validator node for the Terra network. Alongside this investment, Blockchain.com also joined Terra’s recently announced $150 million Terra Ecosystem Fund, which offers access to deals and communications with projects building apps, protocols, […]

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In June 2021, Blockchain.com Ventures invested in the digital asset, $LUNA. In addition, we’re excited to now be running a new validator node for the Terra network.
Alongside this investment, Blockchain.com also joined Terra’s recently announced $150 million Terra Ecosystem Fund, which offers access to deals and communications with projects building apps, protocols, or tooling on the Terra network.
Terra is a high performance blockchain built on the Cosmos SDK and Tendermint consensus mechanism. The Terra protocol deploys a suite of algorithmic, fiat-pegged stablecoins underpinning a thriving ecosystem designed to provide real-world functionality and value to its users. LUNA, the native staking and governance asset of Terra, absorbs the short-term volatility of Terra’s suite of stablecoins. Demand for Terra’s stablecoins such as USD (UST) and Korean Won (KRT) is driven by the utility and usage of products in Terra’s rapidly expanding ecosystem of more than 60 applications set to launch after the Columbus-5 upgrade.
As more users enter to use apps such as Mirror (synthetic asset trading), Anchor (high-yield savings), Pylon (principal protected payments) and beyond, stablecoins are required and therefore more must be minted. LUNA is burned when new stablecoins are minted, reducing fully-diluted supply. As more apps launch such as Mars Protocol, Levana, Astroport, and Alice Finance, we envisage more functionality driving more users to the ecosystem. Stablecoin demand will likely follow.

“Terra has proven itself in payments via its stablecoin-powered Chai payments app, which now has millions of users. They’ve built key financial primitives such as Anchor & Mirror. The ecosystem has evolved to become a fully-fledged, permissionless layer-1 with a burgeoning 3rd party developer ecosystem” said Samuel Harrison, Managing Partner, Blockchain.com Ventures. “We want to help support the Terra ecosystem, so we’re joining the Ecosystem Fund as well as running our own validator.”

Terra has rapidly progressed into a global, internet-native network of applications, builders, users, and supporters pioneering financial innovation and inclusiveness for the masses. The Terra DeFi total value locked now exceeds $6bn. We’re proud to help support the mass adoption of crypto applications and a growing DeFi ecosystem.

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