Our team has been hard at work building out our vision to bridge not only blockchains, but also CeFi with DeFi throughout the course of this past month. We’ve seen exciting progress in our partnerships with groundbreaking protocols such as Cosmos, Polkadot, Solana, and Algorand, as well as a new partnership with custody platform Hex Trust.
To further interchain cooperation, we’re elated to be rolling out smart contracts with our upcoming Columbus-4 mainnet iteration! Seeing the enthusiasm you’ve all shown for CHAI’s phenomenal progress, with consistent integrations and now the limited release of the CHAI Card, we look forward to the growth interchain alliances and a truly global product like Anchor will bring, all made possible with smart contracts.
But for now, let’s recap all that’s happened in September.
This past month saw the launch of Terra USD, KRW, and SDR stablecoins on Bittrex Global. As the first decentralized stablecoin that tackles the issues of scalability, yield volatility, and silo-ism in the current blockchain ecosystem, Terra’s vision is to provide an interchain stablecoin that will serve as the building blocks connecting and empowering blockchains to advance innovative applications. We’ve got some ambitious plans in that regard so check out the following article to learn more:
Most recently, CHAI integrated with CJ O Shopping, Korea’s most established home shopping service, bringing the total number of integrated merchants to over 40. Furthermore, with the continued limited (and highly competitive) release of the CHAI Card, it’s exciting to see transactions increasingly generated from everyday usage and purchases. Check out this video made by a community member to see the CHAI Card in action! Each integration and the increased reach via the CHAI Card is a testament to the power of mass adoption through abstraction, onboarding ordinary individuals to harness the power of blockchain through a familiar user interface.
As a result of the successful concurrent passages of Proposals 11, 12, and 13, users can now swap with lower fees (spread) than before and the Terra network is now moving towards the Columbus-4 mainnet launch with a smart contract feature.
Proposals 11 and 12 were raised to address the expensive nature of swaps, with Proposal 11 reducing swap fees from 2% to 0.5% and Proposal 12 increasing the protocol’s liquidity pool by 3x, allowing the system to handle 3x volume of skewed trades (trades affecting the peg) for the same slippage. Together, they increase stability and liquidity for Terra stablecoins, making them easier to redeem and unlocking more use cases that generate higher volume.
Proposal 13 onboards CosmWasm smart contracts to Terra Core, enabling applications beginning with Anchor — interchain savings protocol, amidst other upcoming game changing applications.
In preparation of Columbus-4, an audit of the CosmWasm smart contracts was completed with the help of the Certik team, who concluded that:
“Overall, the audit has found that the Terra team has done a good job implementing the specifications of the project into code. The usage of language is of a very high standard with good code coverage on unit testing. The SDK specifics are also well-implemented concerning the requirements of the framework and the same applies to the Cosmos WASM implementation.”
The full treatment of the audit can be found here.
Smart Contract Kickstart
What’s so interesting about Terra’s smart contracts, you ask? Terra’s integration with CosmWasm, a new smart contract platform by Confio, enables users to write their own WASM-based smart contracts in a variety of languages, leveraging the Terra blockchain’s powerful primitives to build out the next generation of financial dApps. CosmWasm provides a WebAssembly (WASM) runtime through a plug-and-play module that can be easily integrated into existing Cosmos SDK blockchains. This goes out to the developers — anyone with an idea can now build on the Terra ecosystem.
As we continue to make strides towards mass adoption, we recognize the need for solutions that make blockchain technology user-friendly. When it comes to wallets, ZenGo leads the way in creating a user experience that is both security-oriented (Threshold Signatures, anyone?) and elegant, eliminating the need for seed phrases and private keys. As such, we’re pleased to offer ZenGo as an official Terra wallet, with the opportunity to buy $LUNA and Terra stablecoins for 0 fees! ZenGo wallet can be installed here.
Hex Trust Partnership
We are partnering with Hex Trust, leading DeFi digital asset custodian, to enable investors to hold and stake Terra stablecoins and $LUNA with their fully licensed and insured custody platform. As we create an open financial infrastructure with money that is easiest to spend and most attractive to hold, we aim to create bridges between CeFi and DeFi and will allow for the mass adoption of DeFi applications like Anchor through such partnerships.
We’re also excited to welcome community-governed DeFi platform MantraDAO as an upcoming validator for the Terra ecosystem!
For a glimpse of the thought process behind Terra’s current and upcoming products and an update on the current state of Anchor, make sure to check out the following features:
Accelerate DeFi: Secrets to Building a Successful Crypto Protocol
We have teamed up with CoinMarketCap to launch the Earn campaign whereby members can earn $Luna by learning about Terra through informative videos! We’re excited to have new members join our community and grasp what Terra’s about more easily. Check out the videos for yourself and participate in the campaign!
Team Feature Series
In an initiative to provide our community increasing transparency and insight into the Terra team, we’ve launched the Team Feature Series.
We are now on Blockfolio Signal so add us on Blockfolio to get the latest updates on Terra.
Join us for the following events coming up in October!
Thank you for being a part of our journey through all the changes over the last few months! We look forward to all the building that is ahead of us in Q4 and hope to see you at the Terra Virtual Summit!
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