HomeCoinsTerra (LUNA)February 2021 Community Update. 👋 Hey Terrans! | by Sarah Kim |...

February 2021 Community Update. 👋 Hey Terrans! | by Sarah Kim | Terra Money | Mar, 2021

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Sarah Kim

This month marks a number of notable milestones for Terra across the board: LUNA reaches $1B in market cap to then break through $3B! Terra’s synthetics product Mirror Protocol has locked in over 800M UST in liquidity, collateral, and staked MIR. Furthermore, due to the significant surge in demand for UST, the protocol has burned 80M LUNA to mint 447M UST since Jump Trading’s on-chain liquidity parameters went live at the beginning of February. On the product end, Terra Station is now available on mobile.

As the Terra ecosystem continues to rapidly evolve, we look forward to continuing to celebrate our milestones each month and welcoming new community members. Without further ado, let’s recap Terra’s highlights of February.

  • LUNA breaks $3B in market cap, with trading volume reaching an ATH of $1.8B.
  • UST (TerraUSD stablecoin) market cap hits $700M.
  • Project Surge, a community-led initiative to expedite UST integration with other protocols, is introduced.
  • JUMP Trade implements a proposal addressing the unprecedented surge in demand for UST from Mirror Protocol, enabling the rapid minting of UST and burning of LUNA.
  • In light of persistent demand for UST even after the enactment of the JUMP proposal, Proposal 36 has been passed, roughly doubling Terra’s stablecoin minting capacity by increasing minting parameters.
  • For reference, in order to mint 447M UST, the protocol burned 80M LUNA (8% of the total LUNA supply). This process marks a notable development in Terra economics. To read more on the rationale behind this change, click here. See historical data here.
  • UST minted: 259M → 706M (447M UST minted)
  • Circulating LUNA burned: 484M → 404M (80M LUNA burned)
  • Of the burned LUNA, 24M has been equally distributed in seigniorage to oracle rewards and to the community pool in the first seigniorage distribution round.
  • Terraform Capital, Terra’s strategic investment arm seeded with $10M to fund audits for projects that incorporate UST/LUNA, is unveiled. Leading security teams Quantstamp, Sentnl, Solidified and Cryptonics are onboarded as audit partners for Terra Capital.
  • ETHDenver, sponsored by Terra, features a livestream feature of CEO Do Kwon.
  • Consensys-backed fiat gateway platform Transak now supports (ERC-20) UST, enabling users to go from fiat to UST in seconds.
  • OKEx lists ERC-20 LUNA, with LUNA/USDT and LUNA/BTC trading pairs, additionally featuring a promotion.
  • FTX lists LUNA perpetual swaps.
  • KuCoin supports a market for LUNA futures.
  • CREAM adds UST to its platform.
  • Stabilize Protocol adds UST support.
  • Ledger officially releases Terra v.1.1.3.
  • Terra Station Mobile releases on both Android & iOS, enabling users to manage LUNA, stake, & swap from the convenience of their smartphones. The app has incorporated a QR feature to export Terra wallets with ease.
  • Terra SDK for Python (soft-release) is out with an intro tutorial to accompany the release.
  • Engineering priorities for Q1 are now publicly available for the entire community.
  • Thirteen new merchants integrate with CHAI over the course of February.
  • A few highlights for Mirror Protocol include 800M UST in TVL, daily trading volume reaching an ATH of 44M UST, new mAssets (BTC, ETH, Goldman Sachs Group, Facebook, Airbnb, GameStop, & AMC Entertainment) being listed, and an epic meme contest.
    More updates in the official Mirror Protocol community update.
  • BuzLink, viral marketing tool built on the Terra blockchain, held its first promotional campaign with over 20K participants, with 96% of registrants joining through a friend’s BuzLink, marking the campaign’s success rate at over 400%. BuzLink held a soft launch in February and continues to acquire users partnering with popular e-commerce platforms like 1300K, with plans to officially launch in Q2 of 2021.
  • Sneak-peak into Alice Finance
  • Saturn Money unveils its GBP and EUR-powered savings application on Terra.
  • Spar Protocol rolls out its community update and early product demo.

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