Terra Ecosystem Map: How Does Terra Work?
Crypto Basics

Terra Ecosystem Map: How Does Terra Work?

1 year ago

Brush up on your navigational skills and take a deep dive into the Terra ecosystem with this new Terra ecosystem map.

Terra Ecosystem Map: How Does Terra Work?

Índice

It’s time to brush up on your navigational skills — today we’re taking a deep dive into the new Terra Ecosystem map.
The Terra ecosystem has become a standout crypto project. Since its debut last year, it has launched several new projects and tokens, including Mirror and Anchor. There’s also decentralized exchange Terraswap, along with offerings like payments-focused Pylon Protocol, the “bank of the future” Mars Protocol, and more.
It can be a lot to keep up with. To help you keep track of the ecosystem, @theericstone, Joan Kallogjeri, and @laurenbeltramo devised this map. Let’s take a closer look.

Terra ecosystem map and Terra Chain Operation

The Terra ecosystem map is divided into four categories. These categories are based on the four types of operations that members of the ecosystem provide: core functionality, applications, governance and swaps and exchanges
These four categories are organized around a central node: Terra Chain Operation. This includes LUNA, the native staking token for Terra, as well as other native Stablecoins pegged against various global currencies.
Chain Operation can be divided into two groups: delegated proof of stake details, and basic transfers and transactions.
Terra is secured by Delegated Proof of Stake validation. This calls for Delegators to stake LUNA to Validators, and earn rewards across all native Terra currencies. Delegated proof of stake details, which be represented by a daily reward summary, refers to these rewards.
Basic transfers and transactions for Native Tokens are carried out by terra.transfers. Those for other tokens and related transactions, meanwhile, are carried out by terra.msgs and terra.msg_events.

Core Functionality

Terra ecosystem core functionality includes three elements: Terra Transaction Fees, Prices, and Historical Balances.
Transaction Fees consist of both gas and taxes, and can be represented by a Daily Fee Summary. Prices, meanwhile, include Oracle prices for native tokens that are updated every 5 blocks. This can be represented by the current Oracle Exchange Rate. 
Finally, we have Historical Balances, which can be broken down further to include balances for LUNA and other native stablecoins and other token balances. Native balances can be represented by liquidity by label, while other token balances, calculated by comparing the sum of incoming and outgoing transfers, can be represented by metrics such as the amount of bLUNA supplied on Anchor.

Applications

Terra ecosystem applications typically consist of three parts: Contracts, Messaging, and Events. Terra’s app and smart contract development system, known as Wasm, emits two types of message payloads: terra.msgs, and terra.msg_events.
These applications are often some of the most widely known elements of the Terra ecosystem. This includes Chai, which enables users to purchase goods and services with KRT, Mirror, a yield platform that allows users to mint/burn/purchase synthetic assets and stake liquidity tokens to earn income, and Anchor, a lending ecosystem where users can borrow UST and supply bLUNA tokens to earn ANC as interest.

Swaps and Exchanges

Swaps and exchanges can be broken down into two groups: Native Swapping and Terraswap Swapping. 
Native Swapping, which includes native swaps between Stablecoins and LUNA tokens can be represented by Daily Swap Volume by Pair. Terraswap Swapping meanwhile, allows for the exchanging of any two Terra assets via liquidity pools. This can be represented by the Daily Swap Volume for LUNA/UST or the number of Liquidity Events.

Governance 

Finally, we have governance of the Terra ecosystem, which consists of proposal submission and voting, and voting power.
Proposal submission and voting allows users to submit proposals by depositing 512 LUNA to their address. Users can also vote on these proposals. Delegating LUNA to Validators, meanwhile, gives them voting power.  

Learn more

There’s our Terra ecosystem map. Thanks again to @theericstone, Joan Kallogjeri, and @laurenbeltramo for creating it!
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
8 people liked this article