The Terra ecosystem has not stopped growing this year, despite all the setbacks it suffered with the collapse of Terra Luna. Terra still has a growing market cap of $1 billion. In the continuation of the article, let’s take a look at analyst Will Izuchukwu’s picks of the best altcoins under the Terra ecosystem.
The best Terra ecosystem projects to follow for the rest of the year
Mirror Protocol (MIR)
MIR is the management token for the Terra-based Mirror System, a protocol for synthetic assets. This project is intended to be completely decentralized and community oriented. Tokens that mimic real-world assets by reflecting market prices on the blockchain are known as mirrored assets or mirrored assets. The MIR token is currently traded on major exchanges such as Binance, OKX, BingX, MEXC, and CoinW.
Anchor Protocol (ANC)
Anchor Protocol offers up to 19.5% returns on stablecoin deposits. Lenders can deposit their UST while earning competitive rates on their investments. Also, they can profit from even minimal volatility. Borrowers have the option to convert their LUNA collateral into valuable assets while protecting property.
Thus, Anchor attracts risk-averse investors looking for high-yield, low-volatility investments. These investments increase the demand for UST. Thus, it aids the adoption of Terra in DeFi and the adoption of UST as a stablecoin.
The main benefit of the protocol within LUNA is that it connects lenders and borrowers in a stable and secure manner. The ANC token is currently traded on major exchanges such as Binance, OKX, BingX, Deepcoin, and MEXC.
TerraClassicUSD (USTC)
TerraUSD (UST) was the hub of the Terra network. In response to the significant scaling issues experienced by other stablecoins, TerraUSD was developed to provide value to the LUNA community and provide a scalable alternative to DeFi. Just like LUNA, UST has seen its algorithmic mechanisms fail due to heavy sales last May.
Terra Classic (LUNC)
Terra’s first token, Luna Classic (LUNC), was operated using the original programming of the Terra ecosystem. With Terra’s help, price stable international payment networks can be strengthened. According to its white paper, LUNC provides faster and more economical deals than its competitors. LUNC is trading around $0.0001133 after losing 99% in recent months.
What sets LUNA and LUNC apart?
Due to the adoption of the Terra Ecosystem Revival Plan 2, both token variants are legally allowed to exist. The essence of the strategy is to fork out the existing Blockchain, which will create a new chain in the ecosystem while preserving the original.
Using stablecoins, LUNA aims to combine the advantages of cryptocurrencies with the daily price stability of fiat money. It maintains a one-to-one fixed amount through a system that automatically changes the stablecoin supply according to demand.
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