January 27, 2021: Terra Firms Up It's Empire 🇰🇷🌏 $LUNA $MIR

Keep Ahead of the Curve

Here are today’s trends to watch from Curve Market Cap:

축하해요! Terraform Labs, the empire behind Curve’s UST pool, raising $25MM from big names in crypto. The Terra empire is massive and growing, as evidenced by the 14 part tweetstorm by founder Do Kwon announcing the news.

Do Kwon @d0h0k1

1/ I am thrilled to announce a 25M USD growth raise led by @novogratz from @GalaxyDigital, with participation from @hashed_official, @PanteraCapital, @coinbase, @arrington, and others for @terra_money. bloomberg.com/news/articles/… What does growth look like? 👇

bloomberg.comBloomberg - Are you a robot?

UST pool volume on Curve doubled following the announcement, leaping into the 8th best yield at 118% for veCRV boosters.

Mirror, $MIR

Terra has already launched a killer app in DeFi with their mirrored assets. Within the crypto universe, there are cybertruckloads worth of traders who want access to buy Tesla, sometimes called the “bitcoin of stocks.” Thanks to Terra’s Mirror Protocol they can grab up the mirrored asset mTSLA and many more.

The recent launch of mirrored assets has proved very popular, with a quarter billion worth of value already locked up in the protocol:

Bullish Guy @bullish_guy

@mirror_protocol just hit #220m TVL! MIR market cap hovering at 41m. Generating 3.6m - 7.2m USD a year in fee for liquidity providers. #MIR $MIR #LUNA $LUNA

It’s too bad they didn’t launch a mirrored Gamestop $mGME in time, although a recent forum post demonstrates they’re streamlining the launch of new assets so it could be swiftly on the way.

A Post-ETH World?

Some interpret the investment as a big bet on the expansion of DeFi beyond Ethereum.

Terra acknowledges a tough task getting people to move outside the familiarity of MetaMask onto Terra’s native Tendermint, part of the larger Cosmos ecosystem. Terra is moving interchain quite nicely though.

They’ve already integrating with Binance Smart Chain via the launch of PancakeSwap.

PancakeSwap 🥞 #BSC @PancakeSwap

#PancakeSwap Adds mAsset Trading and Farms in Collaboration with @mirror_protocol Stake #CAKE, earn $UST! Trade synthetic versions of traditional stock giants Amazon, Google, Netflix and Tesla all on #BinanceSmartChain

pancakeswap.medium.comPancakeSwap Adds mAsset Trading and Farms in Collaboration with Mirror Protocol — Stake CAKE, Earn…CAKE holders, today we are super happy to offer you a brand new offering from one of the most innovative teams in the crypto space, Mirror Protocol! In addition to being able to stake CAKE to earn…

They’ve also announced plans to expand to Solana and Polkadot, two of the most exciting projects the Curve Market Cap team are watching.

Do Kwon @d0h0k1

6/ Early results are promising - today, Terra includes some of the fastest growing stablecoins in crypto, successes attributable to Mirror & Chai, and our recent efforts to go interchain with @ethereum, @BinanceChain - soon @cosmos, @solana and @Polkadot.

In a recent poll by @vasa_develop, 38% of DeFi users claimed they would not move off of Ethereum (leaving 62% who would consider it):

vasa @vasa_develop

If some of the prominent DeFi protocols also start supporting chains like @BinanceChain, @solana, @terra_money, would you ditch @ethereum and start using DeFi on other chains? Also, it would be great to know why you chose the option you chose? 😊

With the drawbacks of rising gas prices and advantages of faster block times, this sentiment may shift swiftly, and Terra will be right in the mix to capitalize on trends.

$LUNA Moons

Amidst the building frenzy, the Terra token $LUNA has risen fourfold over the past 3 months.

Cointelegraph Markets @CointelegraphMT

#Bitcoin continues to face pressure from sellers while #DeFi tokens like $VXS, $FTM and $LUNA saw double-digit gains

cointelegraph.comDeFi tokens bag double-digit gains as bears pin Bitcoin price below $33KA handful of DeFi tokens saw strong rallies even as bears continue to pin Bitcoin price below $33,000.

Also part of Terra’s empire is Chai, a popular east Asian payments app that hosts 2.5MM users every day and recently raised $70MM as well, prompting @asiahodl to note:

“Korea probably has the biggest population that inadvertently uses blockchain technology every day”

Messari @MessariCrypto

$LUNA + 40% "Korea probably has the biggest population that inadvertently uses blockchain technology every day" -@asiahodl

Terra is printing money, both figuratively and literally.

Often times upstart projects that spread themselves too thin will find overreach kills their ambitions. However when they expand fast and gain real world traction, as Terra is doing right now, you’d be wise to pay attention.

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