Cointelegraph Consulting: A look at Terra’s ecosystem

) and Dai. It does this by utilizing EthAnchor, converting stablecoins into Wrapped TerraUSD and then depositing it to Anchor where the APY is up to 20%.Back in July 2021, Terraform Labs, the company behind the Terra blockchain, raised $150 million from several investors, including Arrington Capital, Lightspeed Venture Partners and Pantera Capital. The funds were for incubating projects on Terra, which have likely spurred further development.

Terra has a family of stablecoins that are pegged to various fiat currencies, such as the United States dollar, euro and Korean won. It also has a flagship stablecoin called TerraSDR, which is pegged to the International Monetary Fund’s Special Drawing Rights. The price stability of these stablecoins, such as UST, is maintained algorithmically, putting forward incentives for users to respect the stablecoin peg through arbitrage opportunities.

At its core, Terra requires these stablecoins for its applications, which boosts its overall use cases, thereby making it more attractive for users to hold and creating a more robust ecosystem.The $150 million raised last year by Terraform Labs is just the first batch of funds dedicated to nurturing Terra’s projects. Another

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