Aka Terra 2.0. The new chain that was created after Terra Classic got rekt due to the UST depeg of 9-5-2022.
- Based in:
- Started in / Announced on: the week after the UST depeg of Terra Classic (9-5-2022)
- Mainnet release: 28-5-2022
- From Decrypt (22-5-2022):
"When the TerraUSD algorithmic stablecoin (UST) lost its peg, millions of dollars were wiped out in a matter of days. The coin, which used to carry a redeemable-for-a-dollar guarantee, has been trading for just a nickel. And LUNA, its governance token, which last month had a market cap of more than $30 billion, has seen that metric slip to $680 million. The company behind it all got its start in 2018. Right before Terra’s UST lost its dollar peg on May 9, the Luna Foundation Guard Bitcoin reserve had grown to 42.5 BTC, at the time worth $1.4 billion. But when the Bitcoin price started to tank, UST lost its peg and would eventually drag LUNA, the TerraForm Labs team, and thousands of investors down with it."
Shortly after, a vote happened to launch a new chain, Terra 2.0. Which launched on the 28th of May. This chain did not have built-in burn mechanisms or UST.
Audits & Exploits
- Bug bounty program can be found [insert here].
- All LUNA got airdropped (26-5-2022):
"At the Pre-Attack snapshot, hold:
- LUNA (including staking derivatives)
- Less than 500k aUST (UST deposited in Anchor)
And/or at the Post-Attack snapshot, hold:
- LUNA (including staking derivatives)
- Whitepaper or docs can be found here.
- Code can be viewed here.
- Built on: Tendermint and its Mantlemint (3-6-2022).
- Programming language used:
How it works
- Terra is a decentralized, open-source blockchain protocol using delegated proof-of-stake consensus.
Their Other Projects
- Can be found [Insert link here].
Projects that use or built on it
Pros and Cons
Team, Funding and Partners
"More than half of the 323 open-source developers who contributed to projects on Terra’s network before its algorithmic stablecoin collapsed in spring 2022 stopped working on crypto projects altogether by December, according to a report from Electric Capital. Of those who remained active, 42 developers migrated to other Cosmos network projects. According to Electric Capital, 35 developers have stuck with the network and are now working on the “Terra 2.0” rebuild, five others moved on to Solana, and 11 are now involved with Osmosis, a Cosmos-based decentralized exchange."
- Terraform Labs (tagged by Nansen) sold all 20M $LDO (12-3-2023). Terra participated in Lido's $2M financing in 2020.
- From their blog (3-3-2021):
"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."
Terra Ecosystem Fund
- Got launched on 16-7-2021, with a starter capital of $150M. From their application form (17-7-2021):
"We like working with ambitious individuals looking to build incredible products. We make grants to new projects and developers and help them structure their concepts. We also help teams access professional legal and auditing services. Also, we invest in and co-incubate projects via our $150M ecosystem fund."
- Got funding from:
"Arrington Capital, BlockTower Capital, Galaxy Digital, Hashed, Lightspeed Ventures, Pantera Capital, Parafi, SkyVision Capital, Accomplice Blockchain, CoinFund, DeFi Alliance, Delphi Digital, Distributed Global, Dokia Capital, Iconium, Jump Trading, L1 Digital, Lattice Capital, Mechanism Capital, OP Crypto, QuantStamp, Rockaway Blockchain Fund and 01node"
- From The Defiant (9-9-2021):
"Striving towards a world where all blockchains can seamlessly communicate, Terraform Labs has put forward $150M worth of its LUNA tokens. They are calling the fund Project Dawn."
Terra Global Founder Fellowship
- From the announcement (13-4-2022):
"The Terra Global Founder Fellowship program launches with the aim of supporting projects building on Terra to further the expansion and growth of the Terra Ecosystem. Terraform Labs launches the Global Founder Fellowship with partners including JUMP Crypto, Delphi Digital, Outlier Ventures, Long Hash Ventures, SCB10X, Alpha Finance Lab, Ship Capital, Basis Set Ventures, Insignia Ventures, among others. The aim of the Terra Global Founder Fellowship is to work with top tier early-stage VC firms, accelerator programs, and tech unicorn companies to identify and support project founders with the resources they need to build dapps on the Terra blockchain, thereby helping to expand the Terra ecosystem."
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