Terra

Terra is a blockchain protocol and set of cryptocurrencies which seek to provide stable value and purchasing power for online consumer transactions. The project was founded in 2018 by Do Kwon, Daniel Shin and Terraform Labs.

Terra's underlying technology makes it significantly faster and cheaper to use than first generation cryptocurrencies. It leverages a proof-of-stake consensus model to achieve high transaction throughput, allowing scalability in excess of 5,000 transactions per second. Proof-of-stake system is secured by validators known as "Luna Stakers" who compete with each other for a share of the rewards distributed by the on-chain protocol.

Terra is platform upon which several fiat-pegged algorithmic stablecoins have been built, most notably, the TerraUSD (UST), which is tied to the US dollar. Terra chain and TerraUSD were utilized to build Anchor Protocl - a Terra-native lending and borrowing platform.

Even more ambitious project - Mirror Protocol - was built on Terra and it allowed users to buy financial derivatives that mirrored stock prices on US and global stock exchanges.