After becoming a crypto expert over the past 2.5 months since I first learned what Bitcoin was, I now think I have found the best crypto project out there that doesn’t get nearly as much as it deserves. The subreddit has less than 400 people on it!
And I know what you are thinking now, Terra has to do with boring ass stable coins, but hear me out.
In order to create UST stable coins, Luna needs to be burned. This means that the more stable coins are being used, the higher the price of Luna is. Even if the Market cap doesn’t move, because the supply of Luna will go down with stable coins being minted.
Ok so why the fuck would anyone want to use UST?
That’s the beauty, they have all kinds of apps that are already seeing real world use. 1.6 Billion UST has already been minted, most of it this year. it’s just getting started
First there is Chai, a payment app in korea with reportedly over 2 million users.
Then there is mirror, a decentralized stock exchange where you can trade synthetic stocks.
Then there is **Anchor**, the most beautiful of them all, where you can earn **20% interest** on your stable coins by simply depositing them in the savings protocol. You are safe from crypto volatility because it is a stable coin, but the terra ecosystem still allows you to get steady profits. Now you might be bored by 20%, but a lot of no coiners are going to LOVE this when they learn about it.
OK so 20% interest on a savings account sounds too good to be true right, how does it work?
Well like I said, I only learned bitcoin wasnt a scam two months ago so don’t expect expert explanations here. But i can provide some good links which explain it.
[Tweets from Do Kwon one of the guys who started Terraform labs](https://twitter.com/d0h0k1/status/1379728830307258374?s=08)
[How does Terra work?](https://www.youtube.com/watch?v=KqpGMoYZMhY&ab_channel=Terra)
[What is Anchor protocol?](https://www.theancientbabylonians.com/what-is-anchor-protocol-anc/)
Basically I am trying to figure out if this is too good to be true because eventually moving some crypto earnings into a savings account with 20% interest sounds like a dream.
Ps. This is the very first time I’ve tried to make a post with editing and links and shit so use lube
Edit: Oh and the guy who started it is Do Kwon who was [listed on forbes 30 under 30 finance](https://www.forbes.com/profile/do-kwon/?sh=66899f601da3).
[Coinbase and Mike Novogratz](https://www.crunchbase.com/organization/terra-d41a) have invested in the project too
Edit 2: For those who hate reading, this guy Nacho Crypto made a good youtube series explaining how things work
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