Mapping The Moon: An Overview of Terra's Ecosystem

DEC 22, 2021 • 23 Min Read

DISCLOSURE: DELPHI VENTURES IS INVESTED IN LUNA, ANC, LDO, AND ETH. DELPHI LABS IS ACTIVELY WORKING WITH ASTROPORT, MARS PROTOCOL, ANGEL PROTOCOL, SUBERRA, ORION, AND LEVANA.  THESE STATEMENTS ARE INTENDED TO DISCLOSE ANY CONFLICT OF INTEREST AND SHOULD NOT BE MISCONSTRUED AS A RECOMMENDATION TO PURCHASE ANY TOKEN. THIS CONTENT IS FOR INFORMATIONAL PURPOSES ONLY AND YOU SHOULD NOT MAKE DECISIONS BASED SOLELY ON IT. THIS IS NOT INVESTMENT ADVICE.

Key Takeaways

  • Terra’s native stablecoin, UST just flipped DAI as the fourth largest stablecoin with a $9.2B market cap. UST experienced extreme growth of ~50x in 2021 and is the only decentralized stablecoin among the top 5.

  • Every UST created burns $1 worth of LUNA, and every UST destroyed mints $1 worth of LUNA. This is, at its core, how UST maintains its peg. This mechanic has led to the net burning of ~33M LUNA in the past 30 days.

  • If UST can grow 150% in 2022 this will create over 13.8B UST, enough to burn roughly a third of LUNA’s circulating supply (>100% of the liquid supply) at $120 LUNA.

  • Terra’s TVL has grown to $16.6B, cementing it as the second largest L1 ecosystem behind Ethereum according to DeFi Llama.

  • Catalysts for LUNA include upcoming projects on Terra that will increase UST utility and demand. These projects range from DeFi to the Metaverse and gaming. There are dozens of high quality projects being developed on Terra right now.

  • Cross-chain initiatives to make UST more widely adopted and useful are currently in the works. This includes a seamless bridging experience, deep UST liquidity on key DeFi platforms for each chain, and having native dApps that leverage the power of UST.

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