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Mapping The Moon: An Overview of Terra’s Ecosystem

Dec 22, 2021 · 23 min read

By Duncan Reucassel, and Genevieve Yeoh

The Decentralized Stablecoin Thesis

Before we get into the mix of all things Terra, there’s one very important thing we need to understand: why do decentralized stablecoins matter?

For the uninitiated, stablecoins are digital representations of various fiat currencies. The most popular and traded stablecoins are ones that are pegged to the United States Dollar (USD). Stablecoins enable users to transfer money in a cheap and quick manner; convert speculative crypto-assets into a stable alternative; and participate in the Decentralized Finance (DeFi) ecosystem. Thanks to the advent of public blockchains, stablecoins can do this without the frictions commonly associated with the traditional financial system.

Given the obvious use cases, stablecoin growth has been parabolic as they establish themselves as the backbone of the emerging DeFi ecosystem. These coins make up the majority of TVL deposited into top DeFi applications li

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