Steemit Crypto Academy Season 5 Week 4 [Intermediate Course] - Terra (LUNA) Blockchain
Let's start it..
1. What is Terra Station? Explore Terra Station on the web, Download the wallet and connect the wallet to Terra Station. Screenshots required.
Before coming to what terra station is let us dig into what Terra it is. Well like many other blockchain terra is also a blockchain i.e. independent of every other blockchain. Now coming back to what terra station is, Terra station is the officially authorized wallet of Terra blockchain that has LUNA as its native token.
This wallet or Terra station is used to store, send, and receive assets. The Luna token owners can participate in the governance system of Terra blockchain by staking that can be done using Terra station. The wallet is available for androids, IOS, chrome extension, etc. The wallet is kept protected through a cryptographic algorithm and a private key is given to the owner through which access can be made to the station.
Now for exploring we will first go to the homepage of Terra station's official website the screenshot below shows the user-friendly interface of the platform. As you can see in the left corner there is a list of options available however we’ll be exploring them one by one. The first option that is Dashboard in this case shows information of staking returns, transaction value, Luna price, community pool, etc.
Now the second option that is Wallet, in this case, can be seen once clicked on it here’s the picture of the page down below to which we will navigate after clicking on the wallet button. The wallet is the place where users can deposit or buy tokens from fiat money or also can be used to send or receive tokens.
Now the history section comprises of transaction history of the user.
Coming to the staking option it can be seen it shows the validators list to whom we can delegate our staked assets. The more the assets are staked the more the right of voting users has and also lets the user earn through the reward of staking on the ecosystem.
The swap option in the left column lets terra station users quickly swap the assets from one token to another and facilitates fast conversions of assets.
Finally, the governance option allows users to take part in the governance of the ecosystem that can be done when Luna tokens are burned in the quantity of 50. The new offers of the Terra ecosystem are found here for users to vote that.
Lastly, the contract option allows users to create a new contract of their own and can also query or interact with already formed contracts on the network.
Now for downloading the station, we will first go to the web extension version of terra station here we will click on add to chrome button after that good-click on the click to add the extension.
Now once installed we will go back to the homepage of terra station here we will click on the connect button present on the top as shown in the figure down below.
Now after clicking on connect we will receive a pop-up screen asking to choose how you would like to connect terra station here we will select the first option.
Now you will get a pop-up screen here we will select new wallet option.
Now after clicking on the new wallet we’ll be navigated to the following page where we can add our wallet details such as email or passwords.
Once the account is create you will be asked to allow the access of wallet on this station here you’ll click on allow.
Now once created a new wallet here in the picture down below you can see the wallet being connected now.
2. - Explain Anchor Protocol, explore the application and connect the Terra Station wallet. Show screenshots.
Anchor Protocol:
The decentralized platforms are used in multiple ways to earn more and more either through trading or staking or mining, yield farming, etc. so the Anchor protocol is DApp built on Terra network being operated through PoS consensus algorithm.
The intention, purpose, or service of this protocol is to support savings. It promises its user a stable profit upon staking stable tokens. This is the dApp that unites borrowers and lenders of assets where lenders are promised stable interest and the borrower does the over-collateralization protocol to provide liquidation to the network.
The native asset for this blockchain is ANC for the Anchor protocol. This anchor protocol reduces the volatile of the blockchain dApps.
Now for exploring first we will go to the official page of this website. The picture down below shows the page we come across when we search for its homepage here in the top right corner we'll click on the dashboard button.
Now here we can see 6 options available at the menu line of this page starting from first the dashboard page shows the yield reserve, TVL (collateral and deposit) on this protocol.
The second option that in this case is my page that shows the user's activity on the protocol such as his rewards, borrowed sum, deposits, stored in short this option allows users to keep an eye on transactions, rewards, etc.
The third option among six from the menu is Earn that shows the details of earning of the user from the assets he deposited on the protocol. This is where users come to deposit or withdraw tokens.
Now the fourth option is to borrow contrary to earn it shows the information of borrowed assets and the collateral data this is the place where users come to borrow assets.
Now the fifth page is Bond that facilitates the conversion of Luna into Luna to stake them on the protocol.
Now the last option we'll be discussing is governance here the native coin holders of anchor protocol that is ANC can use their assets to participate in the governance of the protocol through staking native tokens, voting, liquidity, etc.
Now to connect wallet with anchor protocol in the top corner we can see the button of connecting wallet by clicking on it we'll select the terra station wallet.
Now after clicking there will be a pop-up from terra station asking for access to the wallet here we'll select allow
Now the screenshot down below shows the terra wallet being connected to anchor protocol.
3. - Explain Mirror Protocol, connect Terra Station and explore the Mirror Protocol application. Show screenshots.
As we discussed the Terra Blockchain is an independent blockchain having dApps or DeFi's built on it one of such Defi being built on terra Blockchain is Mirror protocol. As the name implies this platform comprises crypto assets that represent mirrored traditional assets such as gold, silver, stable coin, etc. or in simple words this protocol allows traders to trade synthetic assets or mirrored assets. The mirrored assets are denoted by assets and are of the same price as that of traditional assets. These assets are formed by users changing their UST tokens into Mirrored assets. The native asset of this protocol is MIR that lets users have governance of the protocol.
For connecting mirror protocol with terra station we will go to the home page of mirror protocol in the top right corner we can see the button “connect” so we’ll click on it.
Now after clicking there will be a pop-up screen here among the two options we will select terra station.
Now once selected there will be a pop-up of terra station asking for allowing the station access on the protocol so we’ll click on allow button.
Now the final screenshot below shows the terra station being connected with mirror protocol.
Now let’s explore this mirror protocol homepage as we can see in the picture down below the first page that comes when we head to the official site of mirror protocol here we will select the marked option
Now the next page we’ll be navigated to can be seen below as you can see the platform has five features to explore given on the left side of the page starting from the default option that is traded in this case. The trade page is where trades are being carried out i.e. buying and selling of mirrored assets with their UST any of the mAsset available and earn profits.
Now the option that is above the trade option i.e. MY PAGE it represents the data of the user account that includes his wallet holding, rewards, stake MIR, collateral, etc. can be seen
Now the third option i.e. Borrow on the mirror protocol it shows how you can get mirrored assets by giving out collateral.
Now the fourth option here will be Farm that’s where can take part in providing liquidity in any of the pools they want by first locking assets and getting mAssets and then we can do long or short-term farming using that option.
Now the last option is governance here users can come to keep an eye on the governance of the system by staking their mAssest users can also withdraw their staked assets back. Here users can create polls or join forums.
4. - What is the Terra bridge? Explain, show screenshots. Explain how it works and what Terra Stablecoin is.
Terra bridge:
As the name implies Terra bridge is a bridge and does the job of connecting two things. Being built on Terra blockchain the Terra Bridge connects the other blockchain network with the Terra ecosystem. Till now the bridge helps to carry out transfer between terra network with Ethereum, Binance, etc. These transfers are carried out using the authorized wallet of terra blockchain i.e. Terra station. A transaction fee of a maximum of $1 is to be paid or can be less.
Working:
Now for working on a stable coin we can connect our terra station with the terra bridge then select the network and asset we want to transfer our assets to.
Stable Tokens:
Stable coins are assets made not to get affected with volatile markets of crypto assets and are made pegged to fiat currency. Currently, the stable tokens on the Terra network are UST, LUNA, TERRAJPY, etc. These can be used to transfer money across the globe and also can help to participate in providing liquidity to the network or do yield farming from it.
5. - You have 1,500 USD and you want to transform it into UST. Explain in detail and take the price of the updated LUNA token.
From what we know 1USD=1UST so we will be converting our 1500 USD into UST first.
So, considering 1500 USDT will be equal to 1500 UST as 1USD= 1UST.
Now according to the platform coin market cap the current price of LUNA token is $69.25
So with 1500 UST, we will be getting = 1500/69 Luna.
= 21.6
6. - Now you have that 1,500 USD and you want to make a profit, since 1 UST = 1.07 USD. Explain in detail and take the price of the updated LUNA token.
Since we are supposed to earn profit here so as given 1USD = 1.07 UST. Here the difference of cents is what’s going to get us profit.
So, 1USD = 1.07 UST
1500 USD = 1605 UST
This shows that there will be a profit of 105 USD
Now we can convert these into LUNA tokens.
The Luna tokens we will be getting from $1605 = $1605/ $69.25 = 23.17 Luna tokens
Now converting these Luna tokens back to USD
As we know the price of Luna is $69.25
So for 23 Luna tokens 23.17* 69.25 = $1604
So as we can see the profit that will be earned is = $104
Conclusion:
The terra blockchain is independent and can be called a blockchain with all-in-one quality. It has dApps or Defi’s built on it. The authorized wallet of this network is Terra station that is used massively to carry out different activities on the network. The assignment helped me to dig on anchor, mirror protocol, Terra Bridge, etc.
Appreciation for a professor on his efforts on lecture hopes I met his expectation for this homework post.