Terra (LUNA) Blockchain - Crypto Academy / S5W4 - Homework post for @pelon53
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Greeting Everyone,
Welcome to my homework post for the 4th week of Steemit Crypto Academy. I have learned about the Terra blockchain and what makes it distinguished from the top cryptocurrencies. The valuable knowledge was provided by the esteemed professor @pelon53. So, I would like to thank him and show my understanding of the topic through this homework.
1.- What is Terra Station? Explore Terra Station on the web, Download the wallet and connect the wallet to Terra Station. Screenshots required.
1.- What is Terra Station? Explore Terra Station on the web, Download the wallet and connect the wallet to Terra Station. Screenshots required.
Terra Station
Terra Station
Terra Station is the native wallet of Terra Luna which is built on its own blockchain. Through this digital wallet, users can manage their portfolio of native terra assets and interact with their preferred dApps that are built on the Terra blockchain. It is available for both mobile app users and desktop users as well.
There are several unique features that make terra station distinguished from other digital wallets. The most acclaimed element is that it is the non-custodial wallet which means that you have control over your keys. User can easily manage their tokens, stake LUNA, earn rewards, view transactions, swap tokens, and much more.
However, it is a great wallet that offers a convenient and user-friendly environment. Users can easily manage their portfolio, take part in staking, and do all that they want. But it is important to download the mobile app or browser extension to access all these features. I will show you how it is done in detail with screenshots as well.
The first thing to do is visit the official website of "Terra Station" to get started with the procedure of connecting the wallet. Once you arrive at the dashboard click on the “Connect” that I have highlighted by the red box.
Once clicked, it will provide you with several options to choose from. I will be creating a wallet through the web extension.
A new page will be opened that will ask you whether you want to access through the ledger, recover the existing wallet, import private keys, or create a new wallet. I will be creating a new wallet so I clicked on that option.
It will ask you to fill in details like wallet name and password to confirm the creation of the wallet. Don’t forget to write down your seed phrase so that you can recover your wallet in case you forgot your password.
After confirming the seed phrase, the website will ask you to allow access to the wallet. Click on Allow to proceed.
Your wallet will be connected to the Terra Station’s website.
Now that we are done making a Terra Station wallet, I will explore the entire website and explain everything in detail so that you can find out its function.
Dashboard
Dashboard
Once you open the Terra Station’s website, you will arrive at the dashboard that gives insight about the Luna price, Tax rate, issuance of the token, community pool, and staking rate. There’s a graphical representation of transaction volume, tax rewards, total accounts, and staking volume as well that can be changed by choosing the preferred time period.
Wallet
Wallet
Once you click on the wallet section from the right side, it will provide details about the available tokens on your personal wallet. You can also add tokens as this option is also provided by the developers. I didn’t have any tokens in my wallet due to which the website can’t reflect anything.
History
History
The history section of Terra station shows every transaction that you have made on the website or wallet.
Staking
Staking
This section is all about staking as it shows the tokens available for delegation, delegated assets, undelegated assets, and rewards. It also shows the available validators and their details so that users can choose the preferred one and delegate their tokens in staking.
Swap
Swap
From the swap section, you can find the price chart of their native token Luna along with the terra exchange rate. Further, you can find the swap coins section where you can select the coin to exchange with others.
Governance
Governance
We can vote for proposals from the governance section. It shows the deposit sub-section where you can find the recently submitted proposals and you can find the passed and rejected proposals as well.
Contracts
Contracts
From this section, users can go through existing contracts while also create or upload new contracts.
2.- Explain Anchor Protocol, explore the application and connect the Terra Station wallet. Show screenshots.
2.- Explain Anchor Protocol, explore the application and connect the Terra Station wallet. Show screenshots.
There are several yield farming platforms but Anchor protocol is highly distinguished for offering unmatched benefits to users. It is a saving protocol that offers low-volatile yields of around 20% on stable coins that are built on Terra’s blockchain. It is like a financial central body where lenders can earn interest on their tokens by depositing them and borrowers can purchase them by depositing the required collateral.
One of the primary disadvantages of yield farming is that users end up being liquidated because of high volatility in the crypto market. Anchor Protocol has solved this issue by offering yield farming by offering stable coins which decreases the chance of getting liquidated.
Now that you have understood the applications of Anchor Protocol, I will show you how to connect the wallet and the primary sections of its website so that you can find out everything without any confusion.
Once you visit the homepage of "Anchor Protocol’s website", you can find “Connect Wallet” on the right side of the header that I have marked in red. Click on it to start the procedure of connecting the wallet.
It will ask for access so click on Allow.
Your wallet will be instantly connected to Anchor Protocol.
Now that we have easily connected the Terra Station to the Anchor Protocol’s website, let’s observe its main sections:
Dashboard
Dashboard
The dashboard of Anchor Protocol tells us about the total value locked of UST along with yield reserve. Next to that, you can see a line chart of UST followed by the buyback of ANC. It also covers total collateral value, total deposit, and total borrow.
My Page
My Page
If you have made any transactions at Anchor Protocol, then you can find complete details here like the total claimable rewards, the total value of owned UST, and much more.
Earn
Earn
If you want to earn by lending your tokens, then you can do it here. You can deposit or withdraw the UST and get a brief insight about the expected interest and APY.
Borrow
Borrow
If you want to borrow tokens, then it will be done from here as it has options for both, repay and borrow. If you have already done a transaction, then it will show the collateral value, borrowed value, and net APR.
Bond
Bond
From this section, you can either burn tokens, exchange them or print them in just a few clicks.
Govern
Govern
The last section is Govern in which you can stake or trade ANC. It also shows the total staked ANC along with its price in UST.
3.- Explain Mirror Protocol, connect Terra Station and explore the Mirror Protocol application. Show screenshots.
3.- Explain Mirror Protocol, connect Terra Station and explore the Mirror Protocol application. Show screenshots.
Mirror Protocol is a renowned decentralized finance app that is built on Terra Network. It is widely known as it can help users to track the price of real-world assets that are not only limited to cryptocurrencies but you can also trade stocks. The users are also provided with the opportunity to create mApps through UST.
Let’s start exploring the Mirror protocol by connecting the Terra Station to its website.
The first thing you have to do is visit its website and click on Terra Station Extension that I have highlighted and your wallet will be instantly connected.
Now that we are done with the connection of Terra Station, we will observe each section of its website to understand its applications.
My Page
My Page
My Page section only shows the total value of UST that you have in your wallet and next to that, you can find the total claimable rewards in MIR that can be claimed in a single click.
Trade
Trade
From the trade section, you can sell and purchase your preferred assets through UST. You can find the list of available assets along with their price in UST and oracle price.
Borrow
Borrow
You can lend your preferred asset from this section by choosing collateral asset and collateral ratio. After confirming the borrowed amount, you can easily get your hands on the assets.
Farm
Farm
You can also earn rewards by staking your assets in this section. However, rewards are paid in the form of MIR tokens.
Govern
Govern
From this section, you can manage your staked assets, create pools, and take part in voting.
4.- What is the Terra bridge? Explain, show screenshots.
4.- What is the Terra bridge? Explain, show screenshots.
Terra bridge works as a link between 2 blockchains so that users can transfer their preferred assets with utmost convenience. You can send every token that is built on terra blockchain to several networks which include Terra, Ethereum, Harmony, etc. All you need is to select the assets, amount, and the destination address to make transactions.
You can connect your Terra Station easily in just a few clicks.
The first thing you need to do is visit "Terra Bridge" and click on Connect Wallet.
Next to that, Terra Station will ask for confirmation so click on Allow to finally connect your wallet to Terra Bridge.
5.- Explain how it works and what the Terra Stablecoin is.
5.- Explain how it works and what the Terra Stablecoin is.
The crypto market is highly volatile due to which Terra developers have come up with their own stable coin that is known as Terra USD (UST). The price of this digital coin is always equal to $1. So, it keeps the track of the US dollar and that’s the reason it is named after this fiat.
It has a huge influence on crypto’s landscape due to which it is ranked 23rd in CoinMarketCap.com You can also find out its market cap, volume, and circulating supply from the below-mentioned image.
6.- 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.
6.- 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.
As we know that the price of UST is backed up by the US Dollar, so its value will be always equal to dollars.
1500 USD = 1500 UST (Same quantity as both have the same value)
Now that we have 1500 UST, we will calculate how much LUNA we will get after conversion.
The price of LUNA at the time of writing is $63.66.
So, in return for 1500 UST, we will get 23.71 LUNA (1500/63.66 = 23.56)
7.- 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.
7.- 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.
According to the question, we have to consider that the price of a single UST is equal to 1.07 USD. So, we will now calculate how much UST we will get in return for 1500 USD.
1 UST = 1.07 USD
1500 USD * 1.07 = 1605 UST
That gives us a profit of 105 USD and now we will purchase LUNA of the available 1605 UST.
As we know that a single LUNA is worth 63.66 so let’s calculate how many coins we will get.
1606 / 63.66 = 25.22 LUNA
So, after converting 1500 USD into UST, we will get a total of 1605. When it is converted into LUNA then we will get 25.22 coins.
Conclusion
Conclusion
The conclusion of my homework is that Terra Luna is a great blockchain that has brought stability to the crypto industry. Now people can trade with less volatile coins and still enjoy profits. Further, there are several applications that are built on its network that are of great use nowadays. I would like to thank the professor for such a valuable course.
Thanks For Visiting My Post And Your Appreciation
Cc:
@pelon53
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