Overview of Terra ecosystem projects: TVL has exceeded 11.7 billion USD, many are in the early stages

Organizer: Hu Tao, Lin Qi

As the price of LUNA recently reached an all-time high, the Terra ecosystem is also on the verge of explosion. Currently, the total locked value in the Terra ecosystem has reached $12.3 billion, making it the fifth highest among public chain projects. However, the number of large-scale ecological projects significantly lags behind other public chains, with only a few projects like Mirror and Anchor accounting for most of the locked value. This also means that many other ecological projects still have considerable growth potential waiting to be explored and developed.

Therefore, Chain Catcher has reviewed various projects in the Terra ecosystem and provided a brief introduction to some well-known projects to help everyone gain a more comprehensive understanding of the Terra ecosystem.

Overview of Some Terra Ecosystem Projects

Ranking of Total Locked Value in Terra

Ranking of Locked Value in Terra Ecosystem Projects

Here are the detailed introductions:

Anchor

Anchor Protocol is a new type of savings protocol that standardizes the derivative yields of other proof-of-stake (PoS) blockchains, releasing liquidity for the main stakeholders in its network and channeling the cash flow from their periodic margin positions to depositors, ultimately achieving stable yield rates for savings.

The project completed a $20 million financing round in March this year, with investors including Alameda Research, Dragonfly, Pantera Capital, Galaxy Digital, Hashed, Accomplices, Arrington XRP, DeFi Alliance, and others.

Mars Protocol

Mars Protocol is a lending protocol based on Terra that supports over-collateralized and unsecured lending. It utilizes dynamic interest rates and smart contract-to-smart contract (SC2SC) lending designed by Delphi Labs to provide the best user experience. The protocol allows Terra native assets (mAssets, ANC, MIR) to be borrowed and used as collateral, thereby providing better returns for lenders and borrowers.

Loop Markets

Loop Markets is the first DEX on the Terra blockchain with incentivized liquidity pools. It serves two functions: AMM and wallet. It deploys an AMM model to pool "lazy capital," providing passive income for LPs and enabling traders to quickly swap between Terra assets (such as MIR, ANC, UST, etc.).

Terraswap

Terraswap is an AMM smart contract based on the Terra blockchain. This allows various assets involved in the Terra ecosystem to be traded in a decentralized manner on-chain. Terraswap provides an open financial market for developers, LPs, and traders.

Astroport

Astroport is an AMM based on Terra, designed to become the liquidity hub for all assets on Terra. Astroport offers three types of LPs, including constant product pools (ideal for highly volatile currency pairs); stable swap pools (ideal for tokens with a 1:1 exchange rate, such as stablecoins); and liquidity bootstrapping pools (ideal for new tokens/long-tail assets).

Mirror Protocol

Mirror Protocol is a DeFi platform that allows users to issue synthetic assets, which are crypto tokens that track the prices of real-world assets like stocks. Synthetic tokens provide investors with price exposure to real-world assets without requiring them to actually own those assets. Thus, traders who are typically excluded from trading certain underlying assets due to geographical reasons or lack of funds will benefit from price movements of these assets. Similarly, synthetic assets can be quickly traded for other synthetic assets or AMM-based stablecoins, such as Uniswap or Terra.

Prism Protocol

Prism Protocol allows users to "split" assets into principal and yield components, and then earn yield through staking, such as staking rewards and airdrops from tokens like Luna, UST, KRT, etc., to enhance user composability and liquidity. The project enables users to sell the corresponding future yields of their held assets within a selectable time frame, thereby obtaining liquidity through borrowing against those future yields without facing any principal liquidation risk.

Brokkr

Brokkr aims to be a one-stop platform for all types of investment services, including synthetic assets, savings, lending, borrowing, collateral, and ETFs. Brokkr will also allow for optimized automated investments in DeFi tools based on users' risk preferences.

StarTerra

StarTerra is a gamified IDO launch platform based on the Terra blockchain, combining features like Play2Earn, gamified NFTs, and multi-asset staking. Users can participate in activities on StarTerra in a game format and enjoy different rights based on their levels in the game. Additionally, StarTerra not only provides early IDO and marketing support but also offers consulting, financial backing, strategic partnerships, and other support post-IDO.

Pylon Protocol

Pylon Protocol consists of savings and payment products with DeFi characteristics, built on stable yield protocols like Terra's Anchor protocol to provide user deposit-driven services. Through customized savings contracts and yield redirection, Pylon aims to achieve sustainable cooperation between long-term value providers and their consumers.

Valkyrie Protocol

Valkyrie Protocol is a dApp activation protocol designed to help protocols launch effectively. The protocol allows any user to design "activities" with specific goals and distribute pre-allocated rewards based on user participation levels. Users can engage with projects and be incentivized to try them out, as well as recommend activities to others.

The goal of this approach is to increase the number of users and activity participants on the Terra network, those who engage in activities and share content with other users, and activity promoters who spread the activity content to new users.

WhiteWhale

WhiteWhale allows ordinary users to participate in complex trading strategies like arbitrage by providing technical tools to execute delta-neutral hedging tied to UST in a decentralized manner. The WhiteWhale platform consists of three parts, all of which utilize the Anchor protocol to enhance capital efficiency.

CHAI

CHAI is a mobile payment application supported by Terra. CHAI provides Korean users with a seamless payment experience similar to mainstream applications, allowing users to pay simply by adding their bank accounts. However, in the background, the Terra blockchain reduces transaction fees and settles immediately with merchants through blockchain technology, providing a better user experience in the Chai app.

ApolloDAO

Apollo DAO is a yield optimizer on Terra, allowing users to easily view different yield opportunities and choose to invest in various liquidity pools directly from the Apollo DAO front end. By default, these liquidity pools can automatically reinvest yield rewards, reducing high network fees and other hassles caused by manual trading execution.

The project completed a $2.2 million private placement financing round in September this year, with participation from Pantera Capital, Terra co-founder Do Kwon, and others.

Spectrum Protocol

Spectrum Protocol is a decentralized yield optimizer platform that allows users to stake their crypto assets to earn compound returns. By protecting and managing various investment strategies through smart contracts, Spectrum Protocol maximizes the returns from various liquidity pools (LPs) and their liquidity mining in the Terra ecosystem.

Void

Void Protocol offers a service that allows users to deposit a fixed amount into a contract and then withdraw it to a brand-new wallet using a secret phrase, making the funds untraceable to the original wallet. At the same time, by depositing their funds, users can earn high yields, making the Void protocol an ideal investment platform with an additional layer of privacy lacking in existing DeFi yield farming and savings solutions.

Nexus Protocol

Nexus Protocol builds gun pools based on Terra's fixed-rate lending protocol Anchor and synthetic asset protocol Mirror, eliminating the complexity of DeFi farming through automated strategies, providing users with simple, optimized, and sustainable yields.

Terraland

Terraland is an international trading platform used for real estate transactions based on blockchain technology. The first phase will test real estate investments at various financial levels, such as profitability and one-time transactions. Terra Land aims to combine digital assets with real-world assets to create a "trading paradise" for investors and generate a maximized profit portfolio.

Terra Name Service

Terra Name Service is the domain service project of the Terra ecosystem, creating easy-to-remember names for users' Terra addresses, such as "dokwon.ust" instead of "terra1…whezdr." Users can transfer or swap assets by simply entering the registered domain name instead of a long and unreadable address. TNS also allows the setting of additional data, such as NFTs, email, Twitter accounts, etc. Users can view TNS as an on-chain personal profile.

Talis

Talis is the first DAO-based NFT trading market in the Terra ecosystem. The Talis Protocol will also empower artists by facilitating royalty collection and tracking future sales. Users will be able to directly contact issuers, and this community governance is at the core of all services on this platform.

On November 23, Talis completed a $2.3 million private placement financing round, which was completed through token sales. ParaFi Capital and Arrington Capital led the round, with other investors including Benson Oak Ventures, GCW Capital, and Blocbits.

Hero NFT

HERO NFT game is an animated GameFi NFT game project, and it is the first NFT game to be minted simultaneously on both the Solana and Terra blockchains. The game's storyline will revolve around the journey of growing from an "ordinary person" to a "hero."