Terra (LUNA) is used to stabilize the price of the protocol’s stablecoins. LUNA holders can submit and vote on governance proposals, giving it the functionality of a governance token. Let’s have a look at 4 of the best projects in the Terra ecosystem that are ready to soar: Anchor, Mirror Protocol, Nexus Protocol, and Loop Finance.
Anchor Protocol (ANC)
Anchor aims to offer token users long-term price stability, preservation of purchasing power, and protection against inflation while hedging against daily market volatility.
Anchor is one of the oldest DeFi protocols on Terra. Anchor is the lending and borrowing platform in the Terra blockchain with a dominance of 47.14% and it’s got a TVL of over $19 billion using sticking yields, money markets, and incentives on its native token ANC. The Anchor Protocol is a completely decentralized, fixed-income platform.
You can use it as a savings account with no minimum deposits and no KYC. You just need to create a Terra station wallet and connect it to the platform in order to start using it.
Anchor’s features are earning, borrowing, bonding, and governance.
ANC is currently trading at about $3.44 with a total market cap of $657 million.
ANC Price Chart | Source: Coingekco
Anyone can participate in Anchor Protocol by going to the platform and connecting with a Terra station wallet or a wallet connect option.
You can buy ANC in Bitfinex, Kucoin, or if you prefer with fiat using transact.
Mirror Protocol (MIR)
The second project to mention is Mirror Protocol (MIR). Mirror Protocol is one of the oldest projects on Terra, so Mirror is a DeFi protocol that has a TVL of about $844 million because it promises the ability to trade equities 24 7, anywhere in the world by any person and the project does this by minting synthetic assets or what they’ve named Mirror assets.
You can take advantage of Mirror Protocol in four distinct ways: trade MIR token, mint synthetic versions of real-world assets, yield farming, and stake token.
MIR is trading at $2.27 for now and the market cap is over $176 million.
MIR Price Chart | Source: Coingekco
Nexus Protocol (PSI)
The next on our list is Nexus protocol (PSI). Nexus protocol is a DeFi protocol that promises to offer better solutions than Anchor and Mirror on Terra.
The aim of Nexus protocol is to maximize yields in Terra ecosystem. When you use Anchor or Mirror Protocol, you have to manually keep track of the LTV (loan to value) ratio or collateral ratio, it’s tough and it’s time-consuming. Therefore, Nexus Protocol promises to change this along with maximizing yields and LTV.
Nexus promises to solve this by offering Anchor and Mirror vaults. The main point of this kind of vault is that it uses a smart contract that will maintain a high LTV ratio for you which will eliminate the risk of liquidation.
PSI is changing hand at $0.05 and the TVL is nearly $66 million.
PSI Price Chart | Source: Coingekco
Loop Finance (LOOP)
The final project in the Terra ecosystem is Loop Finance (LOOP). Loop Finance is a decentralized exchange that has helped over 75,000 users do over 900,000 transactions with Terra’s token and currently it has a TVL of only $26 million.
You can benefit in a whole bunch of different ways. First, you can earn LOOPR tokens by creating and rating articles and trading a vast range of tokens. You can provide liquidity to earn swap fees and LOOP tokens.
There’s a DeFi NFT marketplace where you can mint and trade NFTs with fixed yield and this feature is going to be launched soon. Finally, there’s a wallet where you can take a look at all of LOOP’s assets, which are gathered into one convenient place in a beta testing phase.
LOOP Price Chart | Source: Coingekco
LOOP is changing hand at $0.18 and the market cap is over $15 million.
Loop Finance is the cheapest way to acquire LOOP, but you can also stake LOOP to get at least 596 APR.
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