Terra is a stable-coin based blockchain ecosystem designed for mass adoption. Fueled by the Tendermint core of the Cosmos Network, the Terra blockchain allows instant settlement with very low transaction fees.
Terra‘s network of stablecoins is backed by Luna, the utility token that powers Terra’s Delegated Proof-of-Stake blockchain. The network incentivizes the staking of Luna tokens to provide stability and security for Terra stablecoins.
As a public blockchain that focuses on the financial field, Terra's advantage lies in its stablecoin ecosystem, using dapp utilizes the native token of a mainnet. For example, the trading volume of NFT on OpenSea is highly affected by ETH price, and the volume of WINk fluctuates due to price changes of TRX. The fluctuating price hinders the use of decentralized applications, regardless of games or DeFi products by the masses.
The Terra blockchain and its series of stablecoins are aiming for daily use and they are going to DeFi’ed the whole ecosystem.
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If you live in South Korea, basically you can use the CHAI App to do everything and pay with the Terra stablecoin KRT — shop at over 65,000 CU convenience stores, book hotels at Yanolja, the largest hotel booking platform in the country, and more. (1 KRT = 1 KRW, South Korean Won). Compared to the awful experience you had with other dapps on Ethererum or EOS, with Chai, you won’t even feel like using a blockchain app.
When it comes to the payment, you can just pay with your CHAI app — like you use other mobile payments (Apple Pay, Square Cash, and etc) on a daily basis. In the backend where you cannot see, Terra is processing the settlement of each transaction between enterprises. Blockchain is completely agnostic to the users. In the meantime, it takes full advantage of the advantages of blockchain in transfer and settlement.
Now Dapp.com is tracking Terra and CHAI, its first payment dapp, we can see the real-time onchain stats of CHAI.
Over 1,066,000 unique users, more than 30,000 daily active users, and over $1 million worth of KRT are being processed every day.
This is the blockchain adoption we’ve been talking about for a very long time.
Terra has already formed a strong alliance with many of the most impactful retail platforms in Asia to expand its plan to be a family of cryptocurrencies that are each pegged to the world’s major currencies, including the USD, EUR, CNY, JPY, GBP, and KRW.
Besides the success of its expansion in South Korea, Terra has also established a strong presence in Mongolia. The company has recently expanded to Mongolia with a Taxi payment service. Beyond that, Terra has also partnered with Ulaanbaatar, the capital city of Mongolia, to replace the payment method of utility bills and government subsidies with its stablecoin.
Follow Terra on Dapp.com via https://www.dapp.com/ranking/Terra.