Exploring the Terra Ecosystem with Liquality Wallet
After our integration with the Terra blockchain, Liquality Wallet users are able to take advantage of exciting new opportunities. Terra’s DeFi ecosystem had a recent peak in total value locked of over $10 billion USD and has been growing at an exponential rate. Thanks to our one-click atomic swaps and seamless dapp workflows, you can easily participate in Terra’s ongoing development.
The fast-paced growth of Terra has been nurtured by an expansive set of both first-party and third-party decentralized applications developed for the network. They range from staking services to derivatives platforms that have chosen to build on Terra due to its advantages in scalability and cost of transactions.
Leading the pack is the Anchor savings protocol which currently holds a TVL of over $4.8 billion as it aims to become the “Benchmark Rate of DeFi.” As a fixed income instrument, its Earn feature offers users stable yields of up to 19.4% APY. This is powered by money markets, ANC token incentives, and staking returns from multiple Proof of Stake blockchains, mainly Terra itself. At the moment, Anchor is exclusive to the Terra ecosystem.
You can deposit UST on Anchor using the Liquality Wallet and start earning yields.
Next we have Terra’s top synthetic assets platform. Mirror allows users to mint digital assets that track the price of real-world counterparts such as mTSLA and mGOOGL, bringing them onto the blockchain as important building blocks for other applications. They also open doors for geographically siloed assets like US stocks to be traded around the clock from anywhere in the world. The platform is currently sitting on a TVL of around $1.60 billion, out of which 1.24 billion is locked in Terra.
You can farm mAssets on Mirror using the Liquality Wallet.
This automated market maker is Terra’s own take on the popular Uniswap DEX. It supports all Terra assets and enables them to be easily exchanged on-chain in a decentralized manner. TerraSwap currently sits on 1.14 billion in TVL.
You can provide liquidity to TerraSwap pools using the Liquality Wallet.
Yields generated on Anchor and Mirror can be optimized using Spectrum. The protocol allows users to automate staking and compounding on both dapps while rewarding them with its native SPEC tokens. There are currently over $160 million locked in Spectrum’s Autofarm Vaults.
You can provide liquidity through Spectrum’s Autofarm Vaults using the Liquality Wallet and earn SPEC tokens.
Similar to Spectrum, ApolloDAO is a yield-management protocol designed to automate compound returns on Anchor and Mirror. The main difference is that it is built as a decentralized autonomous organization, or DAO. This means that ApolloDAO’s services are built for and by its own community to maintain secure and cost-effective strategies for members. The DAO already manages close to $128 million TVL in its vaults.
You can start automating your yields with ApolloDAO using the Liquality Wallet.
One of the most popular staking services across ecosystems is available on Terra. Lido is a DAO-governed project that provides liquidity for staked assets on major chains with daily rewards and no lock up periods. On Terra, Lido users can earn bLUNA via Anchor while keeping the ability to move their staked assets across the ecosystem. Lido offers an APR of 3.4% on the 64.83 million LUNA currently staked with the service. These funds add up to a TVL of $2.24 billion, making Terra the second largest network on Lido.
You can start staking on Lido via Anchor’s bLuna bonds with the Liquality Wallet.
Making use of Terra’s unique stablecoin capabilities, Pylon has developed a unique approach to savings and payment products. It makes use of the stable deposits on other protocols like Anchor to offer imaginative new services such as principal-protected payments, customizable deposit contracts, and yield redirections. The Terra-only dapp currently offers 88.62% APR to MINE-UST liquidity providers and counts on $155 million in TVL.
You can add liquidity to the MINE-UST LP pool with the Liquality Wallet.
Decentralized lotteries are one of the staples of every blockchain ecosystem and Terra is not foreign to these attractions. LoTerra holds a current lottery balance of $303,486.07 in Terra’s native UST stablecoin.
You can buy tickets to the next LoTerra jackpot using the Liquality Wallet.
Using Liquality Wallet on Terra
Liquality Wallet users coming from other chains now have the opportunity to interact with and participate in all these dapps, some of which were exclusive to Terra users. You can use the browser extension as your single-stop solution for all of Terra.
At the same time, you can interact with dapps on other major chains like Bitcoin, Ethereum, Polygon, NEAR, and RSK without switching gears. Liquality Wallet creates a new paradigm for interoperability and opens incredible opportunities for strategies like arbitrage and yield farming. We will be exploring some of these in future posts.
Download the Liquality Wallet and explore Terra today.