Terra (LUNA) Blockchain - Steemit Crypto Academy - S5W4 - Homework post for professor @pelon53
Q1:- What is Terra Station? Explore Terra Station on the web, Download the wallet and connect the wallet to Terra Station. Screenshots required
Terra station is a DeFi wallet that is used to store all the terra blockchain based tokens. The terra station is a web link,extension,mobile application that can be sused to store the assets. In Simple terms you can think of it as a private wallet. This is official Wallet of the terra block chain. There are various features that are available on the Terra station. Let us know each feature and discuss each of the feature individually to you have a better understanding of the terra station.
Let us first take a look how to make an account on the terra station mobile application an iOS mobile application to be precise. Well the first step is always to download the application from the App Store.Once you download the application you are supposed to open the application and an interface will appear with two options new wallet and recover wallet you have to select new wallet.
Once you click on the option new wallet you will be redirected to another page where you have to set your wallet name and password
Once you have set your wallet name and password you’ll be given a seed phrase. This is a randomly generated set of words that will be used to recover your account in case you forget it so it is better to keep these somewhere safe. Once you note these press continue.
Once this is done you are supposed to confirm that you have seed phrase.You will be asked to enter the random letters.
Once you’re done with that press continue & the wallet creation message will pop up.
And as easy as that your wallet has been created.
Now let’s take a look at the features of the terra station to Have a better understanding of the platform.
The first feature of the terra station is wallet.Here you can have a look at all of your holdings. You can do the basic stuff like copying the public key to receive the assets or getting QR code to receive the assets.
The second feature of the terror station iOS app is Swap. This feature is used to swap The coins like for example swapping Luna for TerraUSD.
The next feature of the terra station is staking. Yeah you can stake you are terra Blockchain tokens and on rewards on the stake. Here you can also see the list of validators.
Last feature of the terra station is settings. One can guess what settings content contain. Settings contains all the features that one may need like changing password changing currency. One can also enable and disable biometric authentication that is already present in the phone to lock or unlock the wallet.
Q2:- Explain Anchor Protocol, explore the application and connect the Terra Station wallet. Show screenshots.
Well lets first see what is anchor protocol. It is a TerreaBlockchain based smart contract where you can earn a passive income through liquidity polls and yield farming of different stable tokens like UST.
Now let’s take a look how to connect anchor protocol to the terra station. Unlike terra station anchor protocol does not have an mobile app. It’s a webpage that connects to the application for this you have to visit anchor protocol. Once you visit the webpage you will see a double.Option on the top right corner. Click on that option.
Once you click on this option a pop-up will appear with three options click web app
Once you click on this option you will be redirected to terra station and a pop-up will appear asking whether you want to connect anchor protocol with the terra station. Click accept.
Once you press accept, you will get a pop-up anchor protocol is connected return to your browser & continue.
Once you this pop-up. This confirms that the anchor protocol has been successfully connected with the terra station.
Now that we have connected the anchor protocol to the terra station let’s have a look at the features that anchor protocol provides us.First feature of the list is DASHBOARD.
In the dashboard section where you can have a look at the basic specs of the protocol that includes total value locked,ANC price & few more things
The second feature of the anchor protocol is MY PAGE. Well,this page has all the information about the assets that you hold i.e UST that you are holding,borrowed, farmed, or in a liquidity pool, and govern. We can also send the UST from this platform to another platform. On this page we can also claim rewards.
The third feature of the anchor protocol is EARN. If you deposit your UST here in the urban section you can see that we can earn and anyone a PY of almost 19.5% that means you will earn an interest of 19.5% per annum. This lets you earn UST.
The fourth feature of the anchor protocol is BORROW. As the name suggests one can borrow assets from here. But here you have to lock some assets as mortgage in the collateral section. The APY on Borrow is 0.96%.
The fifth feature of the anchor platform is is BOND. As the name suggests there is a bond, here the users can earn LUNA token by kining process. They have to stake these tokens in order to get a reward.
The last feature of the anchor platform is the GOVERNANCE. This part of platform allows the asset holders to stake the token ANC anchor protocol native token so that they provide liquidty to the platform & then they can vote for the governance of the anchor protocol.
Q3:- Explain Mirror Protocol, connect Terra Station and explore the Mirror Protocol app. Show screenshots.
Mirror protocol is another Terra blockchain based DeFi platform based on smart contract by terra blockchain.The mirror tokens are those tokens which are not available for public buying or selling, the reason can be anything be it government policy or lack of regulation or anything. Now that we know what mirrored token is & why you can buy & sell it. Mirror protocol cones to the play, it provides a place to buy & sell these mirrored tokens.
Lets start with connecting the Mirror protocol with the Terra blockchain. For this you have to visit the mirror protocol.
Once you visit the website you will see an option saying connect wallet. Click on this option.
Once you click on this option you will be redirected to the terra station & a confirmation will pop-up. Click connect.
Confirmation will pop up on the terra station saying that mirror protocol has been connected with the terra station.
Now let’s take a look at the features of the mirror protocol. The first feature appears to be MY PAGE. Here all the assets are shown be it collatera, borrowed, user’s own or any other. Here every token is shown.
The next feature of the mirror protocol is the TRADE section. This section of the platform is used to trade between the assets. Here you can convert your UST to other coins/tokens.
The next feature of the mirror protocol is the BORROW section. This section of the platform is used to borrow the new tokens from this section & as mortgage lock their other tokens.
The next feature of the mirror protocol is the FARM section. As the name suggests the farm is aplace where you provide your assets for the liquidity pool & earn a passive income.
Well the last option of the mirror protocol is the GOVERN option. This option as the name suggests gives you a platform where anyone who stakes MIR token can vote or suggest a opinion or suggestion to the blockchain.
4. What is the Terra bridge? Explain, show screenshots.
Terra Bridge works as a bridge between the Terra blockchain and other blockchains (BSC, ETHEREUM etc. Tokens supported by terra are transferred cross-chain, which means it allows us to transfer investments similar to this ecosystem. The Terra bridge charges 0.1% or 1$ as a transfer fee. The final payment is carried out by a larger total of the two among 0.1% or 1$.
To explain this platform, visit TerraBridgeand at the top right corner click on connect wallet. After that, select the Terra station and give access to the wallet and then it will be connected. After the wallet gets connected we can send tokens from Terra and Ethereum and vice versa.
To connect wallet, follow these simple steps.
- Click on connect wallet:
- Select terra station
- Allow the connection
- You can see now, wallet is connected
5.- Explain how it works and what Terra Stablecoin is.
In the highly volatile market, stable coins offer a stable price as compared to other coins available in the market. Terra Stablecoin was developed to reduce the volatility of cryptocurrencies and to offer a stable price to its users and Terra ecosystem has two stablecoins, and these coins are LUNA and UST.These coins are used to supply liquidity in pools and supply collateral to earn from staking and yield farming.
UST
- Price = 1 USD
- Rank = 23
- Marketcap = $8,643,835,958
- Volume 24H = $192,316,706.14
LUNA
- Price = $63.28
- Rank = 10
- Marketcap = $23,998,300,489.98
- Volume 24H = $2,151,962,080.89
6.- You have 1,500 USD and you want to convert it to UST. Explain in detail and get the price of the updated LUNA token.
Current price of LUNA = 63.28 USD, UST value = 1 USD
1500 USD = 1500 UST (1:1 Flat rate )
If we want to buy LUNA with 1500 UST later
We get 1500 UST / 63.28 = 23.70 LUNA coins.
7. Now you have that $1,500 and you want to profit since 1 UST = $1.07. Explain in detail and get the price of the updated LUNA token.
According to the rate of 1 USD = 1.07 UST,
We get 1500 USD x 1.07 = 1605 UST. Considering the fixed ratio of 1:1 at this point, there is an excess of 105 UST. If we then get LUNA with 1605 UST.
1605/63.28 = We get 25.36 LUNA tokens. If we then exchange the LUNA tokens we have for USD to make a profit;
25.36*63.28 USD = 1604.78 USD so we get about 1605 USD.