Market Mad House

In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. Friedrich Nietzsche


Is TerraUSD (UST) a good Tether (USDT) alternative?

TerraUSD (UST) could be the fourth-largest stablecoin in terms of Market Capitalization. To explain, TerraUSD was CoinMarketCap’s fourth-largest stablecoin with a Market Cap of $7.223 billion on 23 November 2021.

Therefore, many speculators will wonder if TerraUSD (UST) is an effective Tether (USDT) alternative. Tether was CoinMarketCap’s largest stablecoin with a market cap of $72.512 billion on 23 November 2021.

So what is TerraUSD and is it a credible Tether alternative? To elaborate, many people seek Tether alternatives because of the allegations they do not peg Tether to dollars.

What is TerraUSD (UST)?

TerraUSD is a stablecoin they built with the Terra blockchain protocol. The Terra blockchain protocol deploys a suite of algorithmic decentralized stablecoins.

TerraUSD (UST) is one of those algorithmic decentralized stablecoins. An algorithmic decentralized stablecoin is a cryptocurrency that contains an algorithm that makes payment in fiat currency from a trust account. The TerraUSD makes payment in US dollars.

TerraUSD and the Terra blockchain protocol are part of an ecosystem. Terra’s developers claim their ecosystem supports over 100 projects. They claim those projects include decentralized finance (DeFi), Web 3, and nonfungible token (NFT) applications.

The Terra ecosystem features a reserve token they call Terra (LUNA) and three stablecoins. Those stablecoins are TerraUSD (UST), TerraKRW (KRT), and Stablecoin Terra (SDT). The TerraKRW is a stablecoin that pays in the South Korean Won.I guess Stablecoin Terra is the Terra Flipside Crypto they mention on Terra’s website.

The Terra and Luna Ecosystem

The Terra Protocol also serves an open-source stablecoin network stakeholders control. The Terra & Luna Ecosystem features many protocols that perform specific tasks.

Protocols in the Terra & Luna ecosystem include:

The Mirror protocol for the creation of fungible assets. Those fungible assets are synthetics that track the price of “real world assets.”

The Terraswap swap protocol enables swaps. They claim the Chai protocol is a payments app that has over two million users in South Korea. Terra Station is Terra’s main staking protocol.

 LocalTerra is a peer-to-peer (P2P) exchange for Terra assets such as LocalBitcoins. They describe the Altered Protocol as synthetic commodoity money with near-perfect supply elasticity. Yotta is an anchor based saving option for Americans. Yotta features a crypto bucket for savings.

Mavolo allows people to withdraw funds. The Tsunami Protocol is a data marketplace for tokenized data on Terra. BetTerra allows users to create prediction markets, custom bets, and DeFi sportsbooks.

The Angel Protocol creates perpetual endowments for charitable causes. Neptune Finance is a collateral based lending and automated yield farming protocol. Talis Protocol is a platform that creates a blockchain art market.

Tiiik Money is a savings app for Australians. The Spectrum Protocol is a yield optimizer on the Terra Ecosystem. Vega is a minting and trading protocol. TerraCards allow users to buy gift cards with TerraUSDT (UST).

What Value does the TerraUSD stablecoin have?

Mr. Market gives TerraUSD (UST) enormous value. CoinMarketCap gave TerraUSD a Market Capitalization of $7.23 billion, a Fully Diluted Market Cap of $7.223 billion, a 24-Hour Market Volume of $92.381 million, and a $1 dollar price on 22 November 2021.

TerraUSD was CoinMarketCap’s 29th largest cryptocurrency, with a Circulating Supply of 7.18 billion UST and Total Supply of 7.2 billion UST on 23 November 2021. In comparison, CoinBase gave TerraUSD a Market Capitalization of $7.2 billion, a 24-Hour Market Volume of $91.8 million, and a Circulating Supply of 7.2 billion UST on 22 November 2021.

I consider TerraUSD an interesting stablecoin because it they are developing many real world uses for it. In addition, the company behind TerraUSD is developing other stablecoins and encouraging the development of protocols for the Terra Network.

Hence, I think TerraUSD is a stablecoin that could be capable of enormous growth because of those protocols. I consider TerraUSD (UST) an excellent Tether (USDT) alternative. I advise all speculators to investigate TerraUSD.