Terra (Luna): Colombus 5 mainnet launch

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Alrightie Lions it's time to get excited! I'm kind of surprised that I haven't seen more about Terra (Luna) being shared on the platform but I guess that is signs of it still being early days. But I think those days are about to end with this latest network upgrade the Colombus 5.

The Terra Network's native token Luna is currently a top 10 token (excluding stable coins) and has been gaining popularity with its cutting edge features and super fast transaction speeds coupled with low fees and it's ability to enable Network participants to engage in arbitrage to help stabilising its network.

It's important to note that Terra's main goal is to enable or benefit global payment systems. It's already miles ahead of the competition with the project being I high use in its native country of South Korea. I recently reported how Terra has been used to purchase everything from nappies, food to coffee and sanitary items for women. It is so effective that retailers and governments have no idea that payments are being made in Cryptocurrency.

Settlements for retailers are quick, cheap and easy and paid in fiat if they wish as staking Luna on the Terra mainnet mints stakers a range of fiat stable coins which can also be traded to buy more Luna or anything else in its ecosystem.

Terra Mainnet has its own exchange which handles swaps, buys and sells and can also support users with instant arbitrage.

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It's located on its mainnet Terra Station where other important stats, data and features live which gives you full control and visibility of your stake and the network.

Colombus 5

Lastnight the Colombus 5 upgrade rolled out and quite successfully which is vital for the network growth. As Terra has two important network tokens Luna the main token used for bonding, staking, loaning and governance and its stable coin UST.

In summary as the two are tied together the more networks that accept UST and utilise it the more Luna's value increases.

But the Colombus 5 mainnet upgrade also had 4 important changes to enact interoperability and increase transaction speeds by some are saying 100x

So what are they?

Token burning (deflationary)

Prior to Colombus 5 all Luna tokens swapped to stabilise the network were sent to a community pool which were then distributed to stakers ontop of payments consisting of transaction fees.

These tokens will now be burned which creates a deflationary token and higher long term returns on Luna price. It's tipped to provide larger returns to people securing the network for staking but that's yet to be seen.

Worm hole and Stargate

Two of the most important upgrades are Wormhole and Stargate which bring interoperability to Terra Network. UST is now able to be sent to any block chain accessible to Cosmos block chain including Polkadot and SOLANA!

So you can soon look forward to utilising UST on any network and participating in a broad range of different block chain related tasks.

How big is it?

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That big!

Ozone

We all know the feeling, you find the next best thing in the Decentralised Finance world jump in and the token begins to rise only for all those who got in early to start dumping and utterly destroying the project and running off with your cash.

Your left with dust and now you have lost the lot. It's been a chronic issue for block chain and a core reason why regulators want in.

To protect against being wiped Terra has created Ozone which is an insurance policy for investors. This feature was already available to investors but has now been extended to developers of projects. They're able to take out a policy which locks a portion of UST in the event of a crash and pays them out so they can continue developing their projects.

I'll post more about this when I find out more.

The Colombus 5 mainnet upgrade is now LIVE and it doesn't mean the token will boom and it still is at the mercy of the cryptoshphere relying on investment.

But it does provide a significant amount of safety and block chain advancements that for lack of a better word, replace centralised banks. Terra Network is what Block Chain technology in the financial sector is all about.

I'm Interested in seeing how it's future unfolds and as more dapps are built and UST is integrated onto multiple block chains Terra will continue to grow. How fast is upto the broader crypto community.

You can check out @crypto-guides
guide to Terra Here

Image sources provided supplemented by canva pro subscription. This is not financial advice and readers are encouraged to do their own research or access professional support

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