Post Terra Crash, What is Happening To The Terra Protocols?

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It is a little over a week since the dramatic UST de-peg event occurred. Now dust has somewhat settled if you are curious as what some of the most popular Terra protocols are doing and planning post Luna/UST crash. This post I will list some of the protocols.

Anchor

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The iron clad of Terra protocols none other than Anchor. Once UST lost its peg on May 9th it would never recover and by the 12th Anchor had this warning twit.

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To date no further updates on the protocol so use at your own risk if daring enough. In my opinion since Do Kwon is key developer of Anchor and proposing no UST in a future Terra proposal it is my educated guess Anchor is left behind.

Astroport

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Astroport is still active however a lot of the liquidity has depreciated in value by multiple folds due to the debacle of Luna and UST. Now it was kind of the developers to allow users to obtain their locked up Astro rather than awaiting months to years before being able to access funds. Still the price of Astro has fallen so it would be investors' risk as to what they want to do.

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Mirror Protocol

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Another Do Kwon project so highly used by Terra fans is Mirror. The protocol is still running but everything is based on UST. So although it may look normal be wary that UST is currently worth under $0.15 from a dollar. Hence a lot of the assets are off in price.
Furthermore no news what so ever in regards to its future plans or any plans since UST de-peg.

Edge Protocol

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Edge protocol came out with a face lift on its platform only days after Luna destruction. Still the protocol is somewhat locked down as deposits and borrows are locked while they have allowed withdraw and repay of loans active.

The genesis pool is locked up likely due to avoiding draw downs or chaos with the de-peg in UST and cliff dive on Luna. A very wise move on the developers part. Hope they can find a way to move on from all this and as a personal user will keep an eye on the protocol's updates.

Kujira

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Those who have used Kujira before know the concept is very useful when it comes to buying dips. Now news is out that Kujira plans to introduce the projects on their own chain. They have started an exchange and now have multiple projects working on top of their core buying assets during liquidations. It will be interesting how this protocol unfolds when it runs on its own chain. Will stay tune for their updates.

White Whale

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Apart from Anchor, White Whale was very ambitious on its goals. To try to hold peg on UST while also trading Luna to stabilize prices. Unfortunately neither one worked and it never got Luna arbitrage off the ground before the massive price crash. With that it has remain the same as is and in fact last active arbitrage was on 5/13 therefore right now the protocol appears to be locked up.

Conclusions

I only sractch the surface of what is out there linked to Luna and UST that has been effected. There are countless projects outside of Terra ecosystem that has also gotten effected and not discuss here. From Thorchain to Osmosis and there is Avalanche the destruction from drop of Luna prices and depeg of UST it has been painful on the after effects.

Hopefully in the future there will be more work involved from many of the current projects associated to Terra. In addition have more updates that will lead cryptocurrency to a better defi era. Like the old saying what ever does not kill us will make us stronger.

None of what I write is financial advice. It is for entertainment purposes only. Thanks for reading!



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2 comments
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It looks like most of the apps are moving forward but I am still wondering where these applications migrate to.

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LUNA and UST destruction affect these protocols as well as have a negative impact on the crypto market. Yes, what does not kill us makes us stronger. Sometimes we learn a lesson the hard way and things will move on.

Thank you @mawit07 for sharing this informative post!

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