Terra (LUNA) Review: Programmable Money Protocol
Price volatility in cryptocurrencies is well known by anyone involved in the markets and ecosystems that have been created by the invention of the blockchain and cryptocurrencies.
Because of the set issuance schedules and speculative demand nearly all cryptocurrencies see wild price fluctuations. This price volatility has been a hinderance in gaining adoption for cryptocurrencies as a medium of exchange or as transactional currencies.
Very few people want to be paid in a currency that could decline by 10-20% or more in a 24-hour period. This problem is made worse when deferred payments are involved like mortgages or employment wages. Using the current volatile digital currencies in these cases is prohibitively expensive and unreliable.
Enter the Terra Protocol
There are some projects working on a resolution to this issue, and one of them is the Terra Protocol. It uses an elastic monetary policy to create price-stable cryptocurrencies that are pegged to a variety of fiat currencies. However the team recognized that price stability alone isn’t enough to foster wide-spread adoption.
The Terra Protocol is an innovative approach to cryptocurrency volatility. Image via Terra blog.
Currencies have well known network effects. A consumer isn’t likely to adopt a new currency unless there are a number of merchants accepting that currency, but at the same time merchants have little or no incentive to accept a new currency unless there’s strong customer demand to do so. This is one explanation for the lack of mainstream adoption of Bitcoin as a transactional currency.
The team at Terra Protocol believe that an elastic monetary policy is the solution to stability for cryptocurrencies, and that a strong fiscal policy can drive adoption of new cryptocurrencies. So they are creating an efficient fiscal spending regime, managed by a Treasury, with multiple stimulus programs competing for financing.
That is, proposals from community participants will be vetted by the rest of the ecosystem and, when approved, they will be financed with the objective to increase adoption and expand the potential use cases. The Terra Protocol with its balance between fostering stability and adoption represents a meaningful complement to fiat currencies as a means of payment and store of value.
What is the Terra Protocol?
Terra is a blockchain protocol that develops and supports stable payments and open financial infrastructures. The entire protocol is supported by a basket of seigniorage style stablecoins pegged to various fiat currencies. All are stabilized algorithmically by the native asset of the blockchain, the LUNA token.
Terra and LUNA make up the dual token ecosystem of the Terra Protocol. Image via CoinCodex.com.
By releasing fiat pegged stablecoins Terra is one part digital central bank. Another part of the system helps replace the current complicated and expensive payments chain that includes banks, payment gateways, and credit card networks. Terra is thus providing efficiencies for merchants and consumers, while continually improving on the infrastructure and tools of the ecosystem to eventually reach a transparent, distributed, credibly neutral payments system.
The project is already boosting mass adoption through its partner system CHAI, a South Korean payments gateway that already has over 2 million users. Using that as a springboard the team hopes to create a more widespread system by moving into other areas of Asia.
What is LUNA?
LUNA is the native token of the Terra network, used for staking to secure the network, governance, and collateralization for the price-stability of the stablecoins. LUNA is in essence the backbone and foundation of the entire Terra network and ecosystem.
LUNA Staking Rewards
The primary purpose of LUNA is to protect the network by locking value in the Terra ecosystem though a staking mechanism. Of course at the same time the holders of LUNA are exposing themselves to the price volatility risk of the LUNA token itself. Staking rewards for LUNA holders is a way to incentivize them to take on these risks and to hold LUNA long-term.
Users can stake LUNA tokens for rewards. Image via Terra blog.
Staking rewards are distributed first to network validators, who take a small commission for themselves before passing along the rewards to individual delegators. The size of those rewards are determined by the size of the stake. They also increase as the transaction volume in the network increases, since part of the staking rewards come from transaction fees.
As of mid-February 2021 31.77% of LUNA holders are staking the token and the return is 4.89% annually. The staking rewards come from transaction fees (or gas), taxes on transactions, and seigniorage rewards.
Gas is a fee that’s added to each transaction to prevent spamming of the network. The validator group sets the minimum gas price and any transactions with implied gas price above this minimum are rejected. At the end of each block the gas fees are released to the validators.
Taxes
The protocol charges a small tax that ranges from 0.1% to 1% on each transaction, but is capped at 1 TerraSDR. These are implemented as a stability fee and can be paid in any Terra currency. The taxes are also disbursed to validators at the end of each block.
Seigniorage Rewards
The group of validators can participate in the exchange rate oracle process and they collect rewards from the seigniorage pool each time their vote falls within the reward band.
Phases of LUNA
LUNA can exist in three states:
The three bonding phases of LUNA. Image via Terra blog.
Unbonded — Luna that can be freely transacted as a regular token, with no restrictions.
Bonded – Bonded LUNA is considered staked, and while it is bonded it continues to generate rewards for the validator and delegator it is bonded to. When bonded LUNA cannot be freely traded and remains locked in the ecosystem.
Unbonding – Undelegating or unstaking LUNA is also known as unbonding. The unbonding period lasts 21 days and during this time there are no staking rewards, nor can the LUNA be freely traded. After the 21 day unbonding period the LUNA is considered to be back to the unbounded state.
Validators
Terra is powered by Tendermint consensus, which relies on a set of validators to secure the network. Validators run a full nodes and work to provide consensus for the network. They commit new blocks to the blockchain and are compensated for their work by receiving rewards. They also participate in the governance of the treasury and their voting influence is based on the total amount of their stake, including delegations.
A list of LUNA validators for delegating at Terra Station.
Only the top 100 validators with the most weight will be active validators. If validators double-sign, or are frequently offline, they risk their staked Luna (including Luna delegated by users) being "slashed" by the protocol to penalize negligence and misbehavior.
Delegations
Delegators are LUNA holders who either choose not to become validators, or cannot for some reason. Delegators use the online Terra Station website to delegate their LUNA tokens to a validator, and in exchange they receive a proportional amount of staking revenue.
Current staking returns as shown at Terra Station.
Because delegators share in a portion of the revenues from staking they also share in a portion of the responsibilities of the validators. That means when a validator misbehaves and is slashed, the delegators are also slashed in proportion to their stake. This is why delegators need to choose those they delegate to wisely, and should always spread their stake across multiple validators.
Because delegators are responsible for choosing validators they provide a crucial function within the network. Although it may seem like delegation is passive, it is not. Delegators need to remain aware of the actions of the validators they are delegating to, and be ready to switch whenever the validator is not acting responsibly.
Slashing Risks
Validators have a large responsibility in the network, and because the number of validators is limited to 100 there are liveness and safety guarantees to be met. Validators risk having their stake (and those of their delegators) slashed if they are unable or unwilling to meet these guarantees.
In addition to staking rewards there are some risks. Image via Chorus.one blog.
The three major slashing conditions are:
- Double signing: When a validator signs two different blocks with the same chain ID at the same height;
- Node downtime: When a validator becomes non-responsive or can’t be reached for more than a specified amount of time;
- Too many missed oracle votes: When a validator fails to report a threshold amount of votes that lie within the weighted median in the exchange rate oracle.
Validators are also responsible for watching their peers for misbehavior and one validator is capable of submitting evidence of misbehavior of another validator. If found guilty the misbehaving validator not only has their stake slashed, but they are also “jailed” for a period of time, or excluded from the validator set.
Tokenomics
Terra includes a number of stablecoins that are pegged to fiat currencies and are used for e-commerce payments. Terra network payments are posted to merchant accounts within 6 seconds, and there is a small 0.6% fee for using Terra. That compares quite favorably with the current credit card networks who have a 7-day settlement period and charge 2.8% or more in fees.
Terraform Labs created Terra Money. Image via Steemit.
As of November 2020 Terra processed $330 million worth of payments, which resulted in roughly $3.3 million in revenues. Those revenues are paid out as staking rewards.
Price Stabilization
Terra’s stable assets achieve their price stability by adjusting their supply according to fluctuations in demand. So, when a surge in demand causes a surge in the price of Terra stablecoins the system goes into action to apply balancing to ensure the asset doesn’t deviate from its peg. In the case of rising demand the supply of the token needs to increase as well to offset that demand. This is known as fiscal expansion. The protocol handles this by minting and selling Terra to increase the market supply of the token.
Terra is simply taking advantage of efficient market forces, where arbitrageurs step in to collect risk-free profits by purchasing the newly minted TerraSDR (currently worth more than the peg) for 1 SDR of LUNA and then selling it immediately for a profit. The LUNA basically collateralizes the newly minted Terra and the value is then recaptured. This mechanism is known as seigniorage and represents the profit gained from minting Terra (and it costs next to nothing to mint!).
The mechanism for maintaining the Terra peg. Image via Terra blog.
If the price of Terra falls below the peg the supply of Terra needs to be reduced to maintain the peg. This is known as contraction and is handled by the protocol by minting LUNA and offering 1 SDR of LUNA for 1 TerraSDR when the Terra is worth less than 1 SDR. The falling value is thus absorbed by LUNA holders and as the Luna supply is diluted, the value is transferred from the Luna collateral to raise the price of Terra.
So, this is the basic mechanism used to maintain price stability in Terra. It is the use of an elastic monetary policy that reacts swiftly to price deviations and to supply/demand imbalances. While Terra does do a good job in maintaining a peg by exchanging value back and forth across currency and collateral it's impossible to design a perfectly stable asset under all conditions, and the Terra protocol does have vulnerabilities.
Miner Incentive Stabilization
The price stability of Terra does require a base level of demand for the token to persist despite any extreme volatility. This is because the entire system fails if there is a drop in the total value of all LUNA that makes it impossible to hold the Terra peg. Terra maintains its price stability due to the stability in mining demand because the miners help to absorb the volatility through the price changes in LUNA.
This means miners must remain incentivized to stake LUNA during all market conditions. Staking has to be a long-term commitment to maintain the economy. However, there is inherent volatility in unit mining rewards, since miner reward is directly correlated with economic cycles of the Terra economy — the more transactions, the more you make in transaction fees.
Miners must remain incentivized to keep the economy functioning. Image via Terra blog.
When mining rewards increase in volatility miners become more reluctant to maintain their stake because it is increasingly difficult to determine if the staking will remain profitable or not since staking requires LUNA to remain locked for a long period of time, and the unbonding process takes 21 days.
The way to eliminate miner uncertainty is by ensuring mining rewards remain stable and unaffected by market conditions. So in addition to the price stabilization mechanism there is also demand stabilization for LUNA to help counteract any volatility due to macroeconomic trends in the Terra economy. Miners are more comfortable making a long-term commitment to staking if they know there is a predictable, stable profit rather than volatile rewards.
Powering the Innovation of Money
The Terra ecosystem gathers value through the conversion of fiat to LUNA. In turn, Luna collateralizes Terra because 1 TerraSDR can always be exchanged for 1 SDR of Luna. Luna also stabilizes Terra through the action of arbitrageurs who resolve price differences when they act to extract profits. This is because the profits being extracted are always in Terra and LUNA.
The balancing act involves exchanging value between currency and collateral. Those who invest in collateral (miners / Luna holders) are investing long-term in the network and agree to absorb short-term volatility in exchange for predictable mining profit and steady growth. Terra holders pay transaction fees to miners for them shouldering the price changes. This system continues to work if there is enough value in Terra or Luna to continue the momentum of the balancing act.
More partners means more growth for the Terra network. Image via Terra blog.
As more businesses agree to accept Terra stablecoins the value of the entire network will grow. Over time fees will also improve. The value in LUNA is maintained by encouraging staking with stable mining rewards with assured growth.
Who are Terraform Labs
Because Mirror Finance was created by Terraform Labs and runs on the Terra Network it is important to know the background and who Terraform Labs is.
Terraform Labs is a company based in South Korea that was founded in January 2018 by Do Kwon and Daniel Shin. With $32 million backing from large venture capital firms such as Polychain Capital, Pantera Capital, and Coinbase Ventures they soon released the stablecoin LUNA.
The founders of Terra. Image via Coindesk.
They also created the Terra Network, which is designed to be a decentralized global payment system. It features minimal transaction fees and is able to settle a transaction in just 6 seconds. While it hasn’t gained traction yet in Europe and the Americas it does have over 2 million monthly unique users generating over $2 billion in monthly transaction volumes.
The bulk of these are through the South Korean payment platform CHAI and the Mongolia-based MemePay. The LUNA token is somewhat unique among stablecoins as it distributes yield back to its holders. That yield comes from the transaction fees, which are returned 100% to LUNA holders. You can learn more in the Terra Money whitepaper.
Terra Governance
Governance in Terra is provided by LUNA token holders and it allows them to make changes in the protocol when demonstrating consensus support for proposals.
Proposals
Proposals are made by Terra community members and are submitted along with a small initial deposit for the consideration of the entire Terra community. Some proposals can be automatically applied when voted to approval by the community. These include changing the tax rate, updating the reward weight, spending from the community pool, and changing the parameters of the blockchain.
Other issues like large directional changes or decisions requiring human involvement (manual implementation) can be also be voted on, through submitting a text proposal. Proposals are submitted on the network through creating a proposal, depositing some Luna tokens, and reaching consensus through a community vote.
LUNA Token History
The ICO for LUNA finished in February 2019 and saw the team raining $72 million by selling tokens for $0.80 each. That turned out to be profitable for early investors when the LUNA token was listed in September 2019 around $1.30. Subsequently the LUNA token went into a steady decline that took it eventually to its all-time low of $0.1199 in March 2020. The token regained strength, popping higher in July and August of 2020 and nearly reaching $0.60 in the latter rally.
The price history of LUNA. Image via Coinmarketcap.com.
December 2020 saw the token begin climbing higher in the altcoin rally that lifted markets broadly. As of February 19, 2021 the LUNA token is still tracking higher, and is trading at $6.39. That is off the all-time high struck the previous day at $7.52.
Mirror Protocol
The Mirror Protocol is a product that was launched in December 2020 and it creates digital representations of real-world assets. Initially it has been launched with representations of U.S. equities and ETFs, as well as Bitcoin and Ethereum. These digital assets can be traded on the Mirror platform, on Uniswap, and most recently on Binance Chain’s PancakeSwap.
Tokenize anything with Mirror. Image via Medium.
Using the Mirror Protocol any user can easily buy and sell the synthetic assets, called mAssets, that are created on the platform. It’s also possible to effectively short any asset by locking in collateral and issuing the asset. Currently Terra’s UST is the only stablecoin being accepted as collateral in the system.
There is also a native token for Mirror called MIR and it acts as a governance token for the network and as a staking token. There is a 0.3% transaction fee in the Mirror exchange and MIR token holders receive 0.05% of those transaction fees.
If Mirror is successful, it will drive demand for Terra’s stablecoins. Higher demand for stablecoins is linked to increasing value of LUNA token via the process called seigniorage described further down.
Anchor Protocol
Anchor Protocol allows Terra stablecoin deposits to earn stable yield, powered by block rewards of leading proof-of-stake blockchains. It was created by the same team that created Terra because they believe that a reliable savings protocol is the key to the mass adoption of cryptocurrencies.
Anchor yield is powered by steady staking rewards from multiple PoS blockchains, offering attractive and low-volatile interest rates on stablecoin deposits.
Conclusion
At its core the Terra Protocol is acting like a central bank for digital currencies, providing stability via algorithms and smart contracts.
With a hybrid design that uses both stable coins and a native staking currency it not only provides a stable transactional mechanism, but also the ability for users to earn yields by holding the staking coin. The stake coin also serves to collateralize the reserves.
The design of Terra is quite innovative and different from the approach of many other stable coins that have chosen to peg with a fiat-collateralized mechanism. Terra’s stablecoins also benefit from improved decentralization by its mechanism. As long as there are sufficient transaction fees Terra can easily cover the costs associated with its decentralized mechanism and risk compensation.
Of course there is the risk that the transaction fees will dry up, which would cause the entire ecosystem to collapse, but with the more than 2 million users already transacting the protocol appears to have a solid base to grow out of. The team is already looking to expand from South Korea into other markets, such as Taiwan and Japan. If successful there’s little risk of the ecosystem collapsing due to a lack of transactions.
There was also some concerns over a single user or organization gaining control of 51% of the total Luna tokens, but with the market cap currently near $3 billion that risk is minimal.
The Terra ecosystem has also grown to include the Anchor Protocol and Mirror protocol, both of which serve to drive demand for the Terra stable coin and LUNA native currency, further securing the network and stabilizing the ecosystem.
What Is Lido Bonded LUNA (bLUNA)? Complete Guide Review About Lido Bonded LUNA.
Anchor is a savings protocol that accepts Terra deposits, allows instant withdrawals and pays depositors a low-volatility interest rate. To generate yield, Lido Bonded LUNA lends out deposits to borrowers who put down liquid-staked PoS assets from major blockchains as collateral. Anchor stabilizes the deposit interest rate by passing on a variable fraction of the bAsset yield to the depositor. It guarantees the principal of depositors by liquidating borrowers’ collateral via liquidation contracts and third-party arbitrageurs. They believe that the provision of a stable interest rate to depositors is a necessary feature of a savings product with broad appeal.
Anchor thus overcomes one of the key limitations of Compound and Maker as savings products the highly cyclical nature of deposit interest rates. Beyond offering low-volatility yield, Anchor is an attempt to give the main street investor a single, reliable rate of return across all blockchains. The plethora of staking products, each with varying terms and yields, makes DeFi inaccessible and unappealing to average investors. By aggregating block rewards from all major PoS blockchains, Anchor aspires to set the blockchain economy’s benchmark interest rate. The rest of the paper is organized as follows.
Lido Bonded LUNA start by introducing the concept of a tokenized stake in a PoS blockchain (bAsset). In the following section they cover the basics of the Anchor money market, which serves as the building block for the savings protocol. Next introduce the Anchor Rate as a benchmark interest rate, and propose a mechanism that stabilizes the deposit interest rate at that benchmark. After that cover the liquidation mechanism that implements Anchor’s principal protection. In the last section discuss a number of applications of Anchor money markets beyond savings.
Lido Bonded LUNA Storage Key Points
| Coin Basic | Information |
|---|---|
| Coin Name | Lido Bonded LUNA |
| Short Name | bLUNA |
| Circulating Supply | N/A |
| Total Supply | N/A |
| Source Code | Click Here To View Source Code |
| Explorers | Click Here To View Explorers |
| Twitter Page | Click Here To Visit Twitter Group |
| Whitepaper | Click Here To View |
| Support | 24/7 |
| Official Project Website | Click Here To Visit Project Website |
Tokenized Stakes
One of Lido Bonded LUNA core primitives is the bAsset (bonded asset) — a tokenized stake on a PoS blockchain. A bAsset is a token that represents ownership of a staked PoS asset. Like the underlying staked asset, a bAsset pays the holder block rewards. Unlike the staked asset, a bAsset is both transferable and fungible. Users can therefore transact with bAssets with the same ease as the underlying PoS asset. In summary, a bAsset allows the holder to earn block rewards while maintaining the liquidity and fungibility that staked assets forego.
bAssets are a central component of Anchor – they will soon explain their key role in offering a stable interest rate to Terra deposits. The precise mechanism of bAssets involves intricacies that are beyond the scope of this paper. They will be releasing a separate technical specification for bAssets that will cover the precise mechanics. For the purposes of Anchor assume the existence of a tokenized staking smart contract that adheres to the above properties.
The Terra Money Market
The core building block of the Anchor savings protocol is the Terra money market – a WASM (Web Assembly) smart contract on the Terra blockchain that facilitates depositing and borrowing of Terra stablecoins (TerraUSD, for instance). Lido Bonded LUNA money market is defined by a pool of Terra deposits that earns interest from borrowers. Borrowers put down digital assets as collateral to borrow Terra from the pool. The interest rate is determined algorithmically as a function of borrowing demand and supply, which is encoded by the pool’s utilization ratio (fraction of Terra in the pool that has been borrowed).
Debt Positions
Borrowing from the Terra money market is as straightforward as locking up collateral in exchange for a loan. The main parameter of a debt position is its borrowing capacity the maximum amount of debt an account can accrue. An account’s borrowing capacity is determined by the amount and quality of locked-up collateral. Lido Bonded LUNA defines a loan-tovalue ratio (LTV) for each type of collateral, which indicates the fraction of a collateral asset’s value that contributes to a debt position’s borrowing capacity. LTV ratios range from 0 to 1 and are a function of an asset’s volatility and liquidity. Stable, liquid assets will have high LTV ratios, while volatile illiquid assets will have low LTV ratios.
Algorithmic Interest Rates
Anchor uses an algorithmic interest rate algorithm to determine depositor and borrower rates for Terra based on borrowing demand and supply. The key input to the algorithm is the Terra pool utilization ratio. The utilization ratio represents what fraction of Terra in the pool is borrowed. The interest rate algorithm charges borrowers more and pays depositors more as the utilization ratio increases. On the other hand, as the utilization ratio decreases, the borrower pays less interest, resulting in lower interest for the depositor. Lido Bonded LUNA algorithm lowers borrower interest to incentivize borrowing when the utilization ratio is low, and increases borrower interest to disincentivize borrowing when the utilization ratio is high.
Что такое Bonded Luna (BLUNA)? Как она работает и где ее можно купить
По: Ян Райт
Последнее обновление: 27 сентября 2023 г.
Отказ от ответственности: Не инвестируйте, если вы не готовы потерять все вложенные деньги. Это инвестиции с высоким риском, и не стоит рассчитывать на то, что вы будете защищены, если что-то пойдет не так. Уделите 2 минуты, чтобы узнать больше. Эта статья также может содержать партнерские ссылки
Облицованный (bLUNA) это уникальный ликвидный дериватив стейкинга, который используется для обеспечения по Якорный протокол платформа.
Протокол Anchor Protocol является одной из самых известных стакинг-платформ в криптовалютном пространстве, и в какой-то момент на ней было заблокировано более $16 миллиардов общей стоимости.
Узнайте больше о Bonded Лунакак он работает, где его можно купить и многое другое.
Как работает Bonded Luna (BLUNA)
bLUNA token — это новый ликвидный дериватив Anchor Protocol на ставку, доступный для залога. Сайт Якорный протоколподдерживаемая блокчейн-доходами от известных PoS-блокчейнов, способствует стабильномуcoin вкладу для получения постоянного дохода. Anchor использует bAssets, которые представляют собой связанные активы, отражающие владение PoS-активом (активом торговой точки) с помощью блокчейна.
bAssets, как и их несвязанные предшественники, позволяют держателям token получать вознаграждение за блокчейн, заработанное через стейкинг. bAssets, однако, также могут передаваться и заменяться, поэтому в уравнение вступает bLUNA.
Активы bLUNA представляют собой сумму поставленных на кон LUNA. Токены создаются после инициирования депозита и уничтожаются при погашении. bLUNA token привязаны к LUNA 1:1, ставятся с помощью валидатора белого списка и зарабатывают вознаграждение за отыгрыш в UST на Terra. Держатели bLUNA могут торговать, используя поставленный ими актив вознаграждения, что позволяет использовать поставленные LUNA на любые финансовые инструменты, в том числе в качестве залога в Anchor.
bLUNA token могут быть использованы для выполнения различных увлекательных действий, таких как рост доходности ANC и кредитование UST. Lido Finance, стакинг-протокол, позволяет держателям LUNA делать ставки на LUNA, а также участвовать в различных уникальных DeFi протоколах, используя подобные методы.
Команда Terra изначально контролирует bLUNA, однако предполагалось, что он будет передан Lido DAO. Токен Lido Governance Token (LDO) контролирует протокол Lido, но ожидалось, что он будет распространен на bLUNA, где держатели token должны были голосовать по настройкам, специфичным для протокола Luna (тарифы, валидаторы, и т.д.).
Пользователи, желающие получить более подробную информацию, могут ознакомиться с Технический документ Defichain.
Для чего используется Bonded Luna (BLUNA)?
Цель bLUNA — служить обеспечением для займов по протоколу Anchor (построенному на блокчейне Terra) в какой-то момент в будущем. Считайте, что это расписка на LUNA, которую вы поставили, и доход от которой может быть направлен в Anchor для возмещения средств вкладчиков. Именно это и произойдет, если вы решите конвертировать свои LUNA в bLUNA и затем занять под них деньги.
Если сумма вашего кредита превышает заранее определенную стоимость вашего залога, вам придется продать свой bLUNA, чтобы удовлетворить долг. Это может произойти, если на рынке произойдет спад, что вынудит протокол ликвидировать вклады своих вкладчиков в bLUNA, чтобы защитить их.
С другой стороны, если bLUNA не выставляется в качестве залога по кредиту, то его поведение может быть аналогично поведению стандартного LUNA. Передний конец Anchor дает вам возможность погасить бонусы, связанные со ставками, которые ассоциируются с вашим облигационным LUNA.
Тот факт, что LUNA является ликвидным активом, а bLUNA — нет, является самым важным отличием при сравнении LUNA и bLUNA. Он не заблокирован, и существует 21-дневный период разблокировки, прежде чем на него можно будет делать ставки (чтобы заработать вознаграждение за ставки или получить вознаграждение за ставки). Это отличается от bLUNA, который заблокирован. Эта потенциальная стоимость может иногда приводить к расхождениям в цене между LUNA и bLUNA, несмотря на то, что их можно обменять на одну LUNA за каждую купленную bLUNA.
Если существует разница в цене между LUNA и bLUNA, то появляется возможность для арбитража. Например, во время внезапного обвала, если цена bLUNA падает относительно LUNA на 20 процентов, потому что все переходят в более ликвидные активы, арбитражеры, которые хотят получить больше LUNA, могут купить bLUNA со скидкой.
После этого у них есть возможность вывести базовый LUNA, связанный с bLUNA, в результате чего они получат на 20 процентов больше LUNA, чем если бы они приобрели его непосредственно на рынках. Пользователи могут обменивать LUNA на bLUNA и наоборот. С облигацией Lido LUNA доступны аналогичные возможности.
Кроме того, некоторые люди предпочитают участвовать в дневная торговля или свинг-трейдинг используя tokens в качестве своего актива. Их цель — заработать на изменениях на рынке, которые дают им такую возможность. Заработать на этом можно, но это не лишено риска.
Где купить Bonded Luna (BLUNA)
Пользователи не могут купить облигационные LUNA на открытом рынке, но могут заработать token, делая ставки на платформе Lido. Используя децентрализованный обмен Terra, можно сделать ставку LUNA и получить взамен bLUNA token.
Пользователи, желающие совершать покупки на централизованных криптовалютные биржи должны сначала внести валюту на биржу. Это необходимо перед покупкой tokens на централизованной бирже. Затем на ваш конкретный цифровой кошелек на бирже будут зачислены приобретенные вами tokens.
Вы можете покупать, обменивать и хранить tokens на криптовалютных биржах, перечисленных ниже:
Прежде чем приобретать tokens на централизованной бирже, пользователи должны осознавать риски. Когда пользователь хранит tokens на бирже, это фактически означает, что его закрытые ключи больше не принадлежат ему, поскольку его tokens могут быть потеряны, если биржа будет взломана.
Большинство людей хранят свои token в цифровом или физическом кошельке. Существует несколько DFI token кошельков на рынке. Вероятно, самым известным и надежным цифровым кошельком является Метамаска.
Часто задаваемые вопросы о Bonded Luna (BLUNA)
Как давно существует Bonded Luna (BLUNA)?
Облигация LUNA лишь недавно стала заметным цифровым активом в криптопространстве. Это произошло в основном благодаря росту протокола Anchor и успеху LUNA (до его окончательной капитуляции).
Что спорного в Bonded Luna (BLUNA)?
Сектор децентрализованных финансов невероятно привлекателен как для розничных, так и для институциональных инвесторов. Этот сектор процветает, и в нем постоянно происходят новые разработки, однако он также уязвим для эксплойтов. В последние годы многие из них обошлись пользователям в миллионы долларов.
При изучении проектов люди всегда должны оценивать как точную, так и рациональную информацию. Прежде чем инвестировать деньги в какой-либо криптовалютный проект, необходимо получить как можно больше знаний.
Давайте рассмотрим самые большие споры, связанные с DeFiChain (DFi).
- Коллапс якорного протокола — Самым серьезным событием, произошедшим в 2022 году, стало де-пеггирование UST, которое в конечном итоге привело к краху LUNA и потере миллиардов долларов. Произошедшее событие потрясло криптовалютное пространство и опустошило огромное количество людей, некоторые из которых понесли потери, угрожающие жизни.
- С момента распада LUNA token теперь изменился на «LUNA Classic» а новый token, выпущенный Terra, получил меткое название «LUNA».
Сколько Bonded Luna (BLUNA) token есть?
На момент написания статьи Bonded Luna (BLUNA) не отслеживалась ни на одном из авторитетных сайтов по отслеживанию и листингу coin.
После краха LUNA многие ставочные token и облигационные token, связанные с LUNA, полностью исчезли с рынка.
Можно ли добывать Bonded Luna (BLUNA)?
Связанный LUNA (bLUNA) не может быть добыт. Пользователи не могут добывать BLUNA, а token требуют наличия LUNA в процессе эмиссии. Однако пользователи обязаны сначала использовать фиатную валюту для покупки LUNA, а затем использовать эти LUNA на протоколе Anchor Protocol.
Кроме того, пользователи часто используют продукты DeFi на децентрализованных платформах (таких как Anchor Protocol), чтобы заработать дополнительные вознаграждения на своих token. В последние годы это стало невероятно прибыльным вариантом, который помог многим людям заработать значительные вознаграждения.
Какова рыночная капитализация компании Bonded Luna (BLUNA)?
Рыночная капитализация в настоящее время не отслеживается ни на одном из основных сайтов по отслеживанию coin, таких как CoinMarketCap или CoinGecko. Вероятно, это связано с крупными событиями, произошедшими вокруг 1ТП30Т в начале этого года. Циркулирующие поставки token в настоящее время не отслеживаются.
Крупнейшие конкуренты Bonded Luna (BLUNA)
Конкретных конкурентов у облигационного LUNA нет, это связано, главным образом, с характером token и его реальным применением. Однако среди таких платформ, как Lido и Anchor Protocol, которые предоставляют услуги стакинга, есть несколько конкурентов.
Крупнейшими конкурентами Lido и Anchor Protocol (DFI) являются:
Каковы планы на будущее для Bonded Luna (BLUNA)?
Протокол Anchor, который является платформой, обслуживающей облигации LUNA, активно работает над расширением своего охвата и увеличением пользовательской базы. Протокол быстро привлек к себе большое внимание в последние месяцы, но после краха LUNA общая стоимость, заблокированная в протоколе, значительно снизилась.
В дальнейшем протокол будет направлен на восстановление и развитие ценной экосистемы цифровых продуктов.
Bonded Luna (aLuna)#
The below documentation only focuses on the high-level contents of aLuna. For more details, please send us a message via Twitter or on-chain (TODO)!
aLuna tokens are aAssets built for the Terra blockchain, their value backed by underlying Luna delegations. aLuna tokens follows full compliance with the CW20 standard, having the potential to be integrated into a wide variety of decentralized finance applications.
aLuna tokens are used as collateral to borrow Terra stablecoins from Cavern. Learn more about creating loan positions here .
Concepts#
aLuna Exchange Rate#
The aLuna exchange rate is the rate of conversion used when aLuna is minted or redeemed. Defined as the amount of bonded Luna per aLuna in existence, the value initially starts with 1, and decreases with slashing events.
Shared Slashing Risk#
aLuna tokens equally share all losses from slashing events of whitelisted validators. Slashing events decrease the aLuna exchange rate, lowering the calculated value of a aLuna token.
The protocol applies a fee of 0.5% to aLuna mints and burns whenever the exchange rate is below 1, targeting a gradual recovery to a one-to-one peg.
Validator Whitelist#
The aLuna contract keeps a whitelist of validators, only permitting delegations to those included in the whitelist. This is crucial since all aLuna tokens equally share slashing risks, and delegations to low-performing validators could negatively affect all holders.
The list of whitelisted validators can be viewed here .
Registration#
Validators that have proven their operational capabilities are eligible for whitelisting via our Twitter. Track records such as uptime and community support are factors of consideration.
Deregistration#
CavernPerson may deregister underperforming validators from the whitelist, disallowing aLuna minters from making new delegations to them. Following deregistration, the aLuna contract automatically redelegates existing delegations to a different, randomly selected validator.
The Terra blockchain permanently disables validator addresses that have double signed a block (i.e. tombstoned). Tombstoned validators are also deregistered, with their remaining delegations redelegated. The new address of the tombstoned validator can later be re-registered to the whitelist if necessary.
Undelegation Batches#
The aLuna contract processes Luna undelegations in batches, creating them in epochs of 3 days. Whenever an undelegation is done, an entry storing its information is created:
batch_id : incrementally-increasing unique identifier of the undelegation batch
amount : total amount of fee deducted aLuna unbonded in this batch
time : time of batch undelegation
applied_exchange_rate : aLuna exchange rate at the time of undelegation
withdraw_rate : rate applied when later withdrawing undelegated Luna from this batch
released : indicator on whether the unbonding period is over for this batch
When a batch is undelegated, applied_exchange_rate is stored as the aLuna exchange rate at the time of undelegation, and released is stored as false .
Later when users withdraw undelegated Luna, the contract first checks for newly undelegated batches by comparing the current time with the time of recent batches. Batches that are older than 21 days are considered undelegated, and are marked by updating released as true .
The withdraw_rate , which determines the amount of Luna withdrawable per unbonded aLuna, is also updated to account for slashing events that happened during batch undelegation. The amount of slashed Luna, calculated by comparing the Luna amount initially undelegated and the Luna amount actually received, is deducted pro-rata from the newly undelegated batches by updating the corresponding withdraw_rate to the new decreased value.
Usage#
A peg recovery fee of 0.5% is applied to aLuna minting and redeeming when the aLuna exchange rate is lower than 1.
Minting aLuna#
Users don’t have to specify a validator when minting aLuna, it will be chosen for them.
aLuna tokens are minted by delegating Luna via the aLuna contract. Given a single delegation, the exact number of validators that will receive delegations and the amount that they will receive depends on the current distribution of stake.
The contract takes a sorted (ASC) list of validators, calculates the desired amount that each validator should have target_stake = (total delegated + delegation_amount) / num_validators and begins adding stake up to the desired amount, starting from the validator with the least stake. The exact amount of a single delegation is calculated as target_stake — validator_stake , and you’ll have as many delegations as it takes to “drain” the delegation_amount .
Implementation of the stake distribution algorithm can be found here.
The amount of aLuna minted is dependent on the current aLuna exchange rate – minted aLuna amounts will be greater than the Luna amount sent when the aLuna exchange rate is below 1.
Redeeming aLuna#
Slashing occurrences between the time of request and withdrawal may affect the final amount later withdrawn.
Any aLuna holder can redeem their tokens for their underlying bonded Luna. Redemption is a two-step process; 1) requesting to unbond aLuna (undelegates underlying Luna) and 2) withdrawing undelegated Luna.
Due to the Terra blockchain’s unbonding period, a complete redemption cycle requires at least 21 days to finish.
Requesting to Unbond aLuna#
A aLuna unbond request triggers the undelegation its underlying staked Luna. To track the Luna amount later withdrawable by each user, a waitlist entry with the the below information is created:
address : address of aLuna unbond requester
batch_id : ID of the batch that includes the user’s undelegation request
amount : amount of fee deducted aLuna unbonded by user
The user’s request is added to the current undelegation batch , which is undelegated in epochs of 3 days. If 3 days have past since the previous batch was undelegated, the current batch, along with the user’s request is undelegated.
To disallow any holder from manipulating the aLuna contract’s delegations by constant minting and redeeming, undelegations are performed from a randomly selected validator.
Withdrawing Undelegated Luna#
Users that previously made a request to unbond aLuna can later withdraw the undelegated Luna tokens. The amount of Luna that the user can withdraw from an undelegation batch is calculated by multiplying the amount in the user’s waitlist with the batch’s withdraw_rate . Summation of this value for batches that are past the unbonding period ( released marked as true ) yields the user’s total withdrawable amount.
aLuna Rewards#
aLuna tokens accrue TerraUSD rewards, generated from delegation rewards of underlying Luna delegations. Delegation rewards, collected in various native token denominations (TerraUSD, TerraSDR, Luna, etc.), are swapped for TerraUSD. Swapped TerraUSD is then distributed pro-rata to aLuna holders.
Claiming Rewards#
Holders can send a request to the aLuna contract, which prompts the transfer of accrued rewards to their account. As rewards accrue during the user’s period of ownership, transferring aLuna to a different user automatically credits accrued rewards to the previous holder.
Peg recovery fee#
Slashing events decrease the aLuna exchange rate, lowering the calculated value of a aLuna token. The protocol applies a fee of 0.5% (configurable value) to aLuna mints and burns whenever the exchange rate is below 1, targeting a gradual recovery to a one-to-one peg.
Lido operating costs fee#
All accrued aLuna rewards are taxed at a configurable % rate. This fee is initially set as 0%, but may increase with the involvement of Lido’s governance DAO.