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The Terra Network


brianwalden

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12 minutes ago, brianwalden said:

Terra World, the first metaverse launching on Terra, is going to be having a presale of TWD, the main token used within the world. It will be conducted on the Pylon gateway.

Starting Aug 22, 2am UTC: sales open for MINE (Pylon's token) stakers.

Starting Aug 25, 2am UTC: sales open for anyone.

In both cases TWD will sell for .01 UST each.

I believe they will also have the Pylon pools where you can lock up UST for 6, 12, or 18 months to earn TWD and then you get all of your UST back when the term is over.

https://medium.com/@terraworldoffice/terra-world-token-twd-scheduled-to-launch-on-the-pylon-gateway-updated-august-18th-8b97d2c9b389

@djdhrubs I think you already use Pylon, you might be interested.

I actually stupidly exited Pylon, albeit at a profit, having sold all my MINE earnings into UST and dumped that UST into Anchor. Think it pumped more after I sold.

Will look out for sales though. Am away next week, and there's no easy way of accessing Terra on my mobile (to my knowledge). Will hope for a dump at some stage then buy in.

Edited by djdhrubs
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20 minutes ago, djdhrubs said:

I actually stupidly exited Pylon, albeit at a profit, having sold all my MINE earnings into UST and dumped that UST into Anchor. Think it pumped more after I sold.

Will look out for sales though. Am away next week, and there's no easy way of accessing Terra on my mobile (to my knowledge). Will hope for a dump at some stage then buy in.

There's a mobile wallet for Terra Station.

PS The great thing about the Terra ecosystem is that missing out on the pump doesn't feel so bad when you're making 19% APY on your fiat.

Edited by brianwalden
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On 8/20/2021 at 7:37 AM, brianwalden said:

Terra World, the first metaverse launching on Terra, is going to be having a presale of TWD, the main token used within the world. It will be conducted on the Pylon gateway.

Starting Aug 22, 2am UTC: sales open for MINE (Pylon's token) stakers.

Starting Aug 25, 2am UTC: sales open for anyone.

In both cases TWD will sell for .01 UST each.

I believe they will also have the Pylon pools where you can lock up UST for 6, 12, or 18 months to earn TWD and then you get all of your UST back when the term is over.

https://medium.com/@terraworldoffice/terra-world-token-twd-scheduled-to-launch-on-the-pylon-gateway-updated-august-18th-8b97d2c9b389

@djdhrubs I think you already use Pylon, you might be interested.

The sale was a shitshow. I got rekt.

The sale wasn't done by Terra World directly, but Pylon, another app on Terra. To participate and buy the full 1M TWD you had to stake 10,000 MINE, Pylon's coin. So I sold enough LUNA for that plus 10,000 UST to buy the TWD.

The sale was and absolute mess. It brought the whole Terra Network to a crawl. First, it didn't start until an hour and a half after it was supposed to and the price of MINE started tanking as soon as the launch was delayed. You couldn't get any transactions to go through, they would all just error out. I think I got 4 through in an hour and a half and the smart contact took my transaction fee, but rejected the transaction.

As it turns out they coded it wrong. You were supposed to be able to buy anywhere from $2,000 to $10,000 worth of TWD. The contract only allowed orders from $20,000 to $100,000. So only whales got to buy. When it was all sold out, the network was still a mess. I was just trying to unstake my MINE and sell it, I wasn't paying attention to prices. Transactions still kept failing. Pylon finally tweets that they messed up and will fix it (still haven't gotten any details). At this point I realize what's going on with the price and think, maybe it's better to wait this out. Turns out one of my transactions that said had failed actually made it through and had already sold my MINE near the bottom. At that point I wasn't hopping back into that mess and just got back into LUNA. By my calculations I lost about 5.6% of my LUNA.

Crypto always reveals the blindspots in my thinking. I knew I would be making a very risky investment by attempting to buy TWD. I never realized the risk would come in this fashion. Remember to plan for all the risk, not just the risk from the price volatility of the coin you're trying to buy.

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  • 2 weeks later...

In monkey-see-monkey-do mode I have merrily staked bonded earned and  anchored.   :) 

 

None of it was very big amounts since it all started with my small VTHO interest sold into Luna.  So I felt happy to do all these things with next to no understanding of them.  Wooohooo!

Thanks to those sharing knowledge in this thread (that I have started reading AFTER doing it all).   :)    That’s how I crypto bro!

Its been such fun that I wish I had some way of getting some more Luna but unless I sell something it just ain’t gonna happen.  If anything pops in my crypto bag I might take some profit and buy Luna with it since it seems like such a promising thing.

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9 hours ago, RippleEvangelist said:

Dipping my toes in Terra and Anchor. Deposited a small amount of UST into Anchor.

@brianwalden Why aren't the UST and aUST pegged? The exchange rate was around 1.09. Have you noticed any change in the exchange rate as this could cause impermanent loss?

It looks confusing but this is how you earn interest. The amount of aUST in your wallet will always remain the same but the exchange rate between aUST and UST is constantly changing to reflect the interest rate that Anchor pays out to depositors. The UST-value of your aUST will update in real time on the Anchor Earn page. So at some point in the future 1 aUST will be worth 1.10 UST. Your aUST in the future will always be worth more UST than it is right now.

This isn't a farming pool, so there's no impermanent loss to worry about. It's just a weird, unintuitive way of accounting for the interest you're earning. The benefit of it is that because aUST is an actual token, you can potentially do things with it while it's still earning interest.

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9 hours ago, BillyOckham said:

In monkey-see-monkey-do mode I have merrily staked bonded earned and  anchored.   :) 

 

None of it was very big amounts since it all started with my small VTHO interest sold into Luna.  So I felt happy to do all these things with next to no understanding of them.  Wooohooo!

Thanks to those sharing knowledge in this thread (that I have started reading AFTER doing it all).   :)    That’s how I crypto bro!

Its been such fun that I wish I had some way of getting some more Luna but unless I sell something it just ain’t gonna happen.  If anything pops in my crypto bag I might take some profit and buy Luna with it since it seems like such a promising thing.

This is basically what I did. They hooked me in because I was looking for nice, safe stablecoin interest. And then once I found Anchor Earn I started exploring everything else.

Just one thing just to clarify for the sake of anyone reading this. Bonding LUNA is a special form of staking where Anchor Protocol gets your staking rewards and they give you bLUNA tokens representing your bonded LUNA in return. The only benefit within Anchor for doing this is if you go and deposit that bLUNA on the borrow page and then use it as collateral to borrow UST against it. Currently Anchor will pay you more in ANC tokens than they charge you in interest to borrow, so you make money by borrowing.

You can also farm LUNA-bLUNA on app.terraswap.io (which is my favorite thing to do at the moment).

If you're doing regular staking (not bLUNA) you will get airdrops for other coins on Terra, not just LUNA rewards. You can claim all your rewards for all your coins in one click on terradrops.io. doing it that way should save you in transaction fees.

Just watch out, it takes 21 days to unstake LUNA. But if you go the bLUNA route you can just trade your bLUNA for LUNA on TerraSwap to instantly convert it (I think the spread is usually around 2-5%).

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  • 2 weeks later...

i'm playing around with a new combination of five farms and so far i'm very happy.
I'm reinvesting the rewards from Anchor, Mirror, Pylon and Spectrum back into Spectrum at a 50/50 ratio with UST. Only Starterra I leave as it is, there has not yet arisen a bridge, or I have not seen it. So I can distribute my UST a little and participate from the very good percentages on Spectrum. Spectrum is not audited yet, so be careful. But since it's all profits anyway, I don't care about the risk.

 

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I have some fiat on Binance and wanted to transfer it to Anchor but the spread and fees make it difficult. Trading for UST with other stable coins on a DEX is pretty bad. UST still needs a lot more liquidity. Binance doesn't have UST (yet) and I don't want to sign up for other exchanges for now (kind of defeats the purpose of defi). So I ended up converting it to USDC and USDT on Binance (that was the cheapest option) and put it on Pancake Swap's USDC/USDT LP with a ~9% APR.

Where are all the Euro DeFi products? Over longer time frames the EUR/USD pair is fluctuating quite a bit. For the past twelve months the low has been ~1.16 while the high has been 1.23. I'd prefer to avoid the currency risk but for some reason the Euro hasn't really caught wind in crypto...

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6 hours ago, RippleEvangelist said:

I have some fiat on Binance and wanted to transfer it to Anchor but the spread and fees make it difficult. Trading for UST with other stable coins on a DEX is pretty bad. UST still needs a lot more liquidity. Binance doesn't have UST (yet) and I don't want to sign up for other exchanges for now (kind of defeats the purpose of defi). So I ended up converting it to USDC and USDT on Binance (that was the cheapest option) and put it on Pancake Swap's USDC/USDT LP with a ~9% APR.

Where are all the Euro DeFi products? Over longer time frames the EUR/USD pair is fluctuating quite a bit. For the past twelve months the low has been ~1.16 while the high has been 1.23. I'd prefer to avoid the currency risk but for some reason the Euro hasn't really caught wind in crypto...

If you still want to try Anchor, you can buy LUNA or MIR on Binance and then trade for UST after you send it to your Terra Station wallet. TerraSwap.io is the main DEX for Terra.

The other option is you can buy BEP-20 UST on PancakeSwap and then use bridge.terra.money to send it over to Terra. Always use the bridge when you're crossing networks or you could lose your coins.

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12 minutes ago, brianwalden said:

If you still want to try Anchor, you can buy LUNA or MIR on Binance and then trade for UST after you send it to your Terra Station wallet. TerraSwap.io is the main DEX for Terra.

The other option is you can buy BEP-20 UST on PancakeSwap and then use bridge.terra.money to send it over to Terra. Always use the bridge when you're crossing networks or you could lose your coins.

I'm already on Anchor with a smaller sum but I was thinking about moving some savings there. And for that there's not enough liquidity (between stable coins).

TerraSwap seems to have the required liquidity for Luna-UST but I don't want to expose myself to any risk outside stable coins.

PancakeSwap doesn't have enough liquidity to realistically convert more than four figures without you paying too much on the fees and spread. BUSD-UST seems to be the most liquid pair and swapping even five figures is getting pretty expensive pretty fast. Example:

BUSD 10000, minimum received UST 9876
BUSD 100000, minimum received UST 97670

With the 10K investment (9876 after it's been converted to UST) Anchor would earn it back in around 25 days (at 20% APY). With the 100K investment it would take 47 days.

In addition I have to consider what happens if I suddenly need the money and have to get it back to an exchange. Again, without going outside stable coins. Then I'd have to bridge it back and convert again before I get it to an exchange and back to fiat. So better double the estimations in order to pay back for the, so to speak round-trip, conversion fees. And if the liquidity happens to dry up during that time...

The Terra network seems to be a bit young to my taste for a "safe haven". Maybe I'll siphon some smaller sums there over time.

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20 hours ago, JASCoder said:

Excellent write up on the Terra Network:
"What is Terra Money?"

The author covers a lot of ground here, and goes into some depth into the many aspects of what Terra offers...

https://blockmaxi.com/crypto-profile-2-what-is-terra-money/ 

Wow. That started out for normies who don't know a thing about crypto and then went deep. Good article.

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