Hey everyone this is KashRon here from the Intellabridge team, in exclusive partnership with CryptoDaily™. This week’s episode of Terra Weekly. First, let’s look at the price of Luna, which is up around 22% this week to around the $51 mark today. Even in the crypto world, that’s a pretty strong week. That’s compared to Bitcoin which is up around 6% and Ethereum which is up around 10%. Both are good benchmarks to compare against Luna for context of the market.
Over here, you’ll see there has been $182,000 in tax rewards collected this week, which is up significantly compared to last week’s $39,000 mark. Monitoring weekly transactions is important as when transactions occur on the Terra network, there are transaction fees that flow into the Luna token, giving it steady cash flow and intrinsic value. A huge innovation of the Terra ecosystem. The staking ratio is around 35%, this shouldn’t change much week to week but it’s good to keep periodic notes.
Another stat to look at this week is total terrastation accounts, which have increased by 20,000 this week. It’s great to see the growth of more users on the Terra ecosystem with these increasing wallet address numbers. I’d like to note that Kash, a product of Intellabridge, has increased its wallet size by over 5,000 alone over the past week as well. Intellabridge is a publicly traded company backed by Terraform Capital that enables anyone to create a Terra wallet address with gmail login. Full disclaimer, I’m an employee of Intellabridge so I’m always looking for global growth metrics of the ecosystem.
Next you’ll see Anchor’s deposit and borrow ratio here. I noted last week that for the first time ever the borrow rate actually became positive. As you can see, it’s been bouncing between positive and negative all this week, sitting at around a negative 0.02% interest rate now. This is notable as the net interest rate is a reflection on how healthy the system is. The more stress on borrowing behavior, the more the Anchor protocol needs to give rewards to incentivize borrowing behavior. So seeing a net positive interest rate is a good thing for Anchor as it means the system is healthy. We will continue to monitor this rate week to week.
Now we’re up to the news. Pretty light week, some speculation and hints, but I’ll try to only focus these videos on actual public announcements. Travala has partnered with Terra to integrate UST.This means that UST token holders will be able to book over 3,000,000 travel products in 230+ countries, boosting UST adoption. You might remember Travala from 2017 as a cryptocurrency-friendly travel booking company with its own token, AVA.
We even have a quote from Do Kwon, head of Terraform Labs.
“With UST now available on Travala’s website platform, UST’s use case extends into another mainstream market, helping to diversify its sources of demand beyond DeFi-native applications and offer a fast and cheap means of paying for a variety of travel plans for Travala’s users.” It’s great to hear this news this week, and I look forward to the point where these sort of news announcements become common place.
Next up, a big announcement with Ozone! It was revealed that a third party insurance company called Risk Harbor would be taking over the Ozone project to provide insurance across the Terra ecosystem. Risk Harbor allows people to purchase coverage for their 20% anchor yield with coverage underwritten by users that deposit capital into a variety of protocol risk pools in return for risk-adjusted rewards. For those of you who aren’t aware of RIsk Harbor, they already feature Terra's Anchor Protocol and UST, which currently have the highest utilization ratio of any pool on Risk Harbor. We have a quote from Do Kwon here on this announcement.
"Risk Harbor's talented and ambitious team has extensive experience working with DeFi protocols in the blossoming risk management space, having created one of the leading permissionless coverage marketplaces on Ethereum," says Do Kwon, Co-Founder and CEO of Terraform Labs. "We're thrilled for the Terra community to have Risk Harbor take the reins of Ozone and pioneer a capital-efficient and decentralized risk management marketplace for the Terra ecosystem at large."
This development is huge as many individuals and Terra companies have been waiting for Ozone in order to provide insurance coverage for Anchor yield. Insurance is an especially critical factor for larger deposits from institutions. There’s going to be $1 billion in seed money backing Ozone from the start from the community pool.
Next up, some unfortunate news. DogeKwon team sells everything claiming bug in Terraswap LP contract. There has been a lot of speculation that the DogeKwon token was a rug pull in motion. A rug pull is when the developers of a token project basically drain all the funds in the project, basically stealing the money. The token's creators abandon the project by exchanging many virtual coins for real-world cash.
What you’ll see here is the DogeKwon chart. This is a visualization of what a rug pull looks like. This is the danger of investing in any crypto, especially on a decentralized exchange with no auditing requirements for anyone to list. Please do your own research.
That’s it for this week, thanks for watching and make sure to like and share this video with others. Have a wonderful rest of your day now.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.