Terra: $150M Fund, InsurAce, And Celsius
Terra has had a fairly busy week, with the protocol making some significant announcements over the last seven days. Starting with the announcement of their ecosystem fund to the news that $UST will be coming to Solana shortly. Let’s take a quick look at all the important developments.
Mirror Protocol Partnership To Strengthen InsurAce.Io’s Coverage Of Terra
Insur.Ace has just announced a new partnership with Mirror protocol, offering DeFi insurance for Mirror users. The partnership expands on the already existing partnership with the Anchor Protocol on Terra. Mirror Protocol allows for the creation of “synthetics” that allow the tracking of the price of real-world assets. They are also an essential building block in smart contracts.
Mirror Protocol’s listing on app.insurance.io helps protect Mirror Assets (mAssets) against any smart contract vulnerability. Co-Founder and CEO of Terraform Labs stated,
“The demand for InsurAce’s Anchor product has been terrific, and now we’re delighted to offer the first DeFi insurance pool for Mirror users via InsurAce. InsurAce’s exemplary insurance protocol will now offer smart contract protection at affordable premiums for Mirror’s rapidly expanding user base, broadening coverage options across the Terra ecosystem.”
InsurAce.io’s Founder, Oliver Xie, further stated that the Mirror Protocol is an excellent addition to the Terra ecosystem, with the platform looking forward to offering insurance services for the project and the wider Terra ecosystem.
Terra Announces $150 Million Ecosystem Fund.
Terra has announced its new Ecosystem Fund, backed by investments worth over $150 million from Galaxy Digital, Arrington Capital, BlockTower Capital, Pantera Capital, Hashed Lightspeed Ventures, SkyVision Capital, Parafi, and others.
The fund is the reflection of the staggering growth potential of the Network with the support of the Terra community. The funds will also give builders access to the resources of some of the leading investors in the industry. Terra hopes that the Ecosystem Fund will help propel the project into its next phase and help in creating an accessible cross-chain DeFi ecosystem that is gunning for mainstream adoption.
With several projects gearing up to release their products on Terr, it is imperative to give a boost to the ecosystem’s capital.
$LUNA Rewards For $UST Pools
The proposal to bring $UST to the Solana blockchain has crossed the necessary threshold, which means that $LUNA rewards for UST 3pool will be live as early as next week. With the strong demand for $UST on Solana, Terra is gearing up to facilitate the demand on a much larger scale.
$LUNA Now Available On The Celsius Network
Terra also announced that $LUNA, the protocol’s native token, is now available on the Celsius Network, with the token available for all non-US users of Celsius. Users can now deposit $LUNA on the Celsius Web or Mobile app and transfer coins directly from the dashboard. Users then will be prompted to transfer their tokens to the Celsius wallet through their native address or QR code. Once deposited, users can earn up to 5.05% APY on Celsius.
Terra Passes Proposal 106
Terra announced on Twitter that Proposal 106, which proposed to decrease the KRT Tobin Tax, was passed by the protocol. This means that the Terra oracle feeder will not take the Kimchi Premium into account any longer. The protocol also advised validators to upgrade their oracle price server to v1.41.
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