SINGAPORE – Terra, the blockchain payment network powering Korea’s most rapidly growing mobile payment app CHAI, has hit its most significant growth marker yet – 1 million user accounts in less than nine months since the blockchain’s genesis.
Terra noted the milestone on January 13th through its public dashboard. The user count indicates the total number of Terra accounts with more than one non-trivial transaction.
“Terra kept its head down and focused on building a payment network that benefits both merchants and customers and the results speak for itself. Our use cases in countries like Korea and Mongolia, where we have established roots via consumer-friendly mobile payment platforms, support our growth trajectory and help to drive transaction volumes,” said Do Kwon, Co-Founder of Terra.
The vast majority of Terra’s transaction volume is driven by popular partner applications like CHAI, the mobile payments platform which notably achieved transaction volumes of US$54 million just four months after launch in Korea. Terra’s transaction volume has recently hit a $2.4 billion annual run rate.
“The blueprint for our success lies in the structure of our blockchain network, which incentivises token holders to support the network as transaction volumes increase,” Do added.
Underlying Terra’s successful blockchain is its governance token, Luna, and the blockchain’s staking model which pays out transaction fees to stakers every time a new block is created. When Luna holders stake their tokens, they get Terra transaction fees as rewards, which are denominated in stablecoins pegged to national currencies such as the Korean Won. This continuous stream of rewards keeps investors highly motivated to support the network.
With Terra’s recent mainnet update in December 2019, Terra’s transactions fee rate increased from 0.1% to 0.5%, boosting rewards by 7x for Luna stakers. Hashed, Korea’s leading blockchain venture fund and investor in Terra, most recently noted that based on Terra’s growing transaction fees, they expect Luna’s current market cap to increase by 7.35x by February 2020.
While most PoS (proof-of-stake) networks reward network token holders through inflation-funded rewards, Luna is structured to reflect the true value of the network by rewarding its holders with fees from all transactions.
About Terra
Terra is a blockchain payments network which uses stablecoins collateralised by Luna, its governance token. Terra supports CHAI, a mobile payments service with a $50 billion eCommerce alliance in Asia. By bridging the gap between digital currencies and real-world application, Terra aims to evolve into an open platform for innovative financial dApps and grow the real GDP of the blockchain economy. Its stakin token Luna (LUNA) is listed on global exchanges Bithumb, Bittrex, Bitrue, and KuCoin.
For more information, please visit, https://terra.money/.
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