A majority of the Terra community is against hard forking as suggested by Do Kwon. The UST and LUNA have already collapsed. Terra founder Do Kwon’s approach to recovering the Terra ecosystem is not pleasing most of its members and many of the centralized crypto exchanges. But some of the best performing decentralized applications built on Terra have been affected as well due to the de-pegging of UST and LUNA.
However, the market is still trying to cope with the consequences of the downtrend and the projects which are greatly affected are migrating to other blockchains to sustain in the industry. Moreover, most of them are accepting support offered by Polygon, Juno, and Fantom Foundation.
Meanwhile, let us see some of the huge protocols and decentralized applications that were affected as well by the Terra blockchain suspension.
1. Mirror Protocol
Mirror Protocol is a decentralized finance application. It is built on the Terra blockchain and is one of the finest applications pulled through Terra. Through this protocol, customers can buy and trade equities of some of the high-level organizations of the world like Amazon, Apple Inc., Airbnb, Meta, etc. The Mirror enables is users to become a trader, buyers, liquidity providers, and a minter on the platform. It has a native cryptocurrency token as MIR.
The top cryptocurrency exchange platforms that offer MIR trading facilities are Binance, OKX, Phemex, MEXC, and Kucoin. The MIR token has fallen to its all-time low price at $0.2739 with a current trading volume of $28 million. Two weeks ago it was trading at $1.58 with a total trading volume of $12.47 million. Also, the total market capitalization has come down to $21 million from $122 million.
2. Anchor Protocol
Developed on Terra Blockchain, Anchor Protocol is one of the oldest decentralized finance protocols in the crypto community. It is a leading lending and borrowing organization on Terra. Also, the Anchor protocol offers a savings account with no compulsory minimum deposit and a zero KYC policy. Also, some of the main features are earning, lending, borrowing, making bonds, governing, and the liquidity pool of the platform.
In the past two weeks, the native crypto token of Anchor Protocol has fallen to 92% drastically. Currently, it is trading at $0.134916 at this press time, according to Coingecko. Today the trading volume was marked at $102,381,484.
3. Loop Finance
Loop Finance is a user-friendly and crypto encouraging decentralized application built on the Terra network. It envisions making trading easier and beneficial for the parties. Users, use the Loop Finance platform as a medium to trade, participate in its community funding through its governance token LOOP, and utilizes its NFT marketplace feature to mint a variety of non-fungible tokens on the network.
Further, the governing token LOOP is trading at $0.001295 where the total trading volume is only $34,000. The convenient way to buy LOOP is through Loop Finance and TerraSwap.
4. Nexus Protocol
Nexus Protocol is a game-changing decentralized application of Terra Ecosystem. It offers to track LTV (Loan to Value ratio) and promises to maximize yield. The protocol automates the process of depositing bEth/bLuna from Anchor and Mirror Vaults. It uses a smart contract to eliminate the potential risks of liquidation and maintain the LTV.
However, despite the remarkable performance, the native currency is not doing so well in the last two weeks. The native token of Nexus Protocol PSI is trading at $0.000276 at this time of writing. According to CoinMarketCap reports, last month its price was $0.013 with a trading volume of $21 million. Whereas, today it has fallen to 97% from its last month’s value.