What is Terra Blockchain and How Stable are it’s Stablecoins?

Crypto currencies like Bitcoin & Ethereum offer a number of benefits and one among them is not requiring a third party institutions like Government, Federal Agencies or Rules to send payments. Crypto Currencies allow a set of random citizens web exchange value without a intermediary using a decentralized organization that no one person controls. But one key drawback is their volatility. Price of Bitcoin & Ethereum is unpredictable and have tendency to fluctuate, sometimes wildly.  Stablecoins solve these problems and facilitate day to day transactions with predictable price!

Stablecoins tackle price fluctuations by tying their value to more stable assets – usually fiat currencies. Fiat is the government-backed currency we use day-to-day basis, such dollars, pounds, euros and rupees, and they tends to stay stable over time. 

In this post let us explore Terra blockchain and it’s stablecoins with the help of datasets provided by Flipside Crypto. Before we dive into numbers and dashboards, let me introduce Terra blockchain first.

What is Terra?

Terra (https://terra.money) is a trustless, programmable blockchain ecommerce platform founded by South Korean developer Terraform Labs. They offer a basket of fiat-pegged stablecoins to provide stability when conducting cross-border payments. By using stablecoins, the Terra crypto ecosystem offers near instant settlement, low fee and no friction cross-border retail transactions. Terra roughly a three year old blockchain and rose to the top of the leaderboards through its focus on simplify cross-border trading.

You can learn more about Terra Blockchain from this discussion between Terra’s founder Do Kwon and ARK Investments Analyst James Wang in this podcast.

Here is the list of stablecoins from Terra blockchain ecosystem

1. UST – Terra UST Stablecoin (USD $) minted from Luna
2. CHT – Terra CHT Stablecoin (CHF) minted from Luna
3. EUT – Terra EUT Stablecoin (EUR €) minted from Luna
4. MNT – Terra MNT Stablecoin (MNT) minted from Luna
5. KRT – Terra KRT Stablecoin (KRW) minted from Luna
6. JPT – Terra JPT Stablecoin (JPY ¥) minted from Luna
7. GBT – Terra GBT Stablecoin (GBP £) minted from Luna
8. INT – Terra INT Stablecoin (INR) minted from Luna
9. CAT – Terra CAT Stablecoin (CAD) minted from Luna
10. HKT – Terra HKT Stablecoin (HKD) minted from Luna
11. AUT – Terra AUT Stablecoin (AUD) minted from Luna
12. SGT – Terra SGT Stablecoin (SGD) minted from Luna
13. CNT – Terra CNT Stablecoin (CNY) minted from Luna
14. THB – Terra THT Stablecoin (THB) minted from Luna
15. SDR – Terra SDR Stablecoin (SDR)

Terra UST 180 Days Trend – US Dollar Pegged Stablecoin

Here is the graph of Terra’s U.S. Dollar pegged stablecoin UST for the past 180 days. This graph shows the trend of average, minimum and maximum price of UST price and how well the peg has been managed for the past 180 days.

This graph shows how well Terra’s UST is performing in comparison to the other popular stable coins like USDC, USDT & DAI. Except for few occasional hiccups, the stablecoin has managed its peg to USD consistently.

Terra INT 180 Days Trend – Indian Rupee Pegged Stablecoin

Let us look at the peg of INT, Terra’s stablecoin pegged against India Fiat Currency INR.

DYI: Explore Trends of Terra Stablecoins Using Flipside Crypto

Wouldn’t it be fun if you can explore crypto trends by yourself? Yet it is! To explore all stablecoins supported in Terra blockchain follow these steps

Step 1: Go to www.flipsidecrypto.com and sign up with Flipside Crypto if you don’t have account. it’s FREE and you get access to a fully managed warehouse full of data along with awesome community on discord.

Step 2: Click on + New on top right and select New Query. Paste the following query to extra average, minimum & maximum of UST for the past 180 days

Select 
  date_trunc(day, block_timestamp) as date,
  avg(price_usd) as avg,
  min(price_usd) as min,
  max(price_usd) as max  
from terra.oracle_prices  
where symbol = 'UST'  
  and block_timestamp > CURRENT_DATE - interval '180 days'
GROUP BY date_trunc(day, block_timestamp)
ORDER BY 1 asc

The query filters last 180 days of data and then groups data by date ignore time. Then it extracts date, average price, minimum price and maximum price of the stable coin. You can execute the query yourself and see the results. If you would like to check trend of other stablecoin, replace USD with appropriate one from the list above.

Step 3: Are you interested in querying about other stablecoins like DAI, USDC, etc? You are lucky! Flipside Crypto provides price feed of all ECR20 tokens in the warehouse. Here is a query for you to get started!

select 
	avg(price) as avg,
	symbol, 
	date_trunc(day, hour) as date
from ethereum.token_prices_hourly
where hour > CURRENT_DATE - interval '180 days' 
   and symbol in ('USDC', 'DAI', 'USDT')
group by 
  date_trunc(day, hour), 
  symbol

Step 4: This step is upto your curiosity & creativity! Go ahead and explore the data. If you in need of help head over to Flipside Crypto’s discord channel http://flipsidecrypto.com/discord. There is an army of engineers & volunteers ready to help you.