The Terra 2.0 blockchain is less than a week old but community members and network validators are confident about its future.
Pseudonymous Terra network validator “Orbital Command” posted a potential roadmap for Terra 2 for the next three months.
The first stage was to get a decentralized exchange (DEX) launched on the new blockchain. He added that there were currently four DEXes vying to be the first to deploy on Terra 2.0. These are Phoenix Finance, Astroport, Terraswap, and possibly the Prism Protocol.
Once a DEX has been deployed, a stablecoin needs to follow, he added. This does not mean that there will be another UST, but more likely Circle’s USDC will be bridged over via the Axelar Network. Native USDT is also a possibility, he added.
Possible new stablecoin
However, the validator did state that a “new decentralized stable could be easily developed in the future.”
“UST taught us many lessons, and we can improve. Innovative small-scale algo-stable or collateralized stable are possibilities.”
Liquid staking providers will also be launched when the DEXes deploy, and these could be from Stader Labs, Prism Protocol, and/or Eris Protocol which will provide a liquid staking derivative of LUNA.
Non-fungible token (NFT) activity should emerge as DEX liquidity increases, he said before adding that RandomEarth, Knowhere Art, and Soil Protocol have already pledged support for Terra 2.0. “I sense a strong potential for Terra 1 commemorative NFTs,” he added, though it is unclear who would invest in a NFT reminding them of a collapsed ecosystem.
Once these stages have been reached, Terra 2.0 could become a Cosmos DeFi Hub, with a powerful suite of DeFi tools such as the Anchor Protocol which catalyzed the demise of the previous system. The validator was confident about DeFi derivatives and money markets on the new chain, adding:
“Once this DeFi suite is running, Terra 2 will be the only place in Cosmos for: options, indexes, maturities, and will have several different money markets to choose from. Expect to see many synergistic integrations within the Terra 2 DeFi suite.”
“Orbital Command” confirmed that the roadmap was purely speculative and nothing had been confirmed by Terraform Labs.
LUNA prices floundering
Earlier this week, Binance completed the first phase of its LUNA airdrop boosting prices by the end of May, but they have lost most of those gains already.
LUNA has dumped 12% in a fall to $6.40 according to CoinGecko. It has lost 43% since its high of $11.33 on Tuesday and has slumped 66% from its launch price less than a week ago.
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