What is Terra?

Terra is what you would call an algorithmic stable coin. So what a stable coin is, is different from different types of cryptocurrencies like Bitcoin or Ethereum, where the value of the coin or the price of the coin fluctuates in response to demand, a stable coin retains its value to $1, or to whatever other fiat currency lead might be pegged to, There's a couple of differences that para has versus other stable coins, such as tether USDC, DAI and some of the components are is the number one it's algorithmic. So for stable coins like tether, you generally keep $1, or you promise to keep $1 in the bank account for every stable coin that's issued. So the presumption is that you should be able to redeem this against the dollar or to mint an additional unit of the stable coin against the dollar, by using Fiat reserve operations. Or for makerDAO, for instance, like you keep up, you know, $1.50 worth of Ethereum in a smart contract to guarantee the value of, you know, the standard plan.

What is Mirror Protocol?

A recent protocol that we launched is called Mirror. So the mirror is a protocol whereby you can make synthetic tokens that track the price of any asset class in the world. So for example, you can mint a token that follows the price of, let's say, a bar of gold, or it could be some sort of ETF. But initially, we specifically focused on issuing synthetics for 13 different US equities. And the reason for that is because in most places across the world, outside of Western Europe and North America, it's actually very difficult, or in some cases, prohibitively expensive to be able to get price exposure to US equities as an asset class. So, you know, today, I think the response to the Mirror protocol has been pretty explosive. So throughout December, there was about $110 million in equity locked in various DEXes like uniswap. And, and paraswap in about $90 million locked up to create cdp's to mint various types of synthetics. So combined, we're looking at about around $200 million, locked up in TVL, within the space of, let's say, six weeks.