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Terra is a blockchain-based protocol that marries the concepts of fiat currency stability with the innovative potential of cryptocurrencies. Launched in April 2019 by a team led by Do Kwon and including Evan Kereiakes, Marco Di Maggio, and Nicholas Platias, Terra was designed to achieve price stability through an algorithmically-governed elastic money supply. Miners are incentivised to stabilise their prices by adjusting supply in response to changes in demand. By minting or burning its native token, Luna, the protocol maintains Terra's intended peg to multiple fiat currencies. The Terra ecosystem aims to enhance adoption through applications on its platform, funded by seigniorage, the profit from minting new tokens, directed into a Decentralised Treasury.
