Terra announced that the number of users surpassed 1 million. It is just seven months after the launch of Terra Blockchain. The number of Terra users is the number of Terra accounts with one or more significant transaction records.
“Terra has carefully built a blockchain-based payment network that benefits both merchants and consumers. And as a result, it has achieved a monumental achievement of reaching over 1 million users in a short period of time,” said Kwon Do-hyung, co-founder of Terra. “We will continue to build financial infrastructure for the future through Korea’s differences. And cooperation with consumer-friendly mobile payment platforms such as Mimipay in Mongolia, and various financial services links.”
The secret behind Terra Blockchain success
Terra’s success stems from its value-backed LUNA and blockchain-staking models. Which pay transaction fees to token holders whenever a new block created. When the Luna holder stakes the Luna token, there will be a Terra transaction fee in the form of a Stable Coin as compensation. Thanks to such compensation, investors have a strong incentive to support the Terra Network.
Meanwhile, the Terra transaction fee rate has been raised from 0.1 percent to 0.5 percent. It happened since the upgrade of Columbus, Terra’s main net, in December 2019. Hashed, a leading blockchain venture fund and investment firm specializing in blockchain, predicted in a recent report that Luna’s total market value will increase 7.35 times by February 2020.
Most proofs of interest (PoS) networks pay network token holders the revenue generated by inflation as compensation. Luna, on the other hand, reflects the true value of the network by paying fees as compensation for every transaction. Luna is currently available on the local bourse. Such as Bithumb, Coinwon, GDAC, and Bitrue on the overseas bourse.
Details such as the number of terra users, volume of transactions and block compensation are available on the Terra Station website.