Terra price is around $38.70, marking a rise by 10.2% with a 24-hour trading volume of $1,222,360,380. Terra Networks officially launched Columbus-5 as the new mainnet of the company. This is the migration path from the Columbus-4 mainnet.
Terra-5 is an ecosystem that will enable the efficient capture of value from port assets. Its goal is to create a vibrant TeFi economy. The Terra coin is the reserve currency of the platform. Its core functions are to mine Terra transactions and provide incentives for Terra blockchain validators.
The Terra protocol uses a Proof of Stake network. In order to mine transactions, miners need to stake their Luna. As a result, miners with the most amount of Luna are more likely to generate the next block. Since validating transactions on the network is very important, stakers and holders of Luna are exposed to the risks associated with the use of stablecoins. The Terra protocol maintains a set of exchange rates for each stablecoin.