By my understanding Terra deals solely with stablecoins. Synthetixs deals with synthetic created assets (assets voted into existence representing the value of some other asset). It's basically a difference of stablecoins (terra) v derivatives (synthetixs)
Does this help you any????
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I am not sure about what Synthetix does but yes, Terra deals with decentralized stablecoins like TerraUSDT, Korean Won pegged TerraKRW, TerraSDT etc. They are trying to solve the scalability issues of ERC-20 Stablecoins. Terra is also creating an ecosystem where Terra stablecoins can be transferred easily from Terra mainnet to other blockchains.
To mint new TerraUSD tokens, a percentage of another digital token and reserve asset, LUNA, is “burned.” If the demand for TerraUSD rises with more people using the currency, more LUNA will be automatically burned and diverted to a community pool. LUNA is fundamental to keeping Terra's stablecoins stable.
Chai payment DApp built on Terra has seen immense growth in Korea. Already has 2 million users. According to Terra's website, it processes $1 billion in transactions each year. Everytime, someone pays using Terra DApps, a fee is required per transaction which is then distributed among LUNA Holders. Terra's inbuilt DeFi feature ;) just like we have with HBD on Hive.
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Thanks for the info from both of you.
When it comes to the guide, we've gotta go with Terra purely because it's the one with more hype around it right now.
I'm just finishing up my final Solana post on this account and then I'll publish the Terra @crypto-guides template.
Hopefully featuring some new auto-voter whale upvotes.
We'll see ;)
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That's perfect. Terra is a nice pick. Looks like we are going to see some after effects of your lobbying 😜
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I'd love to take : "Terra (LUNA) vs Synthetix (SNX)" guide if it's fine with everyone? :)
That would be great :)
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Just posted on leofinance.
https://leofinance.io/@esmeesmith/terra-luna-vs-synthetix-snx
It seems ecency auto edits the front end URLs.
Just looking at the Synths page on Synthetix, they have stablecoins too.
Is there anything that Luna does better or more decentralised?
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I honestly have no clue. If we are doing Terra, it will be another educational experience for me.
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