- The upgrade from Terra to Columbus 5 is in progress and is expected to bring more scalability and functionality to projects.
- Columbus 5 is Terra’s most important to date as it introduces a new “burn out” policy.
- The wormhole, or the bridge between the Terra and Solana projects, is commissioned from Columbus 5.
The Terra ecosystem undergoes major changes with the arrival of Columbus 5. The update brings a multitude of developments and features to the protocol.
Columbus 5 is here, Wormhole and Burn policy will be available soon
Terra’s most important update to date was released at 03:30 GMT on September 30, 2021. The update brings three critical changes to Terra. There is a planned upgrade to Stargate, integration of the IBC protocol, Ozone, Wormhole, and a new burn policy.
These changes should positively influence the growth of the ecosystem.
The most anticipated addition is the “burn policy”. Traders and speculators awaited the introduction of burning at LUNA.
Supporters expect this new policy to have a similar impact on LUNA as it does on the Ethereum ecosystem, removing tokens from circulating supply by burning them. Also, it should have a positive impact on the LUNA price by creating a shortage on exchanges.
LUNA has offered relatively higher risk-adjusted returns than most other cryptocurrencies for the past two weeks in predicting the Columbus 5 launch. Analysts have compared the altcoin to Solana before its explosive rally.
Mike Novogratz, CEO of Galaxy Investment Partners, is delighted with the arrival of Columbus,
$ Moon amazing exchanges. Columbus arrives. The same goes for the “Next with Novo” podcast … mostly a lot of new projects after Columbus. It reminds me of $ SOL before a huge ramp. $ BTC and $ ETH will be consolidated. Just my thoughts. Remember, you don’t have to catch everything. Focus on what works.
– Mike Novogratz (@novogratz) September 24, 2021
Stargate will allow integration with the Inter Blockchain communication protocol to facilitate more cross-chain use cases. Terra currently has 8 live protocols, and the number is expected to multiply in the future with Stargate.
UST is expected to emerge as a preferred stablecoin for decentralized applications.
Ryan Watkins, a senior research analyst at Messari Crypto, estimates that UST’s growth will accelerate beyond the $ 2.5 billion in circulation.
By 2021, Terra’s UST has become a leading decentralized stablecoin reaching over $ 2.5 billion in circulation.
With the commissioning of the Columbus-5 and Wormhole V2 in the coming weeks, UST’s growth is likely to accelerate, allowing it to challenge DAI for the top spot among decentralized currencies.
1 / pic.twitter.com/jz5n3oITSi
– Ryan Watkins (@RyanWatkins_) September 15, 2021
The introduction of Wormhole and Ozone provides security to projects built by Terraform Labs and connects projects from Terra to Solana. As UST moves between the two networks, analysts are expecting further integration and collaboration between projects on the two blockchain networks.
The launch of the wormhole sparked an explosive demonstration in Solana. Therefore, it is considered a key factor that can increase the demand and the utility of LUNA.
The team behind Terra will share more updates once the update is complete. Until then, they do not recommend any interaction with the Terra blockchain.
UPDATE – The Columbus-5 migration has started and is currently underway. DO NOT interact with the Terra blockchain during this time.
We will stream immediately once the migration is complete and Columbus-5 is up, stable, and accessible to all.
Please stay tuned.
– Terra (UST) Developed by LUNA (@terra_money) September 30, 2021
Jay Jaboneta, CEO of DLSL Nexus, expects more than 50 protocols to be uploaded to Terra in the coming months. Soap tweeted,