Terra’s native staking token, LUNA, was one of the best-performing cryptocurrencies of 2021, with gains north of 13,000%. Terra has also surpassed Binance Smart Chain (BSC) in total locked value with $17.62 billion, making it the second-biggest DeFi chain just after Ethereum.
Much of this growth is due to Terra’s ecosystem, with a community of developers continually building decentralized applications on top of Terra. But it may come as a surprise to know that before there were hundreds of apps built on Terra, there were only two that existed at the start of 2021 in the Mirror Protocol and Chai.
Mirror allows users to create synthetic assets, mimicking the price behavior of traditional and digital financial assets. Traders use Mirror to gain exposure to these markets