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Cryptocurrency : Why Terra (LUNA) will reward users with a new community rewards program

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Before the collapse in the cryptocurrency market, Terra (LUNA) saw one of the strongest rallies of 2021. This platform’s native token traded below $ 1 earlier in the year and hit an all-time high of $ 22 earlier. dropping to its current price of $ 5,88. The rally translates into a profit of 2,691% in one year.

Terra LUNA LUNAUSDT

LUNA is moving sideways on the daily chart. Source: LUNAUSDT Tradingview

Its ecosystem has been growing just as fast. Therefore, the protocol has decided to launch the Terra Community Rewards Program. The official announcement states the following:

Terra’s ecosystem is flourishing. Third-party projects are popping up seemingly every day and the opportunities for community members to contribute to the growth of TeFi are plentiful.

Given this growth, the protocol has launched this initiative and with it economic incentives for users to help spread the benefits of this ecosystem. The program has been created in partnership with Terra Bites, a podcast dedicated to this protocol, and Learn Terra.

The program aims to increase the adoption of this protocol and the applications based on its ecosystem. The team behind Terra believe that educational content can help attract more users to the platform.

High-level overviews of Terra’s applications, step-by-step tutorials on how to use the applications, and in-depth guides on the growing variety of yield growing strategies using Terra assets have helped onboard new users. and provided a better context in the Terra ecosystem.

How to contribute to Terra, its ecosystem and earn money

Every Friday, users and community members can find 3 “rewards topics” listed on the official Learn Terra website, in the rewards section. Participants can submit the rewards, articles written of around 1,500 words covering different topics, and earn rewards on UST, the protocol’s native stablecoin.

Articles can be tutorials, walkthroughs, analysis, and other formats. The reward for the first month of the program will be funded by Terraform Labs (TFL). Subsequently, you will receive funding from a Pylon Protocol deposit agreement.

Pylon is comprised of a series of DeFi savings and payment products that are based on Terra’s Anchor Protocol. It has been created for purposes such as the rewards program; to address transactions between providers of long-term value and consumers.

Each week, TFL and Terra Bites will select 3 rewards. The winner of each category will receive $ 500 and the other two places will receive $ 100 and $ 50, respectively. At first, submissions will be accepted through written articles, but will be expanded in the future.

Content rewards will be originally limited to content written on topics selected by TFL and Terra Bites. However, we are exploring expanding the program to include visual content, including video tutorials, animated how-to videos, graphic design, and more. The rewards topics will also be open to community contributions in the future.

Entrants must submit their submissions via a Medium post, created from their own accounts, by the Wednesday after the reward is posted at 5pm PST.

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