Although Terra 2.0 has launched, the broader ecosystem, including Terra Classic, is still reeling from various calamities. Mirror Protocol has been suffering from an ongoing exploit since the price of Luna Classic (LUNC) and the new LUNA token were incompatible.

What is Terraswap?

Terraswap is one of the most used decentralized protocols to enable the exchange of crypto tokens instantly on the Terra blockchain network.

The platform sustains Terra’s native coin, LUNA, stablecoins built on the Terra network (such as UST, KRT amongst others), and user-defined CW20 tokens. Terraswap creates it attainable for users to earn rewards by depositing assets to its pools.

What can you do on Terraswap?

There are two types of users that can use Terraswap. You can pick to become a liquidity provider or/and a trader. Let’s understand these two types better.

A trader in this context is absolutely one who exchanges their token for another one. Liquidity providers, on the other hand, deposit not only one token but a pair of compatible tokens which is equally into liquidity pools.

Liquidity pools in Terraswap are automated markets developed by the platform for pairs of tokens (such as Terra stablecoins and LUNA) to be deposited into.

It is a major vault-like mechanism of the platform that allows users to exchange one token for the other instantly on the Terra blockchain with the help of deposited assets.

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