Terraport Launches its DeFi Platform Amid Do Kwon Arrest

  • Terra Classic (LUNC) DeFi platform Terraport launched on March 31.
  • In the initial stage, it will feature DEX with only a few functionalities.

Terra Classic (LUNC) DeFi platform, Terraport launched after several months of anticipation. The platform is built by the TerraCVitta development group. Terra classic offers LUNC-based Decentralised Exchange (DEX) and a launchpad for Terra Classic Ecosystem.

Terraport announced the launch of Terra Classic on its Twitter page on March 31. The Terra Classic launch comes after the arrest of Terra co-founder Do Kwon on march 23. The DEX functionalities are already activated as of press time.  

The platform allows users to swap among their three tokens Terra Classic (LUNC), TerraClassicUSD (USD), and TERRA. It also offers the TERRA staking functionality with an Annual Percentage Rate (APR) ranging from 16%-60% depending on their lockup period. 

Entertainment Segment into Terraport

According to the previous disclosure, Terraport will help in the growth of the Terra Classic blockchain system by serving as both a decentralized exchange and a launchpad. Additionally, the platform allows users to add to the liquidity pool. It will enable them to earn a portion of the fees generated on the trade made with the pair of assets. 

Moreover, TerraCVita will introduce an entertainment segment into Terraport in Q2 2023 and release the Terraport V2 in Q3 2023 with a launch pad. Terraport V3 will launch in the Q4 of 2023 with the cross-chain pool functionality.

At its initial launch, Terraport will work on a few functionalities such as token swaps, liquidity provision, and staking. TerraCvita plans to back and burn LUNC with 27% of the fees accrued from Terraport to contribute to the asset burn initiative. The platform will also help to introduce the utility of the Terra Classic ecosystem. As a launchpad, it will poise to help bring to the projects of Terra Classic.

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