TerraKRW

Overview

TerraKRW (KRT) was a stablecoin that was designed to track the value of the South Korean Won, operating on the Terra blockchain. However, it is important to note that this cryptocurrency is no longer active following the collapse of the Terra ecosystem in May 2022.

Purpose and Utility

The intended purpose of KRT was to serve as a stable digital representation of the Korean Won, facilitating cross-border transactions and providing a bridge between traditional finance and cryptocurrency markets in South Korea. It was designed to maintain a 1:1 peg with the Korean Won through an algorithmic mechanism.

Business Model

The business model relied on an algorithmic stability mechanism that used LUNA tokens to maintain the KRT peg. This system ultimately proved unsustainable and failed catastrophically in May 2022.

Real-World Adoption

Prior to its collapse, KRT had achieved significant adoption in South Korea, particularly through integration with the CHAI payment app. However, the token is now defunct and no longer maintains its peg or utility.

Development Activity

There is no current development activity as the project has been abandoned following the Terra ecosystem collapse.

Token Distribution and Governance

The token distribution and governance structures are no longer relevant as the project has ceased operations.