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Terraswap Cryptocurrency Exchange Review

7

CURRENCY VERITY

7.5/10

CUSTOMER FEEDBACK

7.0/10

CUSTOMER SUPPORT

6.5/10

DESIGN

7.0/10

Pros

  • Very low fees
  • Margin trading support
  • Wide range of supported cryptocurrencies

Cons

  • No fiat currencies
  • Customer support can be slow

About Terraswap

Launched on November 13, 2020, Terraswap creates automatic, decentralized markets enabling users to exchange assets directly on the Terra blockchain.Terraswap serves as a smart contract interface to exchange native Terra assets (LUNA, UST, KRT, etc.) and user-defined CW20 tokens. Terraswap also provides an interface for users to become liquidity providers by depositing assets to Terraswap pools.

TerraSwap is a decentralized protocol for seamless access to asset liquidity on Terra. It is open source software and fully decentralized protocol for automated liquidity provision on Terra for of users and DeFi applications. Terraswap will empower developers, liquidity providers, and traders to participate in a financial marketplace that is open and accessible to all.

ExchangeDetails
Exchange NameTerraswap Cryptocurrency
Exchange TypeCryptocurrency
LanguageEnglish
Total Value759.28M UST
 Websitehttps://terra.mirror.finance/
Support24/7
Total Staked11.19M MIR
Staking Ratio28.38%
 Top CountryIndia

How To Sign Up & Start Trading

You Sign Up For A User Account By Providing Basic Information.

On Every Exchange You Will Get Option For Sign Up Or Create Account . Just Fill Some Basic Details Like Name , Email , Password , Security Question Etc For Registration . It Is First Step To Start Trading On Any Exchange

You Then Receive An E-mail In Your Mailbox To Activate Your Account.

Before You Can Login, You Must Active Your Account With The Code Sent To Your Email Address.Then You Will See A Message That Your Financial Account Is Activated And Ready To Go. This Means That You Can Log In And Start Trading In Cryptocurrency.

Identity Verification

For Successful Verification You Will Need Identity Documents. For Example, You Can Use A Driver’s License Or Passport, Where The Name Is Duplicated In Latin Letters.Confirmation Of Identity On Exchange Is An Optional Step. The Procedure Must Be Completed Only If You Want To Remove The Restrictions Of Btc On Deposit Or Withdrawal Of Funds Per Day.

Enable 2-Factor Authentication (2FA)

When you log certain the primary time, a pop-up will show up and ask you to enable the 2FA, which can help in increasing your account security. If you’re new 2FA, you’ll got to download the Google Authenticator  app then scan the QR (or enter the key key) so as to urge a 1-minute changing code.

After completing these three steps, you’re through with fixing your account.

Trading Commission

There is a fixed fee called the LP commission is 0.30% which serves as a reward for liquidity providers for Mirror-related pools on Terraswap. More detailed information can be found here.

Liquidity Pools

Terraswap creates automated markets for pairs of tokens (or native Terra coins like UST) called pools which enable users to exchange one asset for the other directly on-chain. Pools maintain balances of both assets, to which users can provide liquidity in exchange for reward-bearing LP tokens.

Rewards

Mirror Offers Substantial Rewards For Discoveries That Can Prevent The Loss Of Assets, The Freezing Of Assets, Or Harm To A User, Commensurate With The Severity And Exploitability Of The Vulnerability. Mirror Will Pay A Reward Of $500 To $150,000 For Eligible Discoveries According To The Terms And Conditions Provided Below.

LP Commission

In order to compensate liquidity providers, Terraswap charges an LP Commission on each trade. The fee returns to the pool to serve as a reward for LP token holders and can only be withdrawn by burning LP tokens and reclaiming a portion of the pool. In Mirror, each liquidity pool for mAssets/MIR has a fixedLP commissionfee of 0.3%. This fee is levied on the trader and is received as mAssets/MIR or UST, depending on the direction of the trade.

LP Tokens

LP Tokens are given to Liquidity Providers when they add liquidity to mAsset-UST or MIR-UST Terraswap pools. Each pool has a unique LP token associated with it and cannot be combined with LP tokens from other pools. They serve primarily as a unit of account, representing the liquidity provider’s share in the pool in order to reclaim assets when they remove liquidity.

Although LP tokens exist independently as a yield-generation feature of Terraswap, they are central to Mirror’s market infrastructure. As such, the protocol provides MIR rewards to users who stake LP tokens as an incentive to help maintain liquid markets on Terraswap for mAssets and MIR.

Security

The Security Of The Mirror Protocol Is Our Highest Priority; Our Development Team, Alongside Third-Party Auditors And Consultants, Has Invested Considerable Effort To Create A Protocol That They Believe Is Safe And Dependable. All Contract Code And Balances Are Publicly Verifiable, And Security Researchers Are Eligible For A Bug Bounty For Reporting Undiscovered Vulnerabilities.


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