Terra 2021 Year in Review Report & 2022 Forecast

2021 will be an unforgettable year for the entire crypto market. Coin98 recently produced a 2021 annual review series.

 This article is Terra’s 2021 Annual Review Report. This report contains Terra’s most important events in 2021, key indicators for Terra in 2021, predictions for Terra in 2022, and more. 

2021 Review Terra

how it started

In this installment, we’ll take a look back at how Terra started from January 2021. 

1. Ecosystem overview

Let’s take a look at LUNA – Terra’s native token in early 2021.


With a market cap of $300 million in January, LUNA ranks ninth compared to the market caps of other blockchain platforms’ native tokens.


Regarding Terra’s entire ecosystem, Terra, founded in 2018, first became known as a payment and savings app, serving end users such as CHAI and MemePay.

This direction of development — focused on building applications that serve end users — continues through early 2021. At this time, the major DeFi protocols on Terra, such as Anchor, Mirror, … have not yet appeared. 

2. Some key metrics for Terra in early 2021:

$500 million: UST market cap, ranked 6th compared to other stablecoins.

$15 million: UST volume.

~20: Number of projects deployed on Terra

$50M: Terra’s TVL (from DeFi Llama).

2.37 million : Terra’s total wallet address. 

how it grows

In early 2021 we saw how Terra got off the ground, so how does Terra develop a year from now?

1. Ecosystem overview

Gw9WbcyCoP97EyiT8l6bwOS2CI3Jr4IDETsKv1rV.pngJust one year later, LUNA’s market cap has soared to $34 billion (113x increase as of January 1, 2022). This raised LUNA’s market cap ranking from the top 9 to the top 5.


Terra Ecosystem (Part 1)


Terra Ecosystem (Part 2)


Terra Ecosystem (Part 3)

The Terra ecosystem has also recorded equally incredible growth. The number of projects on Terra has soared from around 20 to nearly 200 in just one year.

During the expansion, Terra changed its focus on ecosystem development several times:

  • Initially, Terra focused on developing payment and deposit applications serving end users, using UST as the primary currency. Terra had a very uniquely oriented ecosystem at the time. Instead of emphasizing building a “trending” DeFi stack to attract crypto users, it focuses on building an ecosystem that serves not only crypto players but mainstream users as well. 
  • During 2021, however, Terra has gradually expanded its DeFi ecosystem in addition to developing end-user applications. Starting with some key protocols built by Terraform Labs such as Anchor, Mirror, … Terra now has many projects in different DeFi stacks. Compared to other developed ecosystems like Ethereum, BSC, the number of projects on Terra is still insignificant, but the projects on Terra are very selective and of high quality, so runaways are greatly reduced.
  • At the end of 2021, a new trend has appeared on Terra: NFTs, metaverses, and games. Starting with an explosion of NFT projects on Terra in August, which actively sparked hype around the ecosystem at the time. However, with the rapid growth in the number of NFT projects, the quality is not guaranteed. Also, NFTs on Terra still have limited use cases. Terra’s next move has become clearer since Terra’s announcement of its entry into the Korean gaming market.NFTs will be used for gaming, supporting the prosperity of this field on Terra. NFTs, Metaverse and Gaming will be a promising area on Terra in 2022, when startups are launched and the area has also received funding from many VCs (Hashed, Chiron).

Additionally, the market as a whole went through a rough patch at the end of 2021, and Terra continues to grow and break many records. Let’s take a look at some of Terra’s impressive numbers to wrap up this amazing year. 

2. Some key metrics for Terra at the end of 2021

$10 billion (20x): UST surpasses DAI in market cap 4th place compared to other stablecoins. 

$157 million (10.5x): UST volume. 

~200 (10x): The number of projects deployed on Terra.

$20 billion (400x): Terra’s TVL (data from DeFi Llama).

3.35 million (1.4 times): Terra total wallet address.

Terra’s key milestones in 2021


Terra raised $25 million from Galaxy Digital, Coinbase Ventures, and Pantera Capital. 



LUNA is listed on OKEx.

Terra Station Wallet released mobile version.


Anchor release.

The DeFi Connected Hackathon begins.



MIR is listed on Binance.

Mirror Protocol hits $2 billion TVL.


LUNA is down 45% as BTC falls.

MIR is listed on Coinbase.

Matt Cantieri becomes General Manager of Anchor Protocol.

Terra has partnerships with many projects in other ecosystems.

Anchor’s TVL reaches $1 billion, announced as an airdrop for users. 



Mirror V2 released. 

Orion Saver raises $1.7 million in seed funding and releases Orion Saver Alpha.

Terra partners with Bridge Mutual and Secret Network to expand the ecosystem.

The first IDO on Terra (MINE) took place on the Pylon protocol.

Terra organized a hackathon for Masses to build DeFi.



Harmony is available on the Terra Bridge interface. 

Launchpad on Terra (Pylon Protocol, Star Terra) started the IDO project. 

Orion Saver Alpha released.

Terra secures $150 million from top investors: Hashed, Delphi Digital, Arrington…

UST landed on Polygon and Solana.


Columbus-5 proposal passed.

Apollo DAO launches alpha testing. 

UST is available at Travala.com.

Spacecamp hackathon begins.



Columbus-5 was updated successfully.

LUNA and UST are listed on Gemini.

Dawn plans announced.

There are many NFT projects posted on Terra.


Do Kwon was sued by the SEC due to issues with the Mirror agreement. However, Mirror Protocol, as a DeFi protocol, is owned by the community, not Do Kwon or Terraform Labs, so it is difficult to be prosecuted. In an interview, Do Kwon also shared his willingness to work with regulators as this will help DeFi go mainstream. However, a more open discussion is necessary to fully understand DeFi being regulated in the right way. 



Columbus 5 is officially released.

Login to Wormhole & IBC.

Hashed announces support for the metaverse on Terra.



LUNA became an asset considered by Grayscale. 

Proposal #44 Destroy 88 million LUNA

Terra takes its first step into the Korean game market.

NFterra Hackathon starts.



LUNA breaks above $100.

Chiron raises $50M to invest in Terra, focusing on DeFi, Metaverse, and NFTs.

UST’s market cap exceeds DAI.

Invov8phNfUcBEfP3eS2ZppcBmkI3L3HOcljcxfG.pngUST market cap growth in 2021

UST is listed on several major exchanges: Binance, Huobi,…


2022 predictions for the Terra Ecosystem

2021 has been a successful year for Terra, so what can we expect from Terra in 2022? Here are three niche markets we expect to thrive in Terra in 2022:

Gaming/NFT/Metaverse: We have seen an explosion of NFT projects on Terra since August 2021, and in November Terra announced its entry into the Korean gaming market. Additionally, this segment on Terra is supported by longtime Terra partner Hashed. With all these positive catalysts, we can expect an explosion of gaming/NFT/metaverse growth on Terra in 2022.

Derivatives: The DeFi ecosystem on Terra is growing significantly in 2021, with an increasing number of projects in different fields: saving, lending… However, the derivatives market – one of the most popular trading tools among users – is still underdeveloped. Therefore, derivatives could be the next sector to watch in 2022 as Terra continues to grow.

Launchpad: The Terra ecosystem is growing rapidly as the number of new projects increases, which creates a need for a launchpad. Additionally, the addition of new projects has attracted people to join the IDO campaign on Launchpad. All of these will be key drivers for Launchpad to thrive in 2022. 

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/terra-2021-year-in-review-report-2022-forecast/
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