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HomeCrypto NewsTerraCVita Gives First Look At Terra Classic DEX

TerraCVita Gives First Look At Terra Classic DEX

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The DEX will provide users with at least 3 ways to earn.

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TerraCVita, an independent Terra Classic development group, in a tweet today, shared the first looks at the imminent Terra Classic decentralized exchange embedded in the Terraport decentralized finance project.

The group calls the DEX “Midnight Runner.”

The shared image shows an interface with different shades of blue and a layout common to most decentralized crypto exchanges. Per the shared image, users can earn in at least 3 ways. These include:

  • Liquidity Providing, where users can earn rewards by contributing to the DEX pool 
  • TERRA Staking, where users can earn rewards for staking the DEX token 
  • TERRA Farming, where users, particularly liquidity providers, can earn rewards for locking Liquidity Provider (LP) tokens.

 

It is worth noting that TerraCVita has teased the launch of the long-anticipated DEX since last October after a poll revealed it to be the most desired decentralized app within the Terra Classic community. The group last month promised a Q1 2023 launch.

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This will likely be after a 5-week presale of TERRA, the DEX token. The first sale is scheduled to start on January 25, 5 pm UTC, per the presale website shared by community influencer and validator Classy who also recently became part of the TerraCVita team. Per the details, 1 TERRA token will sell for $0.035, with 143.2 million of the total 1 billion supply reserved for the sale.

As highlighted in a recent report, the entire Terraport ecosystem, including the DEX, will contribute to Terra Luna Classic (LUNC) burns. As explained in the project’s white paper, the treasury will use 27% of all fees generated to purchase LUNC, which it will send to the dead wallet weekly. Developers promote the project as having the potential to burn billions of the over 6 trillion token supply weekly via this method.

Recall that the group has already raised over $2 million for the project in two private sales.

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Author

Okoya David
Okoya David
Okoya David Kio is a crypto enthusiast passionate about understanding what makes the nascent market tick. When he's not pondering about cryptocurrencies, you might find him in a BP debate room trying to proffer solutions to age-old societal problems.

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