The Terra blockchain network has already launched a host of projects and the Pylon protocol is one that stands out. The Terra network was only introduced in 2018 but since then, it has experienced remarkable growth seeing it become one of the world’s top 5 blockchain networks.
Terra primarily aims at achieving widespread crypto adoption by creating seamless payment services alongside a host of other financial services.
After completing the Columbus-5 upgrade, Terra started working on various promising projects that attracted many crypto enthusiasts. This in turn led to the increased popularity of Terra. Some of the projects that have been released include StarTerra, Loop, Mirror, Anchor, and the Pylon protocol with Pylon famed for being one of the top projects in the network.
Many of the protocols released on Terra has been created to perform specific functions. For instance, Anchor was created for saving and borrowing purposes, Loop as an exchange, and Pylon is considered to be an incubator. In this article, we look at what the Pylon protocol is and the role it plays in the Terra ecosystem.
What is Pylon?
One of the main aims of Terra is creating a network that will allow global funds transfers, making payments, and solving some of the different financial challenges the global financial structure has faced. That is why Terra is committed to launching several projects to serve these purposes.
Pylon serves as the launchpad for all these projects. These projects utilize pylon and its native token MINE to kick things off. You can browse around here to learn how Pylon can help you as an investor.
The Pylon protocol is made up of various savings, payment, and borrowing products in Decentralized Finance (or DeFi) all aimed at providing stable risk-free yields to investors. The protocol utilizes custom deposit contacts and yield redirection to provide constant long-term exchanges between the providers and consumers.
Why use the Pylon Protocol?
Just like with the Terra protocol, where Luna holders have a say through governance in making decisions about important changes in the platform, the same applies with Pylon protocol.
MINE holders are considered to be part owners of the protocol and have the right to participate in major decisions such as the allocation of tokens and other basic functions.
While in traditional finance it is only wealthy individuals who have the right to be early investors, the Pylon protocol eliminates this inequality and provides an equal chance for everyone—even low capital investors.
How does the Pylon Protocol work?
One of the main projects from Pylon is creating a principal and protected means of payment where you can enjoy services without your principal investment being touched. The Anchor protocol in Pylon plays a huge role in achieving this by creating stable yields which will be used to cater for these subscriptions.
All investors will be required to is deposit money and spend the resulting yields. Users can be able to withdraw the full principal upon the expiry of a subscription.
How can you access Pylon?
Pylon can easily be accessed through the Pylon web app. Here users can buy, sell and trade MINE tokens as well as monitor their MNE token balances. In addition, MINE holders can use the web app to participate in governance, interact with other members of the Pylon community and provide proposals that can contribute to the growth of the platform.
