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In a very short time, the Terra ecosystem has conquered the users with very smart steps. Not only building a Layer 1 platform like Terra (LUNA) Blockchain that allows developers to build their projects, Terra also launches end-to-end applications for users such as Mirror Protocol or Anchor Protocol.
Projects that are “sponsored” by the Terra ecosystem have had certain success. So what if Kash could combine the power of such applications. You are invited to learn about Kash’s potential through the following articles.
The piece of Kash in the Terra ecosystem
In the previous article, I had outlined the Terra ecosystem in the article about Saturn Money, you can find and read it here. Today, I will talk about Kash and the piece of the project in the Terra ecosystem.
Since its establishment up to now, Terra’s strategy is very clear, which is to build foundation applications and shake hands with many “big players” on the market to bring the community back to its platform. . Thanks to this, in just a short time, Terra does not need to spend time and effort rebuilding from scratch but still has quality projects on her foundation. Currently the layers on the Terra ecosystem can be divided as follows:
- Layer 1: Terra Blockchain.
- Layer 2: Anchor Protocol, Mirror Protocol, TerraUST.
- Layer 3: Spar Protocol, CHAI and coming here is Kash.
Kash is an application that works on Layer 3 and will be the platform that connects the power of the three most potential financial applications of the Terra ecosystem today, namely Anchor Protocol, Mirror Protocol and TerraUST.
You can find out more details about the projects in layers on the Terra ecosystem at Coin98 Insights.
What is Kash? The problem that Kash will solve for the user?
Currently, to join DeFi, users need a lot of work, from moving from fiat-currency to stablecoin and then continuing to choose the appropriate Defi platforms to join. Through each time like that, users have to go through countless unnecessary operations and cause a lot of fees. This is not only inconvenient for users to participate in DeFi, but also a huge barrier for the community that is not yet aware of decentralized finance.
Therefore, Kash was born to become an All-in-one station for the Defi platforms in the Terra ecosystem. Kash defines himself as a decentralized banking application that connects the traditional economy with the decentralized one.
Once you use Kash, you will default to three types of financial products:
Checking Account is a product provided by Terra UST. With Check Account, users can pay and transact with anyone anywhere. Once registered, users will receive a completely free Debit card at a location that Kash supports.
Savings Account is a product provided by Anchor Protocol. With Saving Account, users can now interact on the DeFi market without having to worry about currency devaluation when receiving interest rates up to 20% for UST. This is an unbelievable interest rate for users, because currently traditional banks are maintaining negative interest rates, or if there is interest, the term must be up to 1 year, while with Anchor, users absolutely have. Can be withdrawn and used at any time.
Investment Account is a product provided by Mirror Protocol. For me, this is the most interesting product not only of Kash but also for the Terra ecosystem. Anyone entering the financial market is very interested in investing. So how great would it be if with Kash Investment Account users could invest in stocks, fund certificates, and bonds right on their decentralized banking application?
Advantage and partner of Kash
Kash has a huge advantage in the market when it comes to the backing of Kash’s counterparts. First of all, it is the Terra ecosystem when Kash can take advantage of the power of the very successful infrastructure and products of platforms such as Terra UST, Mirror Protocol and Anchor Protocol. In addition, Kash is also the first project funded by an audit from Terraform Capital – Terra ecosystem development fund.
Next is Intellabridge Technology Corporation, a company specializing in providing decentralized financial solutions for the market, with the advantage of a source of customers from large traditional financial institutions around the world. This helps Kash get a community of users from major financial companies and institutions.
The impact of Kash on the Terra ecosystem
It seems that the Terra ecosystem is taking very smart steps when combining existing products and targeting users first, not just going from building the platform. Because of this, any application from Terra’s ecosystem has a huge number of users.
If the trio of Anchor Protocol, Mirror Protocol and TerraUST will open an unlimited portal in the decentralized financial market allowing you to invest, borrow money, save money, … then Kash will be bridge for users to step into DeFi. My concern is not only that the community already knows and participates in DeFi. What makes me interested is the potential of the community, unknown to the power of the decentralized financial economy. What if only a small portion of their capital flow went to DeFi?
In my opinion, Kash is a relatively similar application to Swipe, an electronic wallet is equally potential. However, a special feature is that Kash knows how to utilize and incorporate the best products of the platform into his application, allowing users to pay, invest and save in one platform.
With such a strategy, I think Kash will successfully reach a lot of users in one day. Please look forward to Kash!
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