TERA is mainly used to buy, sell, lend, stake, and store on the platform which comprises the Terareum.io centralized exchange, the Terareum NFT exchange, and the Terareum debit card that gets connected to both exchanges.
With a protocol similar to a standard bank setup, trading on the Terareum.io centralized exchange is based on using its multifunctional Web3 interface which is available as desktop, iOS, and Android applications.
Its staking and lending options enable users to earn passive income in a DeFi-style interest payment manner while the Terareum NFT exchange will see the trading and launching of NFTs on its marketplace.
While pivotal to the platform’s overall function, TERA is designed to have its supply reduced over time based on a built-in mechanism that burns 3% of every token transacted. The burnt token is sent to a dead wallet by default thereby taken out of circulation completely.
Also, holders of the TERA token get to earn a 3% reward on every transaction for holding the token in their wallets. An additional 3% deduction will be made on all transactions to be channeled into the marketing and development of the project.
The Terareum team seeks to onboard at least 100,000 holders by the end of Q3 2022. They also plan to lock up 75% of the token’s overall liquidity accumulated from the pre-sale and airdrop events for a year on Uniswap.
TERA is the ERC-20 token that powers the Terareum platform. A combined 9% tax applied to the token’s use adds to its deflationary feature.
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