Terra is a blockchain protocol designed to facilitate the creation of stablecoins, which are cryptocurrencies pegged to various fiat currencies. It aims to combine the price stability of fiat currencies with the decentralized nature of cryptocurrencies. Terra's ecosystem is supported by a native utility token called LUNA, which is used for governance, collateralizing stablecoins, and mining rewards. The Terra network is designed to enable fast and low-cost transactions, providing a scalable solution for digital payments and financial applications.