Nirvana is a very innovative protocol the brings to the DeFi world unique ideas. For example, Nirvana own the liquidity for ANA buy and sell orders instead of creating pools in third-party pools. Another difference is that they have a superstable token NIRV, which is backed buy seveal stablecoins. Also, they have a metastablecoin ANA, which is volatile but at the same time have an algorithmic rising floor price mechanism. And to make this even better, the rewars for staking in the protocol are paid in options (prANA) that allow to buy ANA at the floor price.
Of course, there are some similarities with other protocols like Terra. Terra’s way of stabilizing UST with the volatile token LUNA is very similar to how ANA stabilizes NIRV. The difference here lies in the important point that, unlike LUNA, ANA has intrinsic value. Its volatility is limited at the low end.