LUNA token from Terra is experiencing a very positive period. It has increased by 281% in the last month.
What is behind the success of LUNA?
Terra is a blockchain based on the Proof-of-Stake mechanism. This project is backed by the South Korean company Terraform Labs, which was established in 2018. Their native token LUNA, which is also used to issue stablecoins TerraSDR, takes care of the security, stability and management of the network.
LUNA got on the horizon of the famous Youtuber “Coin Bureau”, which came with a very interesting statement:
“Terra has found a unique way to mint stablecoins in a decentralized way, which are also tied to fiat currencies. The UST stablecoin offering has doubled in recent months and has become one of the largest stablecoins in terms of market capitalization. There are currently more than € 100 million on the market.”
The Coin Bureau further stated:
“I think it’s one of the most interesting cryptocurrency projects I’ve seen in recent times, and I’m sorry I haven’t addressed Terre before.”
The fastest growing stablecoin
As mentioned in this article, Terra releases its own UST stablecoins. Currently, UST is defined as the fastest growing project among stablecoins.
The popularity of UST is largely due to the great hype and popularity of applications that work on the Terra principle. This is a Mirror and Anchor application.
“The only reason I’m reluctant to invest in LUNA is that not all Terra protocols have been tested enough. And compared to the competition, this project seems to be centralized. This means that Terra may be vulnerable to regulatory intervention. ”
An important update called is due on September 9th Columbus-5. That is why further growth is expected, which will not end so soon. It is important that trading volumes remain high.
Told y’all we’d be back.
Have faith in the 🌕 and it shall illuminate the path before you.
– Terra (UST) 🌍 Powered by LUNA @ (@terra_money) August 24, 2021