Terra’s Blockchain native coin LUNA surges in price after Galaxy Digital made a $25 million investment. In today’s altcoin news, we are taking a closer look at the analysis.
The native coin of Terra’s blockchain protocol LUNA surges another 37% in value to $2.46 on high trading volumes today as it continued the parabolic climb that started back in November. The coin is up by 100% in price since the news broke a week ago that Galaxy Digital invested $25 million in Terraform Labs which is actually a Seoul-based company that works on Terra.
The people’s trading platform. You want the assets? We got you — no censorship. Vote for governance proposals using $MIR below. https://t.co/qi95UST23d https://t.co/W5jrcIIVxV
— Mirror Protocol (@mirror_protocol) January 29, 2021
Terra is a very ambitious stablecoin project from Korea that plans on combining the stability features of fiat currencies with the non-censorable nature of cryptocurrency. The mobile-payments Dapp Chai is also growing in popularity and cuts down on the fiat processing fees while in the meantime providing instant settlements with numerous Korean merchants. According to the data by dapp.com, the Dapp surpassed 2.3 million users with 63,000 members using the service every day. According to Mike Novogratz, Terra’s ability to offer real-world solutions with products that will actually work sets it apart from other startups:
“What’s great about Terra is they are one of the first sandbox experiments that’s getting outside the sandbox […] We are always looking at those projects because they are the canaries in the coal mines of what else is going to happen.”
$LUNA heating up in East Asia
A project that @novogratz likes
— 2oast (@2oast) February 1, 2021
Terra is also the home of popular projects like Mirror Protocol that allows the trading of stocks, commodities, and indexes. The value of the liquidity locked in the protocol doubled in just two weeks to a new all-time high of $171.3 million. Trading as low as $0.28 in November, LUNA started experiencing major price gains after the Mirror Protocol launch. Terra even partnered with Solana to bring stablecoin systems into the network.
As recently reported, Terra Protocol had a successful DeFi and Stablecoin launch which was followed by a 66% rally that brought LUNA’s market cap to $200 million. Terra Protocol aims to create a new programmable algorithmic stablecoin that is available on one every blockchain. Much similar to the Maker, Terra protocol has a native stabilizing crypto-asset named LUNA. the project was created by a new partnership of 15 large Asia-based e-commerce companies that have more than 30 million users. The ecosystem focuses on building efficient and competitive programmable payments. Ahead of its ICO back in 2019, the company raised $32 million in a seed financing round which included Huobi, Polychain Capital, XRP Arrington Capital, and Hashed.
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