The Terra blockchain‘s native coin LUNA spiked another 37% to $2.46 today on heavy trading volumes. It continued a parabolic climb that started in mid-November.
LUNA doubles in price after $25 million #Investment by Galaxy Digital https://t.co/1FS2J2UiTE — Blockchain & Crypto Currency News (@mabling) February 3, 2021
As the news emerged a week ago that Mike Novogratz’s Galaxy Digital made a $25 million investment in Terraform Labs. It is a Seoul-based company managing the development of Terra where its coin LUNA is amounting to 100% in value.
Terra is a stablecoin project from Korea which is working to merge the stability of the fiat currency along with the non-censorable identity of cryptocurrency.
DApp CHAI, Terra-based mobile payments, is also rising in popularity. The app helps in cutting down on transaction fees for fiat payment providing multiple Korean merchants with almost immediate settlements.
The DApp, according to stats tracker dapp.com, reached 2.3 million unique users while nearly 63,000 members using the service every 24 hours.
$LUNA heating up in East Asia A project that @novogratz likes Speaking of which – $BRPHF pushing up out of a completed retracement$GLXY #terra #chai pic.twitter.com/jPf5FdACyw — 2oast (@2oast) February 1, 2021
Terra’s potential to deliver real-world solutions with products working makes it a distinct blockchain-based startup as per Novogratz.
“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.”
Terra is home to fast-rising DeFi projects like Mirror Protocol allowing trading of stocks, indexes, and commodities. The amount of liquidity trapped in the protocol has almost doubled in a span of two weeks, hitting an all-time high of $171.3 million on Feb. 1.
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
LUNA, trading as low as $0.28 in early Nov. started experiencing a major price rise since the introduction of the Mirror Protocol.
Terra associated with the American blockchain company Solana in Apr. 2020 to incorporate stablecoin systems into their platform.
Source: Cointelegraph | Image: freepik