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.
$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.