Terra’s native token LUNA rose 79.66% in the last seven days as the protocol developed by the South Korean company Terraform Labs outperformed Polygon (MATIC) and recorded the third highest Total Value Locked (TVL) among blockchains.
LUNA, which is part of an algorithmic balancing system used to stabilize the price of the protocol Stablecoins, was trading at its all-time high (ATH) today, with the price hitting $ 33.3.
The exploding ecosystem
The blockchain platform promotes trading between LUNA and Terras stablecoins when the stablecoin supply needs to be reduced or increased and is currently experiencing growing awareness as the price of its native token has increased by more than 460% in the last 30 days.
This is so beautiful. pic.twitter.com/L1KjytmOy2
– KALEO (@CryptoKaleo) August 18, 2021
With $ 6.21 billion TVL, Terra became the third blockchain after Ethereum (ETH) and Binance Smart Chain.
TVL by @terra_money officially surpasses @ 0xPolygon to become the 3rd highest TVL blockchain. $ LUNA #Terra #TVL pic.twitter.com/EfrFkXFOqV
– Terrier 🌕 (@Terrians_) August 19, 2021
Major stock market listings have significantly increased the growth of the Terra user base as Wrapped LUNA (WLUNA), an ERC-20 token, the Terra (LUNA) on the Ethereum blockchain, and TerraUSD (TO ADJUST), a native terra stablecoin pegged to the US dollar, both became tradable on Coinbase Pro.
Wormhole, anchor, Columbus-5
The recent introduction of wormhole, a “bridge” protocol that Solana (SOL) and other blockchain networks, including Terra, designed to allow tokenized assets, including non-fungible tokens (NFTs), to move seamlessly across chains, set off the explosion.
Thanks to @wormholecrypto, however, when the mainnet starts, we can transfer UST from @terra_money directly to @solana and vice versa
– Terrier 🌕 (@Terrians_) August 10, 2021
As of recently, Ethereum can be used as security for the Anchor protocol, a loan and savings platform in the Terra ecosystem.
the news a new gateway for Ethereum users that can interact with Anchor, cranked the protocol’s TVL to $ 2.7 billion from $ 1.7 billion in just four days, reflecting demand for TerraUSD, which can be borrowed against bETH, a packaged version of the stETH staking derivative for Ethereum 2.0.
What happens when something new on Terra makes the product market fit?
Example: bETH securities on @anchor_protocol
– started 5 days ago
– already 60k ETH deposited
– Tons of new $ UST minted by users who borrow
– an equal value of $ Luna is burned
– Price of Luna increases https://t.co/yLJqNkBzgc pic.twitter.com/9b4BccX8fd
– Jason needs your attention (@JasonHitchcock) August 19, 2021
As the demand for TerraUSD grows, more LUNA tokens are being burned, which drives the price up. But to make it even more intense, the blockchain platform for a network upgrade called “Columbus-5” is due in the coming weeks.
The supply of $ UST is at an all-time high. $ LUNA hits new all-time highs.
Columbus-5 is ~ 22 days away.
A spate of projects enveloping $ UST and offering various sources of demand are poised to launch for Col-5.
– Terra (UST) 🌍 powered by Luna 🌕 (@terra_money) August 17, 2021
After the expected upgrade start, a large number of new projects will go live on Terra and a large number of applications will be released.
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