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Highlights
- Terra is a next generation blockchain protocol that focuses on payment network that uses fiat pegged stablecoins.
- Starting at US$6, the LUNA token’ s prices soared as US$35 in August.
- At present, the LUNA is trading at US $29.56 with a 24-hour trading volume of US$1,812,669,060.07.
Terra is a next generation blockchain protocol that focuses on payment network and uses fiat pegged stablecoins and is governed by its native token LUNA coin. Co-founded by Daniel Shin and Do Kwon, Terra’s Development started in January 18 and its mainnet was officially launched in April 2019. Terra can now boast of having stablecoins in US Dollar, Euro, Canadian Dollar, and Japanese Yen. LUNA had a great bullish run in August. Starting at US$6, the LUNA token’ s prices soared to US $35. Given this, Terra (LUNA) projects itself is a good investment and traders predict the prices of Terra to reach US$40 in next few months.
Combining the benefits of cryptocurrencies with price stability of fiat currencies, TERRA offers an automatically adjustable stablecoin supply as per demand. This is done through rewarding the LUNA holders to swap the token and stablecoins at profitable exchange rates. Each transaction is charged a minimal 2%-3% fee by the merchant, which are processed through a secure network.
In fact, on August 17, the LUNA has seen a rally by 37%. One of the reasons for the spike was its acceptance on the Coinbase Pro exchange on August 12.
Also read: Is Coinbase vs SEC row a sign of stronger regulation?
How does LUNA work?
Luna being a completely digital and decentralised in its functioning. The blockchain is secured using a proof-of-stake consensus algorithm based on Tendermint. LUNA holders can stake their tokens and can receive rewards in the same quantity of the staked Luna. The users can validate transactions and offer offers guidance to validator nodes in order to keep the transaction network secure.
Besides, the Terra platform employs a price-stability algorithm that customises an asset's monetary supply to maintain its value. Because of this feature, the customer can benefit from the cheaper fees, increased stability, smoother cross-border exchanges.
Is LUNA Network a good investment for you?
TERRA is ranked 16 as per market capitalisation on CoinMarketCap. According to CoinMarketCap, the LUNA is trading at US$29.56 with a 24-hour trading volume of US$1,812,669,060.07. At the time of writing (BST 12:10 pm), LUNA was up by 10.01% in the last 24 hours. LUNA currently has a market cap of US$ $12,104,726,658.31 with a circulating 29,20,39,156 LTO coins.
In July, Terra signed a one-stack partnership with Harmony (ONE) following which the token saw impressive rally of both the cryptocurrencies. According to the partnership, both will actively be exploring the DeFi initiatives together and look to increase the role on their respective platforms
Backed by a strong blockchain and a team, the LUNA token is expected to achieve the price level of US $60 in the next five years.
Conclusion
LUNA is definitely strong crypto offering good RoIs options to the investors. The recent bullish run has attracted investors and traders to further put in their money in the token. It’s a good token for long-term investment and the bull run has only made the users notice it further.
