Avalanche based DEX adopts Terra’s UST as stablecoin, LUNA price breaks into rally
- One of the largest DEXes on the Avalanche blockchain, Pangolin has adopted TerraUSD as its default stablecoin.
- Adoption of the UST could boost Terra’s native token’s utility and on-chain activity.
- Analysts believe that the bottom is in for Terra price in the short term; the token could continue its uptrend.
The community-driven decentralized exchange, Pangolin has adopted Terra’s UST as its stablecoin. Experts believe this could drive the adoption of LUNA and boost its on-chain activity.
Analysts grow bullish on LUNA price rally
Avalanche network’s DEX Pangolin has adopted Terra’s UST as its default stablecoin. Experts believe that this confirms Pangolin’s commitment to supporting decentralized algorithmic stablecoins.
We've now made @terra_money's $UST the default stable coin on our DEX.
— Pangolin (@pangolindex) February 4, 2022
If you log in you'll now be defaulted to use $UST.
This is part of our commitment to support decentralized algo stable coins that continue to push the boundaries of innovation in our space. pic.twitter.com/ZMxUR2UpH6
Users that log in to Pangolin now see Terra’s algorithmic stablecoin as the stablecoin, the default token. Pangolin uses automated market makers on its DEX, similar to Uniswap, and the platform is keen on supporting assets from the Ethereum and Avalanche network.
Since its launch, Pangolin has powered $9 billion in transactions through its DEX. The first time the Avalanche-based DEX included Terra in its ecosystem rewards was the “Rush Initiative.” Pangolin offered $2 million in Avalanche (AVAX), Pangolin (PNG) and LUNA incentives.
LUNA price has posted 6% gains over the past 24 hours. Analysts have evaluated the LUNA price trend and predicted that the native token of the Terra ecosystem could continue its uptrend.
A cryptocurrency analyst and trader, @AltcoinSherpa, believe that the Terra price hit its bottom. Terra could now continue its uptrend since the bottom is in for the short term.
The analyst argues that the Terra price trend looks good. Terra price is close to the 200-day exponential moving average; higher overall sell volume indicates a short-term trend reversal. @AltcoinSherpa has set a target of $60 for the native token of Terra.
$LUNA: I still think the bottom is in for the short term. Lots of volume and a HVN on volume profile is around this area. Expecting this to chop and then go up. #LUNA pic.twitter.com/Yg05bi3dUr
— Altcoin Sherpa (@AltcoinSherpa) February 3, 2022
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
