- LUNA price has posted a 56% rally over the last 7 days, hitting a new all-time high at $67.87.
- The algorithmic-backed stablecoin UST is the largest of its kind, driving Web3 adoption.
- Anyswap protocol has announced a partnership with Terra, powering a cross-chain bridge between TerraUSD and Fantom.
As Web3 adoption gathers steam, Terra-powered LUNA hit a new all-time high. LUNA’s daily trade volume has exploded, hitting $2.26 billion today. The Terra ecosystem has announced new partnerships to bridge TerraUSD with layer-2 tokens.
Terra’s LUNA hit a new all-time high
Stablecoins play a key role in the crypto ecosystem. Though controversial, these assets bridge the gap between fiat and cryptocurrencies on exchanges. Terra’s stablecoin TerraUSD (UST) has a market capitalization that has crossed $1.2 billion.
UST is the first algorithmic stablecoin built for e-commerce andhas been dubbed the DeFi dollar. Terra’s ecosystem aims to offer next-generation digital commerce and money through UST and LUNA.
LUNA hit fresh all-time highs three times in the past 30 days, offering holders over 55% gains.
As Web3 adoption increases, Terra’s stablecoin becomes more relevant.
Terra announced the news of its partnership with Anyswap Network. The trustless protocol bridges layer-1 and layer-2 blockchains. UST is now connected to FTM through a cross-chain bridge.
A new proposal on Injective, a layer-2 decentralized exchange protocol, proposes to enable Terra ecosystem price feeds. The exchange proposes to launch UST pairs for LUNA, Mirror Protocol (MIR) and Anchor Protocol (ANC).
Analysts have a bullish outlook on Terra’s LUNA. @BigCheds, a pseudonymous cryptocurrency analyst, is bullish on the coin.
$LUNA (USDT) though incredibly bullish we must observe:— Cheds (@BigCheds) December 3, 2021
Note the decreasing size of the real candle bodies of the last 3 completed candles. Representative of decreasing trend strength according to Japanese candlestick theory
Can also argue last 2 candles are high wave pic.twitter.com/r9KJBx4ua5
Over 7.2 million LUNA has been burned in the last week of November, fueling the altcoin’s price rally.
Hayden Hughes, CEO of Alpha Impact, a social-trading platform, told Bloomberg,
Luna’s economics are built to be deflationary, and over the past month we’ve seen 100 million Luna tokens be burned, which removes them from supply forever. This reduction in supply combined with the popularity of Luna staking has created a supply shock that has driven up the value.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.