• Tue. May 30th, 2023

Terra Protocol’s New Project ‘LUNA’ Crossed the $200 Market Cap

Dec 19, 2020
Terra Protocols New Project LUNA Crossed the $200 Market Cap

The year 2020 has been really fortunate for the cryptocurrency industry and its development. Although the year was a bit slow at the start, the end of 2020 has been full of surprises and shocks for the entire world’s economy.

When it comes to DeFi and Stablecoins, the running year has observed a vast amount of growth in both these sectors. In the running year, many stablecoins have been introduced into the crypto-space. As per many crypto-economic analysts and commentators, stablecoins would prove to be the future of crypto-trading.

Many have even said that the stablecoins are the backbone of the entire cryptocurrency industry. There are analysts stating that the stablecoins have been playing a huge role in the advancement and worldwide adoption of the cryptocurrency industry. It has also been stated that the current bullish nature and upward trend of Bitcoin (BTC) are also caused by the stablecoins in some way.

There are many traders and investors from around the world that tend to rely on stablecoins because of their very nature. Stablecoins are the perfect medium of keeping the investments and holdings safe when the crypto-market becomes highly volatile and fluctuating.

It has been observed on many occasions that when the investors/traders start observing a fluctuation or high volatility in Bitcoin (BTC) or altcoin prices, they prefer to convert their investments into altcoins. This way, the investors ensure that their savings and currencies do not end up taking a hit from the market trends.

As of now, it seems that this is the only purpose that the stablecoins have been introduced to serve. However, there are many analysts and crypto-gurus that have stated otherwise. As per them, the stablecoins have the ability to be used for more than just an asset saving maneuver. The stablecoins can be utilized by the developers or users in other crypto-trading spaces as well.

In order to make more use out of the stablecoins, Terra Protocol has launched its native stabilizing crypto-asset project that is known as LUNA.

As per reports, there were 15 different e-commerce companies from Asia that collaborated with each other in order to work on this project. The sources have confirmed that the combined user-base of these 15 Asian e-commerce companies is more than 30 million users.

The project ‘LUNA’ developed and launched by Terra Protocol aims to create an ecosystem that is scalable, efficient, and focuses on competitive programmable payments.

In the initial phase of its ICO, it is said that the project managed to acquire seed financing worth $32, from firms such as Huobi, Hashed, XRP Arrington Capital, and Polychain capital.

However, within the first three months’ of the project’s launch, it has managed to gain the interest of many investors. So far, the cryptocurrency has managed to cross the market with a total of $200 investments.

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