LUNA, the native currency of the Terra blockchain, shot up another 37% to $ 2.46 today on heavy trading volumes, continuing a parabolic climb that began in mid-November.
The coin is currently up 100% in price since the news broke a week ago that Mike Novogratz’s Galaxy Digital was making $ 25 million investment in Terraform Labs, the Seoul-based company that manages Terra development.
Terra is an ambitious stablecoin project from Korea that is working to combine the stability of fiat currency with the non-censorship nature of cryptocurrency.
Terra-based mobile payments DApp CHAI is also gaining in popularity. It lowers fiat payment processing fees and provides near instant settlements with numerous Korean merchants.
According to the statistics tracker dapp.comthe DApp recently surpassed 2.3 million unique users, with nearly 63,000 members using the service every 24 hours.
$ LUNA heating up in East Asia
A project that @novogratz likes
– 2oast (@ 2oast) February 1, 2021
According to Novogratz, Terra stands out for its ability to offer real solutions with working products from most blockchain-based startups.
“The great thing about Terra is that it is one of the first sandbox experiments to move outside the sandbox […] We always look at those projects because it’s the canaries in the coal mines of what else is going to happen. “
Terra is also home to fast-growing DeFi projects such as Mirror Protocol, dat enables trading of stocks, indices and commodities. The value of liquidity locked up in the protocol nearly doubled in the space of two weeks, hitting a record high of $ 171.3 million on Feb. 1.
– Mirror protocol (@mirror_protocol) January 29, 2021
In early November, LUNA was trading as low as $ 0.28 experience big price gains after the launch of the Mirror Protocol.
In April 2020, Terra together with the American blockchain company Solana to bring stablecoin systems into their network.