Max E.Wed, Dec 22, 2021 4:10 PM
What Are The Factors Behind The Growth In Terra Price?
Terra price is up 16.14% in the last 24 hours. Since early December 2021, the price has risen from $59 to $96.83.
Data source: tradingview.com
In early December, LUNA burst into the top ten market cap ratings. The year is finishing very successfully for the project, with a market capitalization of over $35 billion (up 13%).
The Terra project was launched in January 2018 and the mainnet went live in the spring of 2019. In the fall of 2020, Terra launched stablecoins pegged to the Korean won, dollar, euro and Mongolian tugrik. South Korea is home to the world's largest Mongolian diaspora. Terra has become the most affordable money transfer network for the two states, and many South Korean corporations working with Mongolia have switched to the platform.
In December 2021, Terra is far from the project it was at the beginning of the year. Tens of thousands of new contributors, community members and developers have joined the ecosystem. The platform offers convenient calculation of swaps, commissions, margins and much more. The total volume of blocked assets has grown to $18 billion. By this indicator, the project surpasses Binance Smart Chain.
What are the factors behind the impressive growth in Terra (LUNA) asset value? Some of them include:
- The UST stablecoin and the LUNA utility token are gaining popularity. So, a few days ago LUNA/UST appeared on the Injective cross-chain derivatives platform.
- UST and LUNA were integrated into the Multichain cross-chain platform.
- The popularity of StarTerra – a service for launching NFT / GameFi and projects – is growing.
- Terra developer Terraform Labs raised $150 million in July this year from a number of major investors.
- Another important factor in the project's rapid success is the integration of Cosmos' Inter-Blockchain Communication Protocol (IBC) this fall. Thanks to the integration, the UST stablecoin and the LUNA token appeared on the Cosmos network.
So far, everything points to the further success of the project and an increase in the price of the UST stablecoin and the LUNA token.