Bitcoin

LUNA doubles its price after a $ 25 million investment by Galaxy Digital

LUNA, the indigenous blockchain currency Terra, is up an additional 37% to $ 2.46 thanks to today’s large trading volume.Continuation of a parabolic surge that began in mid-November.

The coin is up 100% since it was revealed a week ago that Mike Novogratz ‘Galaxy Digital invested $ 25 million in Terraform Labs, the Seoul-based company that manages the development of Terra.

Terra is an ambitious Korean stablecoin project that combines the stability of fiat currency with the uncensibility of cryptocurrencies..

LUNA doubles its price after a $ 25 million investment by Galaxy Digital
LUNA doubles its price after a $ 25 million investment by Galaxy Digital

Terra-based CHAI Mobile Payment DApp is also enjoying growing popularity. Reduces fiat payment processing fees and offers near-instant settlements with numerous Korean merchants.

According to the statistics tracker dapp.com, DApp recently exceeded 2.3 million unique usersAlmost 63,000 members use the service every 24 hours.

According to Novogratz Terra’s ability to deliver real-world solutions with products that are different from most blockchain-based startups.

“The great thing about Terra is that they are one of the first sandpit experiments to come out of the sandpit. […] We always look at these projects because it is the canaries in the coal mines that are going to happen the most. “

Terra is also home to rapidly growing DeFi projects like the Mirror Protocol, which enables stocks, indices and commodities to be traded.. The value of the liquidity set out in the protocol nearly doubled in two weeks, reaching an all-time high of $ 171.3 million on February 1st.

MOONwhich hit $ 0.28 in early November, After the start of the mirror protocol, there were significant price increases.

In April 2020 Terra has teamed up with US blockchain company Solana to add stable coin systems to its network.

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