Terra, the open source blockchain platform for algorithmic stablecoins, has been growing rapidly over the past 6 months. LUNA has reached the price level from $ 24 to $ 100 in just 6 months and has thrown itself among the top 10 cryptocurrencies.

LUNA has surpassed Ethereum in terms of total staked value in recent weeks, reaching $29.5 billion. Ethereum, on the other hand, remained at $25.9 billion. Also, Terra’s local data shows that the ecosystem currently has more than 230,000 stakers, making it the second most staked cryptoasset at 54,768, more than four times the number of ETH stakers. Finally, in terms of annual stake returns, LUNA averages 6.62% annualized returns, while ETH provides 4.81% returns.

With LUNA rising over 350% in the last 12 months, some analysts are starting to argue that Terra's aforementioned growth may not be sustainable.

Terra Luna-2

Sensei Algod predicts a price of $88 for Terra's token LUNA by March 14, 2023. He even made a $1 million bet on this goal. Algod's proposal was quickly embraced by Do Kwon, the CEO and founder of Terraform Labs, the firm behind Terra, claiming the same amount that the cryptocurrency would definitely be trading at a higher price point of $88 by then.

As the conversations between the two escalated over Twitter, the duo eventually sought help from Cobie, co-host of the crypto podcast UpOnly. Both Kwon and Algod each locked $1 million in Tether on an Ethereum address labeled “Cobie: LUNA Bet Escrow.”

Kiril Nikolov, head of DeFi strategy at Nexo, a blockchain-based lending platform, said that such bets might get a lot of attention, but they don't matter in the grand scheme of things. He added that the developers will continue to develop Terra regardless of the price of LUNA or whether Do Kwon loses the bet.

Daniel Santos, CEO of Woonkly, a decentralized finance (DeFi)-based social media network, believes the bets show the growing popularity of LUNA.

   "The more popular a project is, the more fans and haters it has. One of the haters bet on LUNA and Terra's founder accepted the bet and why not?"