While the crypto markets have not been able to get rid of the general downward trend, Terra (LUNA), which is among the largest crypto assets, continues to increase its market value.
Terra, which has become the largest smart contract platform after Ethereum by market value, has now increased its value to $ 34.76 billion. Terra's local token Terra (LUNA), which has seen a 6.5% increase in value in the last 24 hours, has also reached the $90 band again.
Continuing to diverge positively from the market, Terra continued to be a crypto asset that attracted attention with its rise today, while there was a general unease in the market. While the market value of Terra has increased by $ 3 billion in the last 24 hours, there is currently a capital difference of $ 2.3 billion with XRP, which is right in front of it. Ripple (XRP), on the other hand, has a market cap of $36.7 billion today.
Terra (LUNA) price doubled its price after falling to $45 after the correction seen in January. Terra price is $92.00 at the time of writing and a 24-hour trading volume is $2,671,610,535. The price has increased by 0.9% in the last 24 hours.
What lies behind the Terra (LUNA) project?
Terra is a Blockchain protocol that uses fiat-pegged stablecoins for payment ecosystems. It currently offers a wide variety of stablecoins pegged to the US dollar, South Korean won, Mongolian tugrik and others.
Terra (LUNA) also acts as the governance token for the network. This allows holders to vote on governance proposals, giving the token an additional functionality and use case.
The growth of the Terra platform can be attributed to the growing demand for stablecoins, as most investors in the market are actively withdrawing their crypto assets from centralized exchanges and transferring them to private wallets or DEXs (Decentralized Exchange).