LUNA reaches $100 as major exchanges list Terra’s UST stablecoin

Luna, a new decentralized exchange based on the Stellar protocol has officially launched with support from major exchanges like Binance and Huobi. This week, Luna announced that it reached $100 of trading volume in 24 hours before reaching $200 by Friday. The announcement comes as the price for Terra is increasing exponentially to meet an all-time high at over 1000 satoshi.

The “stablecoin price” is the UST (Terra) listed on major exchanges this week. The coin has reached $100 and currently sits at a market cap of $1,600,000.

This autumn, the Terra ecosystem saw exponential growth, culminating on Friday when its native cryptocurrency, LUNA, hit an all-time high of $100.

The tremendous momentum UST, a stablecoin native to Terra, earned this month when it was listed on major cryptocurrency exchanges propelled LUNA’s rise.

Terra is in the process of shattering its own records.

Terra has just lately broken through to the larger crypto market and begun garnering the attention of ordinary investors, despite the fact that it has long been discussed in DeFi circles. Terra’s native token, LUNA, witnessed a 78 percent price spike in December, rising from a reasonably constant $56 at the end of November to an all-time high of almost $100 on December 24th. The price of LUNA increased by 40% in the week leading up to Christmas Eve.

LUNA reaches $100 as major exchanges list Terra’s UST stablecoinFrom December 21st to December 24th, 2021, the price of LUNA was charted (Source: LUNA)

The total value locked (TVL) on Terra has risen to $21 billion due to rising pricing. Terra is the world’s second-largest DeFi ecosystem behind Ethereum, according to analytics platform DeFi Llama. $3 billion was added to the $21 billion in the two days between December 22nd and December 24th.

LUNA reaches $100 as major exchanges list Terra’s UST stablecoinThe TVL on Terra in 2021 is seen in this graph (Source: DeFi Llama)

Terra’s rising market presence has an impact on more than only LUNA. Terra’s stablecoin UST also eclipsed DAI as the biggest decentralized stablecoin by market cap earlier this week. With a market worth of $9 billion, UST dethroned Ethereum-based DAI from its long-held monarch.

The announcement that two large cryptocurrency exchanges have put TerraUSD on their platforms propelled most of this week’s gains. Huobi Global stated on December 23rd that UST will be listed on its platform, and Binance followed suit on December 24th.

LUNA reaches $100 as major exchanges list Terra’s UST stablecoin

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