Terra Luna is showing the signs of replacing Ethereum as the number 2 cryptocurrency in the world in 2022. In the last week of Feb 2022, it recorded an unbelievable 75% growth.
Terra and Luna are two cryptos promoted by a single platform. Terra is pegged to USD, while Luna is created to counter price volatility.
When Terra prices reach more than $1, it can be automatically converted into the LUNA token. As a result, the supply is increased, and the price is lowered, ensuring the stability of the ecosystem. For those who are not very familiar with Terra, it is a stablecoin like Tether, which is pegged to the US dollar. The record climb in Terra Luna can be attributed to its stability in crisis times.
Amid the Russia-Ukraine conflict, Terra Luna and Tether have become the cryptocurrency of choice for Russian Oligarchs and millionaires. With the Russian rouble reaching an all-time low, Terra Luna offers Russians to safeguard their investments and assets.
At the time of writing, Terra Luna’s price has reached $99. Terra’s surge has been rapid – 115% rise in February alone compared with 9% growth in ETH. The demand for Terra protocol has been rising because of many reasons. One of them is burning more than 29 million Terra Luna tokens worth a whopping $2.57 billion.
Terra Luna, like Ethereum, works on the Proof of Stake consensus mechanism. Many believe that it will soon eclipse Ethereum to climb to second in the list of most-valued cryptocurrencies.
Also Read: 10 cryptocurrency to buy for short-term crypto investments in 2022
Microsoft is said to be developing a version of Bing, its search engine, using ChatGPT,…
Maruti Suzuki, India's top car manufacturer, is enhancing its customer experience by launching a virtual…
Study shows that blue dragonflies can assist in the development of improved robots. According to…
The U.S. House of Representatives has issued an order for its staff and lawmakers to…
Starting a career in the Web3 industry is easy if you know how to start…
The value of Elon Musk's Tesla stocks has decreased as the company fell short of…