LUNA reaches $100 as main exchanges listing Terra’s UST stablecoin

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The Terra ecosystem has skilled parabolic development this fall which culminated this Friday as its native cryptocurrency LUNA reached its all-time excessive of $100.LUNA’s development was fueled by the numerous traction UST, a stablecoin native to Terra, gained this month because it acquired listed on main cryptocurrency exchanges.Terra is breaking its personal recordsWhile it’s lengthy been mentioned in DeFi circles, Terra has solely not too long ago damaged via to the broader crypto market and started attracting the eye of retail traders. In December alone, Terra’s native token LUNA noticed its value enhance over 78%, leaping from a comparatively secure $56 it established on the finish of November to its all-time excessive of over $100 on December twenty fourth. Within the week main as much as Christmas Eve, LUNA noticed its value enhance by 40%.LUNA’s value chart from December twenty first to December twenty fourth, 2021 (Supply: CryptoSlate LUNA)Rising costs elevated the full worth locked (TVL) on Terra to $21 billion. In keeping with analytics platform DeFi Llama, this quantity makes Terra the biggest DeFi ecosystem on the planet after Ethereum. Out of the $21 billion, $3 billion was added within the two days between December twenty second and December twenty fourth.Chart exhibiting the TVL on Terra in 2021 (Supply: DeFi Llama)Terra’s rising market presence didn’t have a constructive impact simply on LUNA. Terra’s stablecoin UST additionally reached a big milestone earlier this week because it surpassed DAI as the biggest decentralized stablecoin by market cap. UST eliminated the Ethereum-based DAI from its long-held throne by reaching $9 billion in market cap.Most of this week’s development was fueled by information that two main cryptocurrency exchanges listed TerraUSD on their platforms. On December twenty third, Huobi World introduced that it’ll listing UST on its platform, whereas Binance adopted swimsuit on December twenty fourth. CryptoSlate NewsletterFeaturing a abstract of a very powerful each day tales on the planet of crypto, DeFi, NFTs and extra.Get an edge on the cryptoasset marketAccess extra crypto insights and context in each article as a paid member of CryptoSlate Edge. On-chain evaluation Worth snapshots Extra context Be part of now for $19/month Discover all advantages