Terra’s core stablecoin LUNA is enjoying a positive run today. It has recorded 7.51% in gains over the last 24 hours. LUNA’s price fell to $62.88 during Saturday’s trading session as the alts market took another hit in tandem with the flagship cryptocurrency.
The LUNA market, however, picked pace shortly after, shooting up to $75.16 early on Monday. This was followed by a brief correction to $68.06 on the same day, according to market data. Meanwhile, the Terra ecosystem is seeing more developments despite facing criticism from MakerDAO’s founder.
Here are more details on this and other events that have made headlines over the last few days.
21Shares lists the worlds’ first Terra crypto ETP on Zurich-based exchange SIX
Leading cryptocurrency ETPs issuer 21Shares today announced the listing of a cryptocurrency ETP based on Terra via a press release. The offering called 21Shares Terra ETP is the first of its kind and is available on Switzerland’s principal stock exchange SIX in Swiss francs (CHF), Euros (EUR), and US dollars (USD).
Terra ranks as the second-biggest decentralized finance chain with a $18.2 billion TVL, representing a 17.5% jump in the last 72 hours. 21Shares head Hany Rashwan revealed that the firm had been closely monitoring the Terra blockchain, intrigued by its advancement in the market. The Terra ETP will help investors seek exposure in an ecosystem not anchored on the Ethereum Virtual Machine.
Pantera Capital Head notes Terra has high growth potential
Speaking in the end-year installment of CNBC’s Crypto Night in America hosted by Melissa Lee, Pantera Capital CEO Dan Morehead praised Terra and its LUNA token. The venture capital firm chief defended his choice of LUNA as one of the most promising tokens this year. Morehead tied his optimism to Terra’s smart contract functionality, which he sees to hold very high potential.
He also explained that many investors are now discovering and getting onto LUNA as a trading token, and with this rapid growth rate, Terra qualifies as one of the most promising coins this year. Notably, Terra has issued the TerraUSD stablecoin that algorithmically pegs the price to the Dollar.
Its self-management structure makes it a far more sophisticated substitute to alternative stablecoins, USDC and USDT. Morehead added that Terra is seeing more use cases beyond just stablecoins. Particularly, he observed its influence in the South Korean gaming space, one of the world’s promising gaming markets.
Terra ranks high in developer activity, Electric Capital reports
Venture firm Electric Capital recently released its 2021 Developer report in which Terra was listed as one of the ecosystems that showed a significantly high rate of growth in 2021. Solana, NEAR, Fantom, and Avalanche completed the top five list.
The report found that Ethereum remains atop of the food chain in terms of the number of developers. However, other ecosystems such as Terra and Solana are catching up fast. Terra led a 313% increase in full-time monthly developers between December 2020 and December 2021.
In terms of total monthly developers, it ranked fifth with a 305% spike within the same period. The surge in developer activity was mostly caused by the crypto markets’ bull run that saw most of the top tokens soar last year. Terra’s coin LUNA ranks 9th in crypto market dominance with a 1.37% share. This figure is expected to rise if developer activity continues swelling as it will boost LUNA’s adoption
MakerDAO founder Rune Christensen labels Terra a ‘solid Ponzi’ scheme
MakerDAO co-founder Rune Christensen sparked emotion in a rather controversial take as he gave Terra a contentious tag, solid Ponzi scheme, last Tuesday.
The MakerDAO co-founder said that Terra and its fellow stablecoin protocol Abracadabra.Money are “solid ponzis.” Christensen added that he had, nonetheless, come to terms with the fact that one could make good money from them. He argued that the two protocols are not “built for resilience” and will soon bubble down to zero “once the market turns for real.”
Terra founder Do Kwon was not amused by Christensen’s antics. He fired back with a comment alluding to the MakerDAO creator’s prolonged absence from the DAO space in recent months. Christensen reportedly came back to the industry last November and attempted to dismiss an employee.
Terra’s UST and Abracadabra.Money’s MIM stablecoins previously collaborated on a project rivaling the centralized stablecoins. The project was fruitful as both the coins gained major strides, with UST upsetting MakerDAO’s DAI as the largest decentralized stablecoin.
Terra (LUNA) market performance
LUNA’s 24 hr trading volume is down 10% on the day. LUNA/USD is, however, showing an uptrend and has been hovering between $73 and $80 for the better part of today.
LUNA/USD 7-day trading chart
Market analysts contend that LUNA is setting the stage as it prepares to overcome immediate resistance at $85. This will pave the way for bulls to target the next resistance at $94. The pair peaked at $79.62 a few hours ago but faced rejection retreating to $79.
To learn more about this token visit our Investing in Terra guide.
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