LUNA Hits ATH After Astroport’s Deployment, Why Terra Could Continue Growing In 2022
21 Diciembre 2021 - 4:00PM
NEWSBTC
Maybe one of the best-performing assets in 2021, LUNA has been
trending against the market for the past 2 weeks. While Bitcoin,
Ethereum, and other major cryptocurrencies remained rangebound, the
native token for the Terra ecosystem re-entered uncharted
territories. Related Reading | Terra Begins LUNA Burning, Why It
Could Target $140 As of press time, LUNA trades at $87 coming in
from a monthly low at $38 which represents almost a 40% increase
over that period. As reported by NewsBTC, Terra deployed several
improvements on its mainnet in the past months. These included
Colombus-5, Wormhole v2, and an Inter-Blockchain Communication
(IBC) protocol. The first of these upgrades could be the fuel that
has triggered LUNA’s rally as it implemented a burning mechanism
into the network. Effectively, this upgrade has turned LUNA into a
deflationary asset that will continue to see buying pressure into
the future. Per a report by Delphi Digital, the Terra ecosystem has
also benefited from the deployment of Astroport, an Automated
Market Maker (AMM). The protocol is yet in an early phase but has
already seen over $1 billion in capital inflows. This capital
injection into Terra’s ecosystem coincides with LUNA’s rally which
goes to show the importance of adoption for this token’s
performance. Delphi Digital said: LUNA price notched another ATH
today before retracing lower. The price increase over the last few
days was likely triggered by investors buying spot LUNA to lock up
in the Astroport lockdrop, then hedging their position via
perpetual futures to remain delta neutral. As the chart also shows,
LUNA has the right ingredients to continue its rally: reaching
price discovery on negative funding rates for the derivatives
sector, which suggests speculators expected more downside in a
short time. It remains to be seen if the trend will be able to hold
in 2022. Terra (LUNA) And Its Potential To Take Over 2022 LUNA’s
ecosystem has displayed strength in other sectors. The network’s
native stablecoin UST has been gaining more adoption and could
potentially disrupt this sector of the crypto market. Delphi
Digital records an increase in market capitalization for UST since
December 15th. This stablecoin has been in a close fight with DAI,
one of Ethereum’s most prominent assets, as seen below. Delphi
Digital added: UST and DAI have been neck-and-neck in terms of
market capitalization, with UST briefly overtaking DAI as the 4th
largest stablecoin last week. Yesterday, UST overtook DAI more
decisively as it had been trading higher for at least the last 24
hours. Related Reading | LUNA Outperforms Bitcoin’s Rally, Why It’s
Ready For Massive Gains Christmas is still some days away, but
December has already proven itself as one of LUNA and Terra’s most
important months in 2021. With solid fundamentals, this network
seems poised to continue its upwards trend in the near future.
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