Terra (LUNA) is one of the prominent altcoin projects in the cryptocurrency market, which has faced corrective price movements after last year’s bull run. In addition to its independent rallies across the market, the expansion of its reserves by 45,000 BTC makes Terra a strong whale.
Messari analysts say Terra is “looking at the moon”
The rise of tier one Blockchain Terra is surprising the market. The project started in 2018 and went on the mainnet in mid-2019. It has since grown the DeFi ecosystem and total value locked (TVL). Terra’s recipe for success is TerraUSD (UST), a decentralized and algorithmic stablecoin. It works like other algorithmic stablecoins by minting and burning. UST is powered by LUNA, so it can be created by burning the LUNA.
Further on, let’s look at some numbers to see how Terra fits into the DeFi ecosystem. LUNA has recently started off-market rallies.
On-chain analytics firm Messari, on altcoin LUNA TVL equal to BSC, Avalanche and Solana combined
, reported a 12% drop in smart contract tokens in March. LUNA gained about 70% during this time. This coincided with the rise of TVL. As Messari points out in his recent analysis:
LUNA has escaped the weight of the price movements of common smart contract platforms and has firmly placed itself on the moon… Terra’s ultimate success is in the growing Terra ecosystem or CEXs and other chains. Adoption of UST abroad. As
Kriptokoin.com, Terra is now second only to Ethereum in terms of TVL. Oddly enough, the LUNA’s price is moving slower than Terra’s TVL. This can be considered a positive indicator as it shows that the LUNA is undervalued.
Terra is this year’s largest Bitcoin whale
Terra (LUNA), who is now famous as one of the largest Bitcoin whales after purchasing approximately 45,000 BTC in 2022, is expected to increase Bitcoin reserves to $3 billion in the near term. wants. He claims he will soon reach $10 billion by purchasing cryptocurrencies using protocol fees. To date, Terra has purchased over $1,733 billion in BTC, roughly 700 BTC less than Tesla’s institutional treasury allocation.
8889
