LUNA, Terra's own blockchain token, hit a new all-time high today at $ 64.87. According to CoinMarketCap, the cryptocurrency is up 14% in the last 24 hours. Due to the latest price spike, LUNA's market capitalization has surpassed $ 25 billion. The cryptocurrency backed by Michael NOVOGRATS is now worth more than Shiba Inu (SHIB). The two tokens are in 12th and 13th place respectively on CoinMarketCap.
Terra blockchain platform offers a set of algorithmic stablecoins pegged to various fiat currencies. The LUNA token is responsible for ensuring the price stability of these stablecoins. Its supply is adapted to the level of demand using the mint / burn function in the protocol. The LUNA price benefits from the growth of the TerraUSD (UST) stablecoin.
According to data provided by DeFi Llama, Terra owns 4.69% of the smart contract market with a $ 12.84 billion TVL. At the end of September, Terra released the highly anticipated Columbus-5, enabling interoperability with other blockchains.
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