Crypto influencer “Coin Bureau” (“@coinbureau” on Twitter) wants people to learn more a little-known altcoin that is gaining adoption in the world of digital payments.
In a recent YouTube video titled “Terra: Could LUNA Really Go to The MOON??”, the show’s pseudonymous host told the channel’s over 481K subscribers that he was excited about Terra, a decentralized payments platform created by South Korean blockchain company Terraform Labs. He said the new platform utilizes stablecoins pegged to different fiat currencies in order to facilitate payments.
According to Terra’s white paper, Terra is a cryptocurrency that is “both price-stable and growth-driven,” achieving price stability via “an elastic money supply, enabled by stable mining incentives.”
The pseudonymous crypto analyst and trader claimed the project had more than doubled its adoption rate in the last month by partnering with protocols leveraging the U.S. dollar-pegged stablecoin UST.
According to a report by Daily HODL, he said:
“Terra has found a unique way to mint stablecoins that are pegged to various fiat currencies in a decentralized manner. The circulating supply of Terra’s US dollar stablecoin, UST, has doubled over the last month and has consequently become one of the largest stablecoins by market cap.“
LUNA, the reserve currency for the decentralized platform, has climbed around 170% in the last 30 days. Despite already making significant gains, Coin Bureau told followers the project had huge potential and noted the price could continue appreciating.
He went on to say:
“I think this is one of the most exciting cryptocurrency projects I’ve seen in some time and part of me regrets not covering Terra sooner. The founders are legit – Terraform Labs is constantly innovating, and a lot of progress has been made since the Terra mainnet went live in 2019.“
Currently (as of 22:15 UTC on March 7), LUNA is trading around $7.91, down 3.61% in the past 24-hour period, but up 1104.84% in the year-to-date period.
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