Know Your Crypto: Terra (LUNA)
- Terra has created a next-generation blockchain payment platform for the rapidly expanding Asian commercial sector
- Terra is the blockchain that houses the LUNA coin and associated stablecoins, including TerraUSD.
Terra is an open-source blockchain payment platform for an algorithmic stablecoin, which are cryptocurrencies that automatically track the price of currencies or other assets. The Terra blockchain enables users to instantly spend, save, trade, or exchange Terra stablecoins.
Terra is the blockchain that houses the LUNA coin and associated stablecoins, including TerraUSD. The cryptocurrency has been delisted by most exchanges, but it is still available on a few, including FTX.
Terra is distributing luna tokens through what’s called an “airdrop.” Most will go to those who held luna classic and UST before their collapse, in an effort to compensate investors.
Do Kwon co-found Terra to use blockchain technology to develop a more efficient payment system. Its eponymous price-stable cryptocurrency, or stablecoin, attracted 40 million users to work with the company at its launch in January 2018.
Related: Know Your Crypto: Polkadot (DOT)
In May 2022, the Terra blockchain was temporarily halted after the collapse of the stablecoin TerraUSD (UST) and Luna, in an event that wiped out almost $45 billion in market capitalization within a week.
By 2031, its Terra Luna coin price prediction anticipates it to climb to $0.0004. Terra is expected to see a gradual climb and hit $0.002 in 2028. According to its LUNA coin price prediction for 2030, the cryptocurrency is expected to reach $0.003 that year
Just a few weeks ago, Terra was one of the top 10 best cryptocurrencies. The crypto declined by over 95% in a matter of 48 hours. However, some market experts believe that Terra LUNA could be a buy now even after the crash, as the volume of the LUNA token remains impressive.
Does Luna have a future?
Terra is more focused on hosting Defi-based dApps while Solana has no focus. It can host any kind of dApp. Doing that means that it becomes a direct rival to Ethereum, the leading smart contract platform.
Terra has created a next-generation blockchain payment platform for the rapidly expanding Asian commercial sector. The goal is to increase productivity for payment service providers while increasing value for customers.
Terra assisted in forming an eCommerce coalition with 15 founding partners, representing a combined $25 billion in Gross Merchandise Value (GMV) and a 45 million-strong consumer base. This tells us that Terra is seeing some major adoption.
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