LUNA, the crypto currency of the terra blockchain network, continued the parabolic rise that started in mid-November. The cryptocurrency, which gained 37 percent value, rose to $ 2.46.
Luna gained 100 percent last week after Mike Novogratz invested $ 25 million in Seoul-based company Terraform Labs, which manages the development of Terra.
Korea-based Terra is a stablecoin project that aims to combine the stability of legal currency with the uncensored nature of cryptocurrencies.
The popularity of the terra-based, decentralized mobile payment application CHAI is also increasing. The application, which reduces the legal payment fees, offers almost instant payment in various Korean stores.
According to the statistics source dapp.com, the application in question reached 2.3 million users and has almost 63 thousand daily users.
$LUNA heating up in East Asia
A project that @novogratz likes
— 2oast (@2oast) February 1, 2021
Novogratz said that Terra’s offering of real-world solutions with business products sets it apart from most other blockchain-based startups.
Terra also hosts rapidly rising DeFi projects such as Mirror Protocol, which enables the trading of stocks, indices and commodities.
Traded at $ 0.28 at the beginning of November, LUNA started to gain rapidly after the launch of the Mirror Protocol.