There are mainly three reasons behind the increase in the price of LUNA by 20 percent! One of the main reasons is the growing interest of people in stablecoins. The two more reasons include the improvement in the market state and new partnerships. These three points are responsible for the bullish momentum of LUNA.
While altcoins are gathering pace and moving up the ladder, Bitcoin prices are fluctuating within the price range of $31,000 – $36,000. This range is helping Terra. Terra is a protocol of the blockchain that mainly specializes in stablecoins, which are flatly pegged, such as the TerraUSD (UST).
All of this is working towards powering a global system of price-stable payment. The Twitter feed of the project hints that the LUNA team has been working hard and has been very busy during June especially. June was filled with protocol upgrades, new integrations, and partnerships. The ecosystem of Terra includes the LUNA listing on the exchange: Crypto.com. It also includes the incorporation of farming opportunities of Terra on Dfyn and the release of Mirror V2.
Support From LUNA Labs Is A Major Boost!
On 7th July, the Terra price action gained a boost following the commitment of Terraform Labs. TerraForm Labs is the main company behind the blockchain of Terra. They recently committed to implementing 50M Terra SDT which has a total value of around 70Mn USD. This is from the reserve fund relating to the TFL stability to capitalize and boost the ANC reserve yield.
The reason for such a move was to gain enough time and platform to introduce protocol improvements relating to self-sustainability and collateral improvements. They will soon be released as a portion of the Anchor V2 in the next few weeks.
