UST, the main stablecoin of the Terra project, will be integrated with Binance and Huobi, two leading exchanges by trading volume, expanding the options users have for trading stablecoin. Following these announcements, the price of LUNA, the governance asset of the Terra Project, broke its all-time high, surpassing $ 100 for the first time in its history.
UST attracts the attention of Huobi and Binance
UST, the most widely used stablecoin from the Terra Project, reached a milestone after two leading exchanges by volume added it to their platforms. Huobi, an Asian exchange, announced It would add the asset to its pioneer zone on December 23 and launch a contest to attract trading in the new currency, offering platform users 210,000 UST.
Binance too reported the same day listing of the stablecoin, stating that it offers three different UST trading pairs: UST /BTC, UST / BUSD and UST /USDT. In contrast, Huobi only confirmed one trading pair, opposite USDT. The news was well received and celebrated by Do Kwon, Founder and CEO of Terraform Labs. specification:
Now there is literally no reason to put your internet money at censorship risk. Happy Holidays everyone!
LUNA breaks record values again
The market capitalization of the Terra Stablecoin has Experienced In the last week alone, there was significant growth from 8.8 billion US dollars on December 18 to almost 9.8 billion US dollars on December 24. Shortly after the announcement by Binance, more than 200 million UST were issued. Depending on the dynamics of the issuance of the token, this could have influenced the price increase of LUNA.
LUNA, the governance token of the Terra project, is used to mint UST. As more UST is minted, the supply of LUNA is shrinking, making it a more scarce product. Depending on the market situation, this can contribute to a hypothetical price increase.
After the listing announcements, LUNA’s price reacted Cheap, broke the all-time high of just over $ 80 set on December 20. This was when UST turned around DAI, the stablecoin backed by Ethereum, as the most valuable decentralized stablecoin cryptocurrency project. The price of LUNA hit $ 100.84 yesterday, aided by the recovery in the general cryptocurrency market, and has since fallen to just over $ 95.
What do you think of Binance and Huobi’s UST listing and LUNA’s recent price hike? Let us know in the comments section below.
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Source: Crypto News Austria