LUNA reaches $ 100 as major exchanges list Terrin UST stablecoin

The Terra ecosystem experienced parabolic growth this fall that culminated this Friday when its original cryptocurrency LUNA reached its highest record in history of $ 100.

LUNA’s growth was driven by the significant strength of the UST, a stable coin originating in Terra, which it acquired this month after being listed on major cryptocurrency exchanges.

Terra breaks her own records

Although it has long been debated in DeFi circles, Terra has only recently broken into the wider crypto market and begun to attract the attention of retail investors. Only in December, Terrin’s original token MOON it recorded a price increase of over 78%, jumping from the relatively stable $ 56 it established in late November to a high of over $ 100 on December 24th. In the week before Christmas Eve, LUNA rose by 40%.

LUNAUUSD
LUNA price chart from December 21 to December 24, 2021 (Source: CryptoSlate LUNA)

Rising prices have increased the total locked value (TVL) on Terra to $ 21 billion. According to the analytical platform Defi Llama, this number makes Terru the largest DeFi ecosystem in the world after Ethereum. Of the $ 21 billion, $ 3 billion was added in the two days between Dec. 22 and 24.

terra tvl
Graph showing TVL on Terri in 2021 (Source: DeFi Llama)

Terra’s growing presence in the market has not only had a positive effect on LUNU. Terrin’s stable money SET it also reached a significant milestone earlier this week as it surpassed DAI as the largest decentralized stabilcoin by market capitalization. UST removed the Ethereum-based DAI from its long-standing throne, reaching a market capitalization of $ 9 billion.

Much of this week’s growth was driven by news that two major cryptocurrency exchanges have listed TerraUSD on their platforms. December 23 Huobi Global announced that it will include UST on its platform, while Binance will followed by example December 24th.

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