It was just today when the native token of Terra blockchain “LUNA”, gained another surge with respect to its price and trading volume. It has been reported that the LUNA token has experienced a 37% increase and is now at $2.46 in the last 24 hours.
According to the statistics, LUNA has been gaining constant growth in terms of its price and transaction volumes for a while. It was back in the middle of November 2020 when its prices started surging and the asset has been observing a parabolic climb.
Since last week, the price of LUNA has increased by 100%, and analysts are sure that these might be one particular reason for the surge. The analysts have speculated that the price of LUNA started surging even more when Mike Novogratz made an announcement of their investment in LUNA.
It was just last week when Mike Novogratz announced that his company “Galaxy Digital” has made an investment of $25 million at the Terraform Labs. Terraform Labs is known for managing the development of Terra and it is based in Seoul.
Terra is a stabelcoin project from South Korea that exists to achieve the goal of bringing together cryptocurrencies and fiat currencies. It aims to combine the non-censorable nature of cryptocurrencies with the stability of fiat currencies.
One of the most popular and widely adopted DApp that has been developed by Terra is CHAI. The platform is constantly gaining worldwide recognition and it is widely used among users in South Korea.
The CHAI application is an application that cuts down the fees and charges that the users incur for processing fiat currencies. Apart from the fee cut downs, the platform also services like an instant solution for making instant payments to merchants in South Korea.
It was recently revealed by dapp.com, which is a stats tracker platform that CHAI has recently crossed the 2 million unique users’ benchmark. At the time of publishing, the firm has more than 2.3 million unique users on CHAI.
When it comes to 24-hour usage, there are currently more than 63,000 users who are currently using the platform.
For a very long time, Novogratz has been a proponent of Terra and all the products it has launched so far. As per him, Terra is one of a class firm that has the ability to design, develop, and launch real-world solutions that are practical and efficient.
The firm does not just believe in making hypotheses or releasing theories, it actually brings the ideas to reality and ensures that the users are able to make the most out of them.
These are the very reasons why Terra always manages to stand-out as compared to other blockchain-startups.