Just one week after the news channels reported the $25 million investment from Mike Novogratz’s Galaxy Digital Trading HK Ltd to Terraform Labs, a Singapore-based company, its native coin LUNA has recorded a 100% price increase in the crypto market. Today alone, by records from CoinMarketCap, the coin shot up 37% reaching an all-time high of $2.49.
Giving reasons for the investment, Novogratz said in an interview, “What’s great about Terra is they are one of the first sandbox experiments that’s getting outside the sandbox.” He also added, “We are always looking at those projects because they are the canaries in the coal mines of what else is going to happen.”
Terra Protocol is a stable, programmable cryptocurrency platform that integrates DeFi and payment projects by combining the stability of fiat currency with the volatile nature of cryptocurrency. The platform has already gained traction in South Korea amongst merchants and users and already boasts of over 2 million active payment users and a record of $1 billion transaction volume per annum.
The platform also launched a mobile payments DApp called CHAI. According to Novogratz, although the platform came into a crowded field of existing mobile apps, it is “going to dominate payments in Southeast Asia.” This is already proving to be so. The DApp has surpassed 2.3 million unique users recording almost 63,000 members who use the service every 24 hours. Payment processing fees and settlement time has been shortened to about six seconds making the platform a favourite for payment at local convenience stores and online sites.
Another distinguishing feature of the platform is its DeFi project, Mirror Protocol, a synthetic asset protocol that enables users to track the prices of traditional financial assets like stocks, futures, exchange-traded funds on-chain using synthetic assets that mirror the behaviour of these real-world assets. So far, the total value of the liquidity locked in the protocol has reached an all-time high of $171.3 million on 1st February recording an almost 200% increase in the space of two weeks. The launch of the Mirror Protocol was one of the major price boosters for the blockchain’s native coin LUNA.
Other unique projects by the startup include Anchor Protocol, a savings protocol, and ZenGo, a crypto exchange platform. The future is indeed bright.
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