Often when we talk about cryptocurrencies, we're talking about how they might solve a problem, or what the technology could do once it overcomes certain roadblocks. In the case of LUNA, it's already working. So should you buy it? Well, the short answer is yes!
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In today's post we are going to talk about three reasons why you should buy LUNA and give you some updates about it. So without further ado, let's get right to it.
First let's talk about what Luna actually is, for that we need to look into terra as well. As a company, the best way to think of Terra is as a fully digital, decentralized financial institution. It has its own kind of central reserve. Its customers can earn interest on their assets, spend them through its payment system, and even invest in synthetic stocks. And the token, Terra (LUNA) underpins much of what the company does.
LUNA is a governance and staking token that fuels the whole Terra network. It supports Terra's stablecoins and payment processing systems. So it plays a pretty significant role there.
It has been one of the biggest revelations in crypto space this year. And the network has been moving quite impressively. And LUNA is the 14th largest crypto currency in the world with a market cap of more than $10 billion. Despite market volatility it has been very successful.
Terra has a whole stable of stablecoins, including a Terra U.S. Dollar (UST, Euro (EUT), Canadian Dollar (CAT) and Japanese Yen (JPY).)
Stablecoins are digital currencies that are pegged to conventional assets like U.S. dollars or gold. They've soared in popularity because they give the benefits of cryptocurrency. These are that they are known to be fast, cheap, and the transactions are done easily. And that too, without the price volatility.
Currently, UST is the 5th most valuable stablecoin by market cap.
Now, all these add so much value to the price action of the LUNA token.
LUNA soared substantially during the 2021 crypto bull run and this is because of the huge demand for Terra’s stablecoins. Plus, it has good tokenomics that give an incentive to the users.
Additionally, a large number of reputable exchanges support LUNA, all of which have decent liquidity and volume trading for the token.
Another reason for investing in LUNA is that there is a high possibility that it's going to be reaching the moon. We say this because it has room to grow exponentially as Terra stablecoins adopt more use cases.
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So, Another reason why you should invest in Luna is that it has an experienced leadership team. And not only that but it also has a clear whitepaper, and several big backers, Terra has a lot going for it. It can also communicate with several different blockchains and is a programmable ecosystem in its own right, all of which is probably why LUNA's price has risen over 2,000% since the start of this year.
Terra is based in South Korea which has already introduced tighter regulations this year. The new rules mean crypto exchanges have to partner with local banks to stay on the right side of anti-money laundering laws so one of the challenges for Terra will be scaling significantly beyond the borders of South Korea. It has already expanded its network to Singapore and plans to expand even further. But there's still work to be done in this regard.
So in conclusion we would say that LUNA has performed incredibly well this year and may continue to go from strength to strength so you should definitely invest in it and there are great chances of profit. But then again, all cryptocurrencies are risky, and there's a lot of uncertainty surrounding the outlook for stablecoins right now. Make sure you understand how that environment might unfold before you invest.
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