As the year comes to a close, let’s look back at Terra’s bullish rise and recap some of its biggest stories from the 2021 bull run.
Covered:
- Grayscale Invests in Terra
- CEO Do Kwon Predicts $10 Billion UST Market Cap
- Columbus-5 Protocol Upgrade
- UST Binance And Huobi Listing
- Terra Flips BSC In TVL
If you had bought $1,000 of Terra (LUNA) on the first day of 2021, you’d be sitting on nearly $150,000 today. LUNA has clearly been one of the top-performing cryptocurrencies of the 2021 bull run, and its growth is well deserved.
Let’s look back at five of the biggest Terra stories from this year to see why LUNA has been “terra’ing” up the charts.
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5. Grayscale Invests in Terra
Starting off the list, one of the first major catalysts that kicked off LUNA’s parabolic rise was a $25 million investment by major crypto asset management firm Grayscale back in January, as covered by CoinTelegraph.
That investment has certainly paid off, as LUNA has more than 100x’d in price since then. Despite all that appreciation, however, Grayscale doesn’t have any plans to sell. Last month, the asset manager announced that it’s considering adding both LUNA and Avalanche (AVAX) investment products to its clients, meaning that big money may just be getting interested in allocating capital to LUNA.
4. CEO Do Kwon Predicts $10 Billion UST Market Cap
10B or I’m pissed
— Do Kwon (@stablekwon) February 12, 2021
Back in February, Terra’s CEO Do Kwon called for a $10 billion market cap for LUNA’s native stablecoin UST. At the time, it was a very bold prediction, as UST had just reached over a $350 million market cap for the first time.
$UST marketcap is now $10B, the first decentralized stablecoin to achieve this milestone.
There is no more doubt in the product market fit of decentralized money in decentralized economies.
Long live @terra_money pic.twitter.com/f59ItpkgnJ
— Do Kwon (@stablekwon) December 26, 2021
Just yesterday, December 26th, UST hit the illustrious $10 billion milestone, a 28x rise in its market cap since Kwon’s tweet back in February. No one could have known at the time whether the stablecoin could successfully make such a move, but UST realizing that milestone yesterday has gotten me much more confident in Kwon’s prophecy-telling abilities moving forward. $10 billion doesn’t mark the finish line, however – Kwon is now calling for a massive $100 billion market cap next. We’ll have to see what happens in 2022!
3. Columbus-5 Protocol Upgrade
Another major bullish catalyst for LUNA was its highly-anticipated Columbus-5 protocol upgrade from the end of September. The upgrade brought an array of new upgrades to the Terra blockchain. One of the main updates was its adoption of inter-blockchain communication (IBC), which connected Terra-native assets to the Cosmos (ATOM) ecosystem. IBC also connected Terra to the Solana (SOL) and Polkadot (DOT) blockchains, which allows for UST to freely integrate with these blockchains, exponentially increasing demand for UST across blockchains.
Another major upgrade that came with Columbus-5 was a rehaul of Terra’s economic model, enabling the burn of LUNA tokens when new UST is minted. If you want to learn more about how LUNA’s tokenomics interact with UST, check out this article.
There are plenty more major protocol upgrades that came with Columbus-5. Check out this Twitter thread from the Terra team to learn more about it.
1/ Columbus-5 is now officially live as the new Terra mainnet!
Welcome to the future of Terra https://t.co/EFnQnFr2lB
— Terra (UST) Powered by LUNA (@terra_money) September 30, 2021
2. UST Binance And Huobi Listing
The fourth-biggest story for Terra this year came just last week, when both Binance and Huobi, two of the largest global crypto exchanges, officially listed UST on their exchanges.
Binance announced to list SPELL and UST. Huobi also just listed UST yesterday. https://t.co/igXdiPP8JB
— Wu Blockchain (@WuBlockchain) December 24, 2021
Kwon has focused all of Terra’s development around UST – it’s the most important piece of the puzzle to drive demand for LUNA and the overall Terra ecosystem. As Terra gains more and more traction among major players in the cryptoverse, the Binance and Huobi’s listings mark a major sign of approval for the blockchain moving forward. The only question that remains – when will US crypto exchanges like Coinbase and FTX catch up?
1. Terra Flips BSC In TVL
To top it all off, Terra just flipped Binance Smart Chain last week in total-value-locked (TVL) last week, officially making Terra the second-largest blockchain in the entire crypto space, second only to Ethereum (ETH). All the momentum and protocol upgrades have paid off massively, as Terra now holds over $18 billion in TVL, though it tapped the $20 billion milestone on December 24th.
Terra is becoming the second-largest blockchain positions LUNA in an incredibly bullish spot for the remainder of the bull run as we head into 2022. Pair that with more than 160 protocols lined up to launch on Terra by early 2022, as reported by AsiaMarkets, the Terra ecosystem could be primed to flourish in the coming months.
The post Top Five Terra (LUNA) Stories From 2021 appeared first on CryptosRus.
Top Five Terra (LUNA) Stories From 2021
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