LUNA reaches $100 as major exchanges list Terra’s UST stablecoin 🚨 This article is 3 years old...
LUNA reaches $100 as major exchanges list Terra’s UST stablecoin
Terra's native token has reached its ATH today, closing off its most successful week yet.
2 min read
Updated: Dec. 24, 2021 at 6:28 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The Terra ecosystem has experienced parabolic growth this fall which culminated this Friday as its native cryptocurrency LUNA reached its all-time high of $100.
LUNA’s growth was fueled by the significant traction UST, a stablecoin native to Terra, gained this month as it got listed on major cryptocurrency exchanges.
Terra is breaking its own records
While it’s long been discussed in DeFi circles, Terra has only recently broken through to the broader crypto market and began attracting the attention of retail investors. In December alone, Terra’s native token LUNA saw its price increase over 78%, jumping from a relatively stable $56 it established at the end of November to its all-time high of over $100 on December 24th. In the week leading up to Christmas Eve, LUNA saw its price increase by 40%.
Rising prices increased the total value locked (TVL) on Terra to $21 billion. According to analytics platform DeFi Llama, this number makes Terra the largest DeFi ecosystem in the world after Ethereum. Out of the $21 billion, $3 billion was added in the two days between December 22nd and December 24th.
Terra’s growing market presence didn’t have a positive effect just on LUNA. Terra’s stablecoin UST also reached a significant milestone earlier this week as it surpassed DAI as the largest decentralized stablecoin by market cap. UST removed the Ethereum-based DAI from its long-held throne by reaching $9 billion in market cap.
Most of this week’s growth was fueled by news that two major cryptocurrency exchanges listed TerraUSD on their platforms. On December 23rd, Huobi Global announced that it will list UST on its platform, while Binance followed suit on December 24th.
Mentioned in this article
Author 
Andjela Radmilac
Armed with a classical education and an eye for news, Andjela dove head deep into the crypto industry in 2018 after spending years covering politics.
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In this article
Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems.
TerraClassicUSD
$0.02113
TerraUSD (UST) is a decentralized and algorithmic stablecoin on the Terra blockchain.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
HTX
Huobi, a virtual asset exchange, launched a revised branding strategy on September 13, 2023, where “Huobi” will be rebranded as “HTX.” “H” stands for Huobi, “T” represents TRON with a commitment to being all in TRON, and “X” stands for the exchange.