Terra Climbs Past $100 Amid Fresh Listing with 7.5 Million LUNA Tokens Burnt
Terra Luna records 55% increase following its return to above $100 amid a fresh listing
Terra LUNA has smashed the $100 mark, establishing new records for all-time highs at $101.50 on December. 24. Binance is a leading cryptocurrency exchange, has announced a UST listing. More than 7.5 millions LUNA tokens were burned in the past five days, as per Terra’s smart stakes information.
The month of October was when Terra made public the announcement of the proposal 44 to burn around 90 million tokens that are held in the pool of community. LUNA token burn is continuing at the same pace, having 7.5 million burned over the past five days.
At the beginning of December the Terra’s TVL was approximately $11.9 billion, which is an increase of nearly 100% within a mere month. It could be that people are locking large sums of money into the system to get the rewards of staking. Regarding TVL, Terra is now the second largest DeFi network, just below Ethereum and even higher than Binance Smart Chain.
The Binance list Terra UST
The cryptocurrency exchange Binance announces it’s scheduled to offer TerraUSD (UST) along with also open trading for UST/BTC, BUSD/UST and the UST/USDT trading pair on Dec. 24. TerraUSD (UST) can be described as an uncentralized stablecoin that is part of the Terra blockchain. To mint 1 TerraUSD coin, 1 dollar worth of reserve assets, LUNA, must be burned.
Its and Christmas $UST on @binance
There is no reason to expose your online money to the risk of censorship
Happy holidaysto all! https://t.co/bnxM8HLBg0
— Do Kwon (@stablekwon) December 24, 2021
According to U.Today reported, Terra LUNA seeks to continue its uptrend for the foreseeable future until the market is able to prove overbought. At the time of publishing, LUNA was changing hands at $99.84 in the last 24 hours, which is an increase of 15.74 percent in the past 24 hours.