Strong demand for Terra's $UST has $LUNA soaring to a new all-time high. 0x_bae reports.
Terra’s LUNA token rose to as high as $104.58 on Wednesday morning, topping a previous all-time record of $103.34 notched last December.
LUNA’s new milestone makes it an outlier among large-cap cryptocurrencies, with names like Bitcoin , Ethereum , Cardano , Binance , Avalanche and Solana down 40-70% from all-time highs.The gains for LUNA are likely thanks to strong demand for sister token TerraUSD , an algorithmic stablecoin pegged to the US dollar.
Conversely, if - as appears to be occurring now - demand for UST drives the price of the token over $1, users can mint additional UST by burning the dollar-equivalent amount of LUNA. This burning of LUNA tokens to create UST drives up the price of LUNA.Terra’s Anchor Protocol, a decentralized finance platform advertising an annualized percentage yield of nearly 20% on Terra stablecoins.
In another tweet this morning, the LFG said it would burn the $4.2 million of LUNA left in its treasury to provide UST liquidity to the stablecoin decentralized exchange Curve.
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