Luna Up 17.5% Amid Growth In UST CapitalizationMolly Jennings
During the day, the price of the LUNA token of the Terra platform increased by 17.5%. This happened against the backdrop of Terra USD (UST) entering the third place in terms of capitalization among stablecoins.
April 18 total value of UST exceeded $17.53 billion, which allowed the asset to outperform Binance USD (BUSD). LUNA is at the core of providing algorithmic stablecoin.
At the time of writing, LUNA is trading near the $90 mark. Despite a significant increase over the day, the price of the coin remains approximately 25% lower than the historical maximum recorded on April 5.
Terra has also become the largest holder of the Convex token (CVX) over the past 30 days, according to research firm Delphi Digital. The platform accumulated 649,000 CVX (~$17.7 million) over the period and outperformed Frax Finance.
— Delphi Digital (@Delphi_Digital) April 18, 2022
According to DeFi Llama the protocol ranks sixth among DeFi projects by TVL with $12.18 billion.
Recall that in January, the company standing behind Terra, Terraform Labs created non-profit organization Luna Foundation Guard to develop the project ecosystem and increase the sustainability of UST.
In April, the project was announced $100 million purchase of AVAX tokens Avalanche networks.