Luna Up 17.5% Amid Growth In UST Capitalization

Luna Up 17.5% Amid Growth In UST Capitalization

Luna Up 17.5% Amid Growth In UST Capitalization

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.

                             Data: CoinGecko.

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.

          4-hour LUNA/USD chart on the Bitfinex exchange. Data: Trading View.

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.

According to DeFi Llama the protocol ranks sixth among DeFi projects by TVL with $12.18 billion.

                                                             Data: DeFi Llama.

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.

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