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Terra LUNA’s UST becomes the first decentralized stablecoin to surpass a market valuation of $10 billion


December 27, 2021 · By MATheGooner
Terra (LUNA)

Terraform Labs’ LUNA is quickly becoming one of the greatest performers in the crypto market, with a rise of nearly 60% in value this month alone, and a burgeoning ecosystem.

A combination of diminishing token supply and a series of modifications in how the coin is used in its own payment network have resulted in network native token gains.

The Terra LUNA network’s decentralized stablecoin UST has exceeded a market valuation of $10 billion, making it the first decentralized stable cryptocurrency to do so.

$UST marketcap is now $10B, the first decentralized stablecoin to achieve this milestone.

There is no more doubt in the product market fit of decentralized money in decentralized economies.

Long live @terra_money pic.twitter.com/f59ItpkgnJ

— Do Kwon 🌕 (@stablekwon) December 26, 2021

Stablecoins provide the same value to cryptocurrency investors, traders, and exchanges by keeping the value pegged, delivering a level of stability in a volatile market, and the market cap has increased to over $150 billion from $20 billion a year ago.

The network’s Columbus-5 upgrade in October, which is a new architecture for maintaining stablecoins pegged to their fiat value; anytime UST is generated, LUNA with the equal amount of value is burned, was a huge advance for the LUNA ecosystem.

This has benefited both the UST stablecoin and the LUNA token, which has witnessed an increase in demand as supply decreases, resulting in a price increase.

Despite the growing uncertainty in the crypto market, the token has already profited for seven months in a row.

Following the recent spike in its value, Terra (LUNA) is now the second-largest decentralized finance (DeFi) blockchain with total value locked (TVL) and attaining $20.99 billion.

The network is only second to Ethereum (ETH), which has a TVL of $155.7 billion. According to DeFi Llama, the total TVL of the DeFi market is approximately $257.5 billion.

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