{"id":19745,"date":"2022-03-02T09:46:24","date_gmt":"2022-03-02T08:46:24","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=19745"},"modified":"2022-03-02T09:46:33","modified_gmt":"2022-03-02T08:46:33","slug":"by-staking-market-cap-terras-luna-dethrones-ethereum-2-0-to-be-the-number-two-cryptocurrency","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/by-staking-market-cap-terras-luna-dethrones-ethereum-2-0-to-be-the-number-two-cryptocurrency\/","title":{"rendered":"By\u00a0staking\u00a0market\u00a0cap,\u00a0Terra’s\u00a0LUNA\u00a0dethrones\u00a0Ethereum\u00a02.0\u00a0to be\u00a0the\u00a0number\u00a0two\u00a0cryptocurrency."},"content":{"rendered":"\n
LUNA,\u00a0Terra's\u00a0native\u00a0cryptocurrency<\/a>,\u00a0has\u00a0seen\u00a0a\u00a0robust\u00a0increase\u00a0despite\u00a0recent\u00a0market\u00a0turmoil.\u00a0The\u00a0LUNA\u00a0cryptocurrency\u00a0is\u00a0aiming\u00a0for\u00a0a\u00a0new\u00a0all-time\u00a0high\u00a0and\u00a0is\u00a0now\u00a0trading\u00a07.5\u00a0percent\u00a0higher\u00a0at\u00a0$95.36\u00a0with\u00a0a\u00a0market\u00a0capitalization\u00a0of\u00a0$35.7\u00a0billion.<\/h5>\n\n\n\n
\"\"<\/figure><\/div>\n\n\n\n

According to the most recent data from staking incentives, Terra's LUNA has surpassed Ethereum 2.0 as the second-largest Proof-of-Stake (PoS) network.<\/p>\n\n\n\n

\"\"<\/a><\/figure><\/div>\n\n\n\n

<\/p>\n\n\n\n

With\u00a0increasing\u00a0demand\u00a0among\u00a0DeFi\u00a0protocols,\u00a0Terra's\u00a0LUNA\u00a0has\u00a0emerged\u00a0as\u00a0a\u00a0significant\u00a0challenger\u00a0to\u00a0Ethereum.\u00a0Terra\u00a0LUNA,\u00a0on\u00a0the\u00a0other\u00a0hand,\u00a0trails\u00a0Ethereum\u00a0in\u00a0terms\u00a0of\u00a0total\u00a0value\u00a0locked\u00a0(TVL),\u00a0which\u00a0presently\u00a0stands\u00a0at\u00a0$23.7\u00a0billion.<\/p>\n\n\n\n

Among\u00a0the\u00a0top\u00a0ten\u00a0cryptocurrencies,\u00a0LUNA\u00a0has\u00a0seen\u00a0the\u00a0most\u00a0growth<\/a>\u00a0in\u00a0the\u00a0last\u00a0week,\u00a0with\u00a0a\u00a0gain\u00a0of\u00a077%.\u00a0It\u00a0has\u00a0surpassed\u00a0giants\u00a0such\u00a0as\u00a0Solana\u00a0(SOL),\u00a0Cardano\u00a0(ADA),\u00a0and\u00a0Avalanche\u00a0to\u00a0become\u00a0the\u00a0seventh-largest\u00a0cryptocurrency\u00a0by\u00a0market\u00a0cap\u00a0(AVAX).<\/p>\n\n\n\n

So,\u00a0why\u00a0is\u00a0the\u00a0cost\u00a0of\u00a0LUNA\u00a0so\u00a0high?<\/strong><\/h4>\n\n\n\n

The Luna Foundation Guard (LFG) announced last week that the LUNA cryptocurrency would be sold over-the-counter. This money will be used to “establish a Bitcoin-denominated Forex Reserve for UST,” according to the Luna Foundation. LFG explained why this was done:<\/p>\n\n\n\n

Although the widespread adoption of UST as a consistently stable asset through market volatility should already refute this, a decentralized Reserve can provide an additional avenue to maintain the peg in contractionary cycles that reduces the reflexivity of the system.<\/em><\/p><\/blockquote>\n\n\n\n

In\u00a0terms\u00a0of\u00a0user\u00a0acceptance,\u00a0Terra\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>\u00a0has\u00a0been\u00a0one\u00a0of\u00a0the\u00a0fastest-growing\u00a0Layer-1\u00a0protocols.\u00a0The\u00a0price\u00a0of\u00a0its\u00a0own\u00a0cryptocurrency,\u00a0LUNA,\u00a0has\u00a0mirrored\u00a0this.<\/p>\n\n\n\n

Terra\u00a0is\u00a0also\u00a0on\u00a0track\u00a0to\u00a0cut\u00a0into\u00a0Ethereum's\u00a0DeFi\u00a0market\u00a0cap.\u00a0In\u00a0such\u00a0a\u00a0short\u00a0amount\u00a0of\u00a0time,\u00a0the\u00a0Terra\u00a0ecosystem\u00a0now\u00a0hosts\u00a013\u00a0DeFi\u00a0protocols.\u00a0This\u00a0year,\u00a0a\u00a0huge\u00a0number\u00a0of\u00a0DeFi\u00a0protocols\u00a0are\u00a0expected\u00a0to\u00a0enter\u00a0the\u00a0Terra\u00a0ecosystem.\u00a0LUNA's\u00a0price\u00a0has\u00a0also\u00a0risen\u00a0due\u00a0to\u00a0the\u00a0burning\u00a0mechanism\u00a0of\u00a0Terra's\u00a0native\u00a0stablecoin,\u00a0UST.<\/p>\n","protected":false},"excerpt":{"rendered":"

LUNA,\u00a0Terra’s\u00a0native\u00a0cryptocurrency,\u00a0has\u00a0seen\u00a0a\u00a0robust\u00a0increase\u00a0despite\u00a0recent\u00a0market\u00a0turmoil.\u00a0The\u00a0LUNA\u00a0cryptocurrency\u00a0is\u00a0aiming\u00a0for\u00a0a\u00a0new\u00a0all-time\u00a0high\u00a0and\u00a0is\u00a0now\u00a0trading\u00a07.5\u00a0percent\u00a0higher\u00a0at\u00a0$95.36\u00a0with\u00a0a\u00a0market\u00a0capitalization\u00a0of\u00a0$35.7\u00a0billion. According to the most recent data from staking incentives, Terra’s LUNA has surpassed Ethereum 2.0 as the second-largest Proof-of-Stake (PoS) network. With\u00a0increasing\u00a0demand\u00a0among\u00a0DeFi\u00a0protocols,\u00a0Terra’s\u00a0LUNA\u00a0has\u00a0emerged\u00a0as\u00a0a\u00a0significant\u00a0challenger\u00a0to\u00a0Ethereum.\u00a0Terra\u00a0LUNA,\u00a0on\u00a0the\u00a0other\u00a0hand,\u00a0trails\u00a0Ethereum\u00a0in\u00a0terms\u00a0of\u00a0total\u00a0value\u00a0locked\u00a0(TVL),\u00a0which\u00a0presently\u00a0stands\u00a0at\u00a0$23.7\u00a0billion. Among\u00a0the\u00a0top\u00a0ten\u00a0cryptocurrencies,\u00a0LUNA\u00a0has\u00a0seen\u00a0the\u00a0most\u00a0growth\u00a0in\u00a0the\u00a0last\u00a0week,\u00a0with\u00a0a\u00a0gain\u00a0of\u00a077%.\u00a0It\u00a0has\u00a0surpassed\u00a0giants\u00a0such\u00a0as\u00a0Solana\u00a0(SOL),\u00a0Cardano\u00a0(ADA),\u00a0and\u00a0Avalanche\u00a0to\u00a0become\u00a0the\u00a0seventh-largest\u00a0cryptocurrency\u00a0by\u00a0market\u00a0cap\u00a0(AVAX). So,\u00a0why\u00a0is\u00a0the\u00a0cost\u00a0of\u00a0LUNA\u00a0so\u00a0high? The Luna Foundation Guard (LFG) announced last week that the LUNA cryptocurrency would be sold over-the-counter. This money will be used to “establish a Bitcoin-denominated Forex Reserve for UST,” according to the Luna Foundation. LFG explained why this was done: Although the widespread adoption of UST as a consistently stable asset through market volatility should already refute this, a decentralized Reserve can provide an additional avenue to maintain the peg in contractionary cycles that reduces the reflexivity of the system. In\u00a0terms\u00a0of\u00a0user\u00a0acceptance,\u00a0Terra \u00a0has\u00a0been\u00a0one\u00a0of\u00a0the\u00a0fastest-growing\u00a0Layer-1\u00a0protocols.\u00a0The\u00a0price\u00a0of\u00a0its\u00a0own\u00a0cryptocurrency,\u00a0LUNA,\u00a0has\u00a0mirrored\u00a0this. Terra\u00a0is\u00a0also\u00a0on\u00a0track\u00a0to\u00a0cut\u00a0into\u00a0Ethereum’s\u00a0DeFi\u00a0market\u00a0cap.\u00a0In\u00a0such\u00a0a\u00a0short\u00a0amount\u00a0of\u00a0time,\u00a0the\u00a0Terra\u00a0ecosystem\u00a0now\u00a0hosts\u00a013\u00a0DeFi\u00a0protocols.\u00a0This\u00a0year,\u00a0a\u00a0huge\u00a0number\u00a0of\u00a0DeFi\u00a0protocols\u00a0are\u00a0expected\u00a0to\u00a0enter\u00a0the\u00a0Terra\u00a0ecosystem.\u00a0LUNA’s\u00a0price\u00a0has\u00a0also\u00a0risen\u00a0due\u00a0to\u00a0the\u00a0burning\u00a0mechanism\u00a0of\u00a0Terra’s\u00a0native\u00a0stablecoin,\u00a0UST.<\/p>\n","protected":false},"author":32,"featured_media":19746,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,23,21],"tags":[128,7787],"class_list":["post-19745","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrencies","category-ethereum-news","category-news","tag-ethereum","tag-luna-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/03\/TERRA-LUNA.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/19745","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=19745"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/19745\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/19746"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=19745"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=19745"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=19745"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}