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Terra (LUNA) Price Struggles to Hold Above $80 as FTX Lists UST

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Mon, 03/07/2022 - 12:25
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Vladislav Sopov
Major cryptocurrency exchange FTX now supports Terra's native stablecoin, UST
Terra (LUNA) Price Struggles to Hold Above $80 as FTX Lists UST
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Terra, the second-largest decentralized finance ecosystem by total value locked (TVL) across all of its applications, now has its stablecoin listed by a top-tier exchange.

FTX adds Terra USD (UST), expands to Europe

Top-tier cryptocurrency exchange FTX announced on March 6, 2022, that it starts supporting Terra USD (UST), an algorithmic stablecoin of the Terra (LUNA) ecosystem.

As such, FTX users can now seamlessly trade the largest decentralized stablecoin by market cap. Earlier this month, Luna Foundation Guard (LFG) decided to increase the UST supply by $450 million in equivalent.

This mint took place because of increased interest in DeFi operations with UST.

Also, on March 7, 2022, FTX co-founder Sam Bankman-Fried announced that the operations of his product are now licensed in Europe. The newly launched FTX Europe obtained a license by CySEC regulator.

Both spot and derivatives trading modules will be available on the platform for European clients. The new arm of FTX will be headquartered in Switzerland.

Terra (LUNA) defends $80 level, outperforms all majors

Despite a significant pullback, decentralized applications on Terra (LUNA) blockchain added 50% in TVL over the last 30 days. Right now, this metric sits at $22 billion, which is twice as high as that of closest competitor, Binance Smart Chain (BSC).

LUNA, a core native asset of Terra ecosystem, struggles to stay above $80.

Terra defends $80 level
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Terra (LUNA) changes hands only 20% lower than the ATH, while other large-caps, including Bitcoin (BTC), Ethereum (ETH) and Cardano (ADA), are down 50-70%.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)