It is a new month, and you are probably planning on new endeavors that may include investing in Terra. For a while, the LUNA coin, which is a Terra native coin, has shown a lot of improvement in terms of price. Coming from as low as $0.0049 to a surprising $95.40, and it continues to increase over time.
Terra has opened ways for crypto investors to have stable cryptocurrency investments in a competitive market. To learn more about this interesting topic. Here is a detailed guide to the LUNA coin.
A Brief History of Terra
Let’s take you back to 2018 when Terra was founded by two investors named Daniel Shin and Do Kwon. Their main goal was to create a fully decentralized cryptocurrency that is more suitable for investing. Terra has gained a lot of attention due to its low transaction fees, which range from 0.5 to 1%. This is significantly less than what most cryptocurrencies charge.
LUNA coin is the hottest coin on the market right now. People love how competitive it is, and it is on its way to catch up with some of the most well-known DeFi cryptocurrencies, such as Ethereum. This alone demonstrates how LUNA has a promising future.
Methods of Obtaining LUNA Coin
There are various ways crypto enthusiasts can use to obtain LUNA coin. They include these popular options.
- Get LUNA coin by visiting the Loop market platform – This is a cryptocurrency platform that supports Terra. All you have to do is visit the platform, perform tasks, and receive LUNA coin in your wallet. If you are planning to invest in Terra this month, then start with Loop for the best services.
- Perform tasks and receive Terra tokens – Terra has created various ways in which its investors can earn more coins. For example, advertising the currency on various platforms such as YouTube, Instagram, and so on. By doing this, you are promoting the crypto. Hence, you get rewarded with LUNA coin.
How Does Terra Work?
Terra maintains a number of stablecoins. For example, UST is a stablecoin built on the Terra blockchain. It is affected by the principle of supply and demand just like any cryptocurrency; this means that the value of UST starts to change depending on how many people want it and how much is available. When the price starts to go up, Terra balances the supply so that UST stabilizes back to 1 dollar. They do this by swapping $1 worth of LUNA for $1 worth of UST. This increases UST supply and brings the price back down to $1.
Where Can You Store LUNA Coin?
Terra has its own wallet known as Terra Station, where investors can store their LUNA coin and even transfer them to other wallets. To open a wallet, you are required to submit your name, email address, and password. With these wallets, LUNA investors get to stake their coins for future rewards and, in the process, receive extra coins.
LUNA coin is becoming the most talked-about coin in the cryptocurrency community. With its high potential, investors are putting much of their assets into it, hoping for a brighter tomorrow. If you are planning to be the next LUNA investor, do not hold back. Apply what you have read in the above article to get started.