Terra token hits a new all-time high due to successful voting on Burn mechanism in which 133 out of 134 votes agreed to burn $88 million worth of $LUNA. LUNA reached the price of $84.47 today, continuing its solid performance over the last week.
Terra blockchain is used for creating algorithmic stablecoin pegged to various fiat currencies alongside DeFI infrastructure. The recent developments on the blockchain are pushing the price of the native token LUNA. LUNA is used to participate in governance votes and pay network fees. The data from CoinGecko shows that Terra’s native token has increased its price by 56% in the last week.
Terra token hits a new all-time:
Terra token hits a new all-time high by reaching the price of $84.47. The token is up over 8.4% over the last 24 hours. With this price, LUNA has become the 9th largest crypto asset by surpassing both Avalanche and Polkadot. This sudden rise of the token has helped the Terra blockchain to cross the Binance Smart Chain (BSC) in terms of total value locked (TVL). Terra has become 2nd largest DeFi protocol behind Ethereum.
The total value locked in the 13 Terra-based projects has reached $18.06, according to DeFi Liama. One of the reasons for this sudden rise of the LUNA is the acceptance of the proposal which makes adjustments to the burn mechanism of LUNA. The firms’ proposal was accepted through a governor vote in which proposal was accepted by 133 votes out of 134. Terra token hits a new all-time high and will continue to do as Terra is being better every day.
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