The global adoption of cryptocurrencies continues to be high, as the ecosystem has become the most sought-after space by investors. One of the reasons behind this surge is the uprising of various Blockchain projects. Since 2009, various Blockchain projects have continued to spring up, each providing bespoke services to the crypto community. However, with each Blockchain, there is always a native token that provides governance, which is an essential entity in the system. The public demand, price, and outlook of a token can tell the story of a Blockchain project to investors. However, LUNA- the native token of the Terra protocol, is one of the tokens making waves at the moment. The token’s performance in the last 12months has been nothing short of remarkable. In this article, we will be looking into LUNA crypto and how profitable holding it can be.
What is LUNA Crypto?
LUNA is the native currency of the Terra Blockchain and a top cryptocurrency in the Blockchain space. Terra is a blockchain protocol that uses stablecoins that are pegged to power price-stable global payments systems. LUNA can pay gas fees and stake in the DPos consensus mechanism supporting validators on the Terra protocol. Founded in January 2018 by Daniel Shin and DoKwon, the project launched its mainnet in April 2019. Terra integrates the censorship-resistance of Bitcoin ad price stability to provide fast and affordable settlements. This means that LUNA is also the governance token of the Terra protocol, and the token gives power to its holders. The current circulating supply of LUNA is 400,848,521 tokens, while its total supply is 818,493,348.
How does LUNA crypto work?
Asides from LUNA crypto acting as a native token, it also stabilizes the price of Terra’s stablecoins. Terra is unique because it combines the advantages of cryptocurrencies with the price stability of fiat currencies like USD. Currently the second-largest Defi protocol with $18 billion in total value locked, Terra is unlikely to fail. However, like every native token, LUNA holders receive governance rights and voting power on the Terra protocol.
Why Should You Buy LUNA Crypto in 2022?
The success of Terra in the last 12months was very strong. The Blockchain protocol has become crucial to its users and the general crypto community. It is worthy to say that this success has not eluded LUNA, which has seen its value rise in the same period. According to data from Coinmarketcap, LUNA is now the 9th largest cryptocurrency in the market.
The cryptocurrency has risen by 10,000% in the last 18 months, and its market cap stands at a staggering $40,149,702,951.09. Trading volumes have also not been left behind, as the surge has hit every part of the protocol. This meteoric rise of LUNA is applaudable, considering that the token was struggling 24months ago. The token is currently trading at $49, a figure that represents more than a 13,000% gain in 2021.
The projects earmarked by Terra for 2022 should see the price of LUNA move further upward this year. Surprisingly, should LUNA experience the same price rally of 2021, the token will break into the top five cryptocurrencies. Crypto analysts believe that investors looking for long-term rewards should also consider spending money on LUNA. However, with Terra’s offerings of competitive programmable payments, logistics, and futuristic infrastructure, LUNA is worth investing in.
Step By Step Guide On Buying LUNA On Binance
It is worth noting that due to the success of 2021, Luna lists in over 50 exchanges globally. The token can also be purchased via peer-to-peer transactions amidst a surge in demand. However, the steps below will guide you on buying LUNA on the popular crypto exchange – Binance.
Firstly, you will be expected to log in to your Binance account or signup if you do not have an account or wallet. Signing up on an exchange is usually straightforward, and you should be done in a few minutes after providing KYC details. Most of the information is very important to prevent future theft or hacks of information and funds.
After login into the Binance app, you would head to the classic or advanced exchange view. This is usually found under the trade tab on the homepage. On the search bar found on the left side of the app, you will type LUNA in there. After searching for LUNA, all the available pairing of the token, e.g., LUNA/BTC. LUNA/BNB, etc., will pop up. It will be expected at this point that you should have enough resources in your wallet to enable a successful purchase.
After this is shown, you will be expected to make a selection and confirm the amount of the token you want. Immediately hit the Buy LUNA button, and the selected quantity is already in your wallet. After the LUNA is deposited in your wallet, you can decide to HODL, Sell, or even trade.
LUNA is the governance and native token of the Terra Blockchain. The Terra project has been a success since its launch in 2018, and the token has benefitted from this success. The massive price rally of LUNA in 2021 saw it grow more than 10,000%. More is expected in 2022, as crypto analysts believe the token should top crypto investors’ lists.