LUNA, the native coin of the Terra blockchain, increased by 15% in the last 7 days and set a new all-time high of $107.
Related: Terra founder to replenish reserves of his project with billions of dollars
The LUNA has grown in the last month significantly as a Singapore-established non-profit organization Luna Foundation Guard bought more than $3 bln worth of BTC as an additional layer of security for Terra’s UST stablecoin. Pegged to the USD, UST now has a market cap of over $16.2 bln.
LUNA is the 8th largest crypto with a market cap of more than $37.4 bln.
Previously, the CEO of Terraform Labs, Do Kwon tweeted that with over $10 bln in BTC reserves UST will open another development phase of BTC standard, which is easier to spend and more attractive to hold.
Terra has been growing rapidly. Currently, it comes after Ethereum as the largest blockchain protocol by the Total Value Locked in its smart contracts, according to the analytics platform DeFi Llama. There are 24 platforms operating on Terra, the largest of which is Anchor, a decentralized yield farming protocol.