The built-in token of the Terra protocol, Luna saw a 19.36% price increase over the previous 24 hours and now trades at around $2.3. The raise began in mid-November.
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On January 26, the news of Galaxy Digital, having invested $25 M in Singapore-based Terraforum Labs became public. Since then, the coin went up by 100%.The Chief Executive Officer of Galaxy Digital, Michael Novogratz finds that Terra's option to provide real-world solutions with working products makes it special. That is why the firm decided to make the investment. Terra is a blockchain project, that manages fiat-backed stablecoins for mass adoption.
The network's development started in January 2018, and in April 2019 it was launched. Currently, the protocol allows a wide range of stablecoins backed by fiat currencies, such as the U.S. dollar, South Korean won, and others.
Terra-powered mobile dApp CHAI is also gaining more popularity. The owners of the LUNA token are allowed to present and vote on governance schemes.