Luna Price is having a main character moment as it has reached the all-time high of $35. This massive growth comes when only 6 weeks ago, Luna price was around $6. However, there are many people wondering about the currently 12th largest cryptocurrency and what it is.
The Terra Network success justifies Luna price
Terra is a revolutionary blockchain network for payments through stablecoins. Luna is the native token for this decentralized network. Terra provides quick and reliable cross-border payments using fiat-pegged stablecoins. Other than the utility, the Terra network relies on staking of Luna coin as well as numerous stablecoins pegged to fiat currencies. So the question is, how good is the Terra network?
Well, this next-gen ecosystem was initially built for the expanding Asian e-commerce market. The goal was to create an efficient algorithm that has the capability to quickly evolve. And they had an enormous success in that regard. Utilizing the Terra network, service providers are able to save millions of dollar per year. The main contributing factor for this success is the much lower transaction fees. Whereas a 2.5% to 3% is considered a standard fee in the industry, Terra will only charge you 0.5% to 2%.
Where is Luna Headed
Considering the massive adoption of the Terra network, the skyrocketing of Luna sounds well-justified. However, looking at the huge potential of the Terra ecosystem and the ever-expanding adoption of it, we can only expect Luna to be only getting started.
DigitalCoin has predicted Luna price will reach around $48 by the end of this year. Gov Capital on the other hand, is of the belief that Luna price will reach $62 by the August of next year.
All in all, despite the big price hike, Luna seems to be on a path to greatness.
To follow the latest opinion articles, technical analysis and news, stay right here.
