The Terra (LUNA) protocol was created for the issuance of stablecoins with an original mechanism for ensuring the exchange rate stability of issued coins. In addition to issuing coins with a stable exchange rate, the project has a platform for creating synthetic assets and trading them.
What is Terra (LUNA)?
Terra is a cryptocurrency project that specializes in the release of stablecoins for their further implementation in the economy, trade and finance. Terra is a full-fledged ecosystem that includes a mechanism for providing coins (stablecoins) and maintaining the exchange rate, blockchain oracles and smart contracts that automatically process transactions on the platform.
The project has two protocols, one of which is Terra. On the basis of it, stablecoins are issued, and it acts as a central bank. Terra should ensure effective interaction between customers and sellers, improving the infrastructure and introducing new payment tools. Recognizing regional differences in money, Terra aims to become a family of cryptocurrencies, each of which is tied to the main world currencies. The protocol issues stable Terra coins pegged to US dollars, euros, yuan, and other fiat currencies. The system supports atomic swaps between Terra currencies at their market exchange rates. The user can instantly exchange, for example TerraKRW for TerraUSD, at the effective exchange rate of KRW/USD.
Why should I trade LUNA?
The LUNA coin can be considered as a profitable trading tool, for the following key reasons:
- The Terra ecosystem continues to grow actively, more and more retailers are joining it, who get access to cheap transactions to sell their goods and services, which leads to an increase in the price of the coin.
- Developers are actively working on creating a number of new protocols and applications for the Terra ecosystem, which will contribute to its further scaling.
- The year 2021 is the season of altcoins and the Terra project is another proof of this. So over the past year, the price has increased by more than 10,000% and continues to grow.
As of August 10, 2021, the price of the LUNA coin is $13.98, the market capitalization of the project is approximately $5,776,985,192. The maximum cost of the LUNA at $22.33 was set on March 21, 2021. A year earlier (March 13, 2020), the price of LUNA reached a record low of $0.1199.
Where to trade LUNA?
The LUNA cryptocurrency has been listed on many well-known crypto exchanges and brokers. To date, the most popular platforms for trading LUNA are:
- Bitfinex – one of the most professional trading platforms on the crypto market, with support for some fiat currencies.
Available trading pairs: less than 500.
- Huobi – a multilingual exchange with a good reputation. A lot of professional trading tools.
Available trading pairs: about 1000.
- 7b – the most secure and user-friendly crypto broker, with reasonable and low fees, and useful trading tools.
Available trading pairs: more than 2000.
How to trade LUNA using the 7b crypto broker app?
7b is the best crypto broker that provides a convenient and secure environment for trading more than 400 cryptocurrencies. The service is especially suitable for novice traders, in addition, experienced traders can enjoy handy financial instruments, a user-friendly interface, and increased security. In order to trade LUNA on 7b, you need to:
- Download 7b broker app
- Register in your account.
- Use simple payment methods to top up your balance.
- Pick LUNA to buy or sell.
- Set the transaction details.
- Place a market order.
LUNA Exchange
Where to exchange LUNA?
Terra is now an extremely well-known and in-demand project, attracting more and more traders and investors. Therefore, a trader may have a desire to exchange cryptocurrency for LUNA. You can do this on the exchange, but why should you complicate the task? You can easily and quickly exchange LUNA on brokers and swap platforms. Which is better? The exact answer depends on your requirements. Let’s take a closer look:
Broker:
Pros ConsProvides securityThe cryptocurrency is stored on your accountMultiple choice of exchange pairs No limits
Swap platform:
Pros ConsNon-custodial serviceUpper limitsAnonymity Selection of exchange rates
In addition to the 7b broker, the LUNA exchange is available on many swap platforms, among which stand out favorably:
- SimpleSwap – a reliable platform with a floating and fixed exchange rate for more than 300 cryptocurrencies.
Fee: included in the exchange rate. The final amount will also depend on the network fee.
- Changelly – a platform with many years of experience, offering more than 170 cryptocurrencies for exchange. Only a floating course is available for LUNA.
Fee: 0.25%.
- ChangeNOW – an anonymous platform with no upper limits, offers more than 170 coins for swap.
Fee: included in the exchange rate.
What to know before exchanging LUNA?
For a trader who wants to get the maximum possible profit and protect himself from the risk of losing funds, we highly recommend:
- To get the maximum benefit from the exchange, pay attention to the exchange rate.
- Check the reputation of the service before the exchange. Some platforms may delay payments.
- Be careful when entering the data of the wallet. Blockchain transactions are irreversible.
How to buy LUNA for fiat?
The LUNA cryptocurrency is widely represented on many exchanges, swap platforms, and brokers. However, the direct purchase of coins for fiat currency is not so common at the moment. One of the services that support fiat-to-LUNA purchases is CoinGate. The platform provides an opportunity to purchase a coin using Visa and Mastercard. To purchase, just follow the below steps:
- Register on the platform and pass verification.
- Select the fiat currency to purchase.
- Enter the amount.
- Enter the LUNA address.
LUNA token use cases
LUNA is the native token of the Terra ecosystem and a fundamental asset for the entire ecosystem. LUNA performs two main functions:
- Algorithmic maintenance of the rate of stablecoins issued on the Terra platform. To issue, for example, 1 UST in any conditions, you need to burn $1 in the LUNA cryptocurrency.
- Stimulating validators who ensure the security of the blockchain, as the project operates on the basis of a Proof-of-Stake consensus algorithm.
FAQ
Is LUNA a good investment?
The Terra project has a huge potential. The payment network is already operating in the online payment market of South Korea and neighboring countries. In the future, Terra may become one of the leading blockchain platforms for e-commerce. So now is the best time to invest in LUNA.
How do I invest in LUNA?
There are a huge number of information sources in the crypto market. This may seem like an advantage, but in some cases, too much information will interfere with your decision-making process. Choose a few reliable and proven sources and stick to them. To buy LUNA on 7b: fund your balance, select LUNA, enter the purchase amount, and click “Buy”.
How to trade LUNA for beginners?
It will be useful for novice traders to start trading in demo mode, for a deep analysis of their actions without the risk of losing funds. 7b is the best platform for novice traders, where trading takes place conveniently and safely: deposit funds, select a trading pair, enter the amount, and place an order.
What is Terra Blockchain?
Terra is a decentralized blockchain platform created in 2018 by developers from Terraform Labs, which brought several unique concepts and ideas to the crypto market. The uniqueness of the platform is that it is a full-fledged ecosystem, including a mechanism for providing stablecoins and maintaining the exchange rate.
Original source - How to trade LUNA
