What is LUNA?
LUNA hit its ATH of $22.33 on Mar 23, 2021 and is currently up by almost 2400% since the start of 2021- making it one of the fastest growing tokens in the cryptocurrency space. LUNA is trading at $15.71 USD on Coinhako at the time of writing.
LUNA is the native token of the Terra blockchain protocol, and is used to stabilise the price of the protocol’s stablecoins. At present, the Terra blockchain offers a basket of 4 different currencies; U.S. dollar, South Korean won, Mongolian tugrik and the International Monetary Fund's Special Drawing Rights.
Fun fact 🚀 Luna gets its name from the word “lune”; the lune which controls earth rotation, luna and its stakers are essentially to Terra’s stability.
** Kindly note that LUNA wallet features are not supported on Coinhako currently.
How Does The Terra Network Work?
Terra uses a blockchain protocol that maintains price stability by expanding and contracting supply of its non-collateralised stablecoin, Terra USD.
In 2018, Daniel Shin and Do Kwon founded Terra in a bid to drive blockchain adoption . Prior to founding Terra, Daniel Shin established Ticket Monster - more commonly known as TMON, a popular South Korean platform. Kwon garnered experience by working as an engineer for both Microsoft and Apple.
Unlike other networks, Terra uses fiat-pegged stablecoins and hopes to offer users the best of both worlds - the many benefits of using cryptocurrencies and the stability of conventional fiat currencies.
LUNA holders who stake LUNA are rewarded for validating transactions and incentivized to swap LUNA and stablecoins at profitable exchange rates.
Terra uses a process known as seigniorage to maintain price stability. This involves swapping LUNA for UST before a certain percentage of it is burned and the rest piles up in the community pools. New UST is then printed.
As adoption and demand for UST grows, more LUNA needs to be swapped for UST to expand supply. Meanwhile, Luna rises in value and the community pools are reinvested to build more apps using UST.
What’s New with LUNA on Coinhako: Buy LUNA in SGD on Coinhako
1. Trade LUNA directly with Singapore Dollars (SGD) 🇸🇬
With LUNA/SGD trading pairs available on Coinhako, our Singapore users will be able to buy & sell LUNA in Singapore Dollars (SGD) when they fund their accounts with SGD.
2. Trade LUNA directly with Vietnamese Dong Trading (VNDT) 🇻🇳
With LUNA/VND trading pairs available on Coinhako, our Vietnam users will be able to buy & sell LUNA when they fund their accounts with VND.
3. Trade LUNA directly with US Dollars (USD) 🇺🇸
The LUNA/USD trading pair LUNA prices against the United States Dollar (USD), and our Singapore users will be able to buy & sell LUNA when they fund their accounts with USD.
4. LUNA swaps (Crypto-to-crypto trading)
Coinhako users will also be able to trade LUNA with other cryptocurrencies that are supported in their countries, with our Swap function.
5. Get the latest Terra (LUNA) price news on Coinhako 🚨
As with every other supported token on Coinhako, we endeavour to update our users on key news about each project through our various channels.
The Coinhako platform also features a News Feed section where you will be able to receive all the latest updates on Terra (LUNA), alongside on the other top crypto projects, like uniswap, polkadot, band protocol.
5. Coming SOON: LUNA wallet for all
With the wallet feature, Coinhako users can securely send (withdraw), receive (deposit), and store LUNA.
6. Buy Terra (LUNA) instantly with debit and credit card
Beat the deposit queue and buy Terra instantly when you pay by card.
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All opinions expressed here by Coinhako.com are intended for educational purposes, taken from the research and experiences of the writers of the platform, and should not be taken as investment or financial advice.