The price of the altcoin on December 27 updated its all-time high above $ 103, and its capitalization increased to $ 35.6 billion.Over the month, the cryptocurrency has risen in price by 136%
In December, 27 million LUNA tokens were destroyed on the Terra network (almost $ 2.7 billion, taking into account the current exchange rate at 15:20 Moscow time on December 27), according to Terra Analytics. One Twitter user noted that the volume of coins burned on the Terra network in December could take the 63rd place in the ranking of the largest cryptocurrencies according to CoinGecko.
Burning tokens is the destruction of a certain number of digital coins to reduce their emission. This method is used to combat inflation and increase the value of cryptocurrencies. All token burn operations are recorded on the blockchain as a transaction. Therefore, anyone can verify that the coins have been destroyed.
On December 27, the price of the LUNA token renewed its all-time high above $ 103. Over the past month, altcoin has risen in price by 136%, and its capitalization has increased to $ 35.6 billion.
On December 26, the total locked value (TVL) of assets on the Terra blockchain exceeded $ 20 billion, according to DefiLama. The project took the second place in the ranking of the largest DeFi protocols, displacing Binance Smart Chain ($ 17.3 billion). At the moment, Terra is second only to Ethereum in TVL ($ 160.8 billion).
Terra is a blockchain protocol that creates fiat-pegged stablecoins. LUNA token holders can propose and vote on proposals for improving the blockchain.
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