On Thursday, the red-hot Terra blockchain, which has a mission to improve the efficiency of the global payment system, completed its Columbus-5 upgrade.
The upgrade has major ramifications for the Terra ecosystem, its stablecoin TerraUSD (UST), and Terra’s utility token LUNA, which has surged more than 10,000% this year to become the No. 11 cryptocurrency by market cap.
Columbus-5 may stimulate demand for Terra and UST by opening it up to new networks and decentralized projects. The deflationary aspect of LUNA should also pump the price, if all goes according to plan.
Terra doesn’t use just one asset. It uses two. And what’s good for UST is good for LUNA, just for different reasons. That’s because UST is an algorithmic stablecoin, meaning it leverages a second token, LUNA, to maintain nearly equal value to the U.S. dollar. LUNA, as Terra’s utility token, is minted when demand for UST is low and burned when demand for UST rises.
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