Major update of LUNA project makes currency soar 25%

Terra (LUNA) is a South Korean project founded in January 2018 by Daniel Shin and Do Kwon. It is a blockchain protocol that has basically two pillars: stability and usability.

The Terra platform makes use of stablecoins backed by fiat currencies to fuel global payment systems while providing stable prices. Its ecosystem is supported by stablecoin UST and allows the creation of competitive programmable payments so that it is done on a large scale and that it works efficiently.

The protocol is considered a first layer alternative to the Ethereum network and we know that in the crypto universe there is a growing demand for greater scalability in blockchains.

In other words, it is a system that aims to ensure that stablecoins remain at parity with fiat currencies.

Earth (Luna)

The Terra protocol has a native token called LUNA, and its holders are allowed to actively participate in the project, submitting and voting governance proposals.

It is worth noting that LUNA has shown significant valuations in recent days, currently occupying the eleventh position in the market capitalization ranking of cryptocurrencies. Furthermore, it reached its all-time high over the past week on September 11, 2021, surpassing the value of 44 dollars.

The investors of the Terra project are thrilled with the reach of the ATH (All Time High) and with the event that is coming very soon: the upgrade of the Columbus-5 mainnet, considered the most important in the project’s history.

Update

Initially, the update was scheduled to take place on September 9, however there was a Twitter rally of the project earlier in the month, saying the update would be delayed. However, it is expected to happen in September 2021.

This novelty in the protocol can be considered largely responsible for the recent high. But what is the Columbus-5 update all about?

First, one of the ideas of the update is based on giving a deflationary cycle, which will bring greater value increase for LUNA.

In addition, Columbus-5 aims to bring Inter Blockchain communication protocol integration capabilities, providing support for assets from other chains, eg Solana.

In addition, there are applications that are scheduled to be launched with the Columbus-5 update happening, with new projects entering the network, which further enhances the project.

Investors are confident and there are specialists who believe and assess that LUNA can increase its value even more with the update.