The CEO of Pantera Capital, Dan Morehead, recently claimed that the native token of Terra blockchain, $LUNA, holds a lot of promise. He pointed out that during the last year, the token added 13,700% in the market value as per the YTD frame. At present, the market capitalization for Terra has exceeded $31 billion.
During a CNBC interview, Morehead told the media that the growth speed for the Terra blockchain is very fast. He also claimed that for the upcoming year, it is one of the strongest candidates for investment consideration. He said that the investors have started to take an interest in the token as the year progresses.
Terra blockchain is an open-sourced, blockchain digital transactions platform that also accommodates stablecoins. One of the stablecoins with the biggest market cap is TerraUSD or UST. Terra blockchain employs the PoS consensus model. It also hosts a native token named LUNA that is used for price stability.
LUNA is also utilized for staking and network governance properties. The other stablecoins like TerraSDRs can be minted by LUNA burning. Morehead told the media that the token managed considerable traction among the South Korean gaming community.
According to on-chain metrics, the total number of decentralized applications on the Terra blockchain was valued at $20 billion in December. Alongside the native tokens support and stablecoin projects, the Terra blockchain also has room for growth and development of the dApps.
Speaking on the matter of other promising projects, Morehead claimed that the Polkadot blockchain and its native token DOT are also gaining attention as the emerging DeFi supporting platforms. He pointed out that Risk Harbor is one of the DeFi management platforms to watch out for in 2022. The Terra blockchain uses the algorithmic market module to manage and run stablecoins. The users can also mint new stablecoins by sending LUNA to burn addresses.