Cosmos Coins Hit Double-Digit Gains As LUNA Hits New ATH

The Cosmos coins posted double-digit gains over the past day while the LUNA cryptocurrency hit a new all-time high and its TVL reached $20 billion so let’s read more about it in our latest altcoin news.

The algorithmic stablecoin platform hit a new high as all other Cosmos coins or based on Cosmos, posted double-digit gains in the past day. After it surpassed Binance Smart chain as the second biggest Defi protocol, Terra’s LUNA token reached an all-time high of .
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90 and at the time of writing, the coin is over $95 marking an increase of 12.8% over the past day. Despite only 13 projects built on the terra Ecosystem, the total value locked in the protocol reached $20.7 billion, or a 15% increase over the past day and 64% over the past week.

Terra is a Cosmos-based blockchain where algorithmic stablecoins pegged to various fiat currencies can be created. It becomes the second-biggest Defi protocol in terms of TVL after surpassing Binance Smart Chain on Tuesday. The increasing activity in projects like Anchor that saw its TVL grow to .
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8 billion in the past day, is also having a huge impact on TerraUSD. Its market cap is set at $9.4 billion but UST is now the 20^th biggest crypto asset and is also the largest decentralized stablecoin. Despite its huge gains, Terra’s TVL is still below the industry’s most popular smart contract platform Ethereum that boasts $155.5 billion in TVL or about two-thirds of the entire DeFi sector.

According to Terra’s founder Do Kwon, the growing demand for UST is the main driving force behind a 60% surge in the price of LUNA over the past week. Kwon said that Luna’s price increase is a function of the demand for UST through seigniorage and he suggested that the demand for UST could grow in early 2022 before reaching an inflection point by the end of next year:

“Currently, dozens of projects are in the audit pipeline and are gearing up for launch in the first quarter of 2022, which could amplify UST demand momentum rapidly once live.”

Kwon revealed that there could be more than 165 new projects that will be launched on Terra in 2020 like the highly anticiapted decentralized exchange Astroport and the lending protocol Mars. Alongside Terra, other Cosmos-based coins got a double-digit gain over the past day and ATOM even surged by 10.8% to $25.52 and OSMO increased by 13%.