LUNA climbs 17.5% as UST market capitalization rises

In the last 24 hours, the price of Terra’s LUNA token rose 17.5%. This came as Terra USD (UST) rose to third place by market capitalization among stablecoins.

On April 18, the total value of UST surpassed $17.53 billion, allowing the asset to overtake Binance USD (BUSD) on that metric. LUNA underpins the collateral for the algorithmic stablecoin.

As of writing, LUNA is trading near $90. Despite a substantial one-day rise, the price remains roughly 25% below its all-time high set on April 5.

According to research firm Delphi Digital, over the past 30 days Terra also became the largest holder of the Convex token (CVX). The platform accumulated 649,000 CVX (~$17.7 million) and surpassed Frax Finance.

1/ @Terra_money has been a huge accumulator of $CVX, growing to be the largest CVX held by a DAO in 4 months.

Over the past 30 days, they have accumulated around 649k of CVX, pushing them ahead of @FraxFinance to be the largest DAO holders of CVX. pic.twitter.com/zjEEEBF4ZJ

— Delphi Digital (@Delphi_Digital) April 18, 2022

According to DeFi Llama, the protocol ranks sixth among DeFi projects by TVL, at $12.18 billion.

In January, Terraform Labs, the company behind Terra, created the nonprofit Luna Foundation Guard to develop the project’s ecosystem and bolster the resilience of UST.

In April, the project announced a $100 million purchase of AVAX tokens on the Avalanche network.