The Terra (LUNA) protocol was created for the issuance of stablecoins with an original mechanism for ensuring the exchange rate stability of issued coins. In addition to issuing coins with a stable exchange rate, the project has a platform for creating synthetic assets and trading them.
What is Terra (LUNA)?
Terra is a cryptocurrency project that specializes in the release of stablecoins for their further implementation in the economy, trade and finance. Terra is a full-fledged ecosystem that includes a mechanism for providing coins (stablecoins) and maintaining the exchange rate, blockchain oracles and smart contracts that automatically process transactions on the platform.
The project has two protocols, one of which is Terra. On the basis of it, stablecoins are issued, and it acts as a central bank. Terra should ensure effective interaction between customers and sellers, improving the infrastructure and introducing new payment tools. Recognizing regional differences in money, Terra aims to become a family of cryptocurrencies, each of which is tied to the main world currencies. The protocol issues stable Terra coins pegged to US dollars, euros, yuan, and other fiat currencies. The system supports atomic swaps between Terra currencies at their market exchange rates. The user can instantly exchange, for example TerraKRW for TerraUSD, at the effective exchange rate of KRW/USD.
Why should I exchange Luna?
The LUNA coin can be considered as a profitable exchange tool, for the following key reasons:
- The Terra ecosystem continues to grow actively, more and more retailers are joining it, who get access to cheap transactions to sell their goods and services, which leads to an increase in the price of the coin.
- Developers are actively working on creating a number of new protocols and applications for the Terra ecosystem, which will contribute to its further scaling.
- The year 2021 is the season of altcoins and the Terra project is another proof of this. So over the past year, the price has increased by more than 10,000% and continues to grow.
As of August 10, 2021, the price of the LUNA coin is $13.98, the market capitalization of the project is approximately $5,776,985,192. The maximum cost of the LUNA at $22.33 was set on March 21, 2021. A year earlier (March 13, 2020), the price of LUNA reached a record low of $0.1199.
Where to trade LUNA?
The LUNA cryptocurrency has been listed on many well-known crypto exchanges and brokers. To date, the most popular platforms for trading LUNA are:
- Bitfinex – one of the most professional trading platforms on the crypto market, with support for some fiat currencies.
Available trading pairs: less than 500.
- Huobi – a multilingual exchange with a good reputation. A lot of professional trading tools.
Available trading pairs: about 1000.
- 7b – the most secure and user-friendly crypto broker, with reasonable and low fees, and useful trading tools.
Available trading pairs: more than 2000.
How to exchange Luna using the 7b crypto broker app?
7b is the best crypto broker that provides a convenient and secure environment for exchanging more than 400 cryptocurrencies. The service is especially suitable for novice users, in addition, experienced users can enjoy handy financial instruments, a user-friendly interface, and increased security. In order to exchange LUNA on 7b, you need to:
- Download 7b broker app
- Register in your account.
- Use simple payment methods to top up your balance.
- Pick LUNA to buy or sell.
- Set the transaction details.
- Place a market order.
Where to exchange LUNA?
Terra is now an extremely well-known and in-demand project, attracting more and more traders and investors. Therefore, a trader may have a desire to exchange cryptocurrency for LUNA. You can do this on the exchange, but why should you complicate the task? You can easily and quickly exchange LUNA on brokers and swap platforms. Which is better? The exact answer depends on your requirements. Let’s take a closer look:
|Provides security||The cryptocurrency is stored on your account|
|Multiple choice of exchange pairs|
|Non-custodial service||Upper limits|
|Selection of exchange rates|
In addition to the 7b broker, the LUNA exchange is available on many swap platforms, among which stand out favorably:
- SimpleSwap – a reliable platform with a floating and fixed exchange rate for more than 300 cryptocurrencies.
Fee: included in the exchange rate. The final amount will also depend on the network fee.
- Swapzone – a cryptocurrency exchange aggregator where one can compare exchange rates, analyze and swap cryptocurrency in just one interface.
Fee: included in the exchange rate.
- Changelly – a platform with many years of experience, offering more than 170 cryptocurrencies for exchange. Only a floating course is available for LUNA.
- ChangeNOW – an anonymous platform with no upper limits, offers more than 170 coins for swap.
Fee: included in the exchange rate.
What to know before exchanging LUNA?
For a trader who wants to get the maximum possible profit and protect himself from the risk of losing funds, we highly recommend:
- To get the maximum benefit from the exchange, pay attention to the exchange rate.
- Check the reputation of the service before the exchange. Some platforms may delay payments.
- Be careful when entering the data of the wallet. Blockchain transactions are irreversible.
How to buy Luna?
The LUNA cryptocurrency is widely represented on many exchanges, swap platforms, and brokers. However, the direct purchase of coins for fiat currency is not so common at the moment. One of the services that support fiat-to-LUNA purchases is CoinGate. The platform provides an opportunity to purchase a coin using Visa and Mastercard. To purchase, just follow the below steps:
Instruction on buying LUNA
Buying LUNA for the first time might a bit complicated for a beginner. That is why we have composed a step-by-step instruction so that you could buy LUNA without any problems:
Step 1. Sign up to a service providing trading or exchanging
Step 2. Deposit your account with BTC or ETH
Step 3. Find LUNA/BTC or LUNA/ETH trading pair
Step 4. Enter the necessary sum
Step 5. Confirm the transaction
What is the best time to buy LUNA
According to the most analytical reviews, the best time to buy LUNA is now. Thought the price fluctuations might occur from time to time, the general trend is upwards.
However it is only up to you to decide, while the information above should not be mentioned as a financial advice.
How to sell LUNA
Selling LUNA does not differ much from buying it, however, to avoid mistakes follow this instruction to sell LUNA:
Step 1. Login the exchange platform you use
Step 2. Find LUNA/BTC or LUNA/ETH trading pair
Step 3. Enter the necessary sum
Step 4. Confirm the operation
Step 5. Exchange BTC or ETH to fiat (Optional)
What to know before buying LUNA
Before buying LUNA acknowledge yourself with some helpful tips, which might save your funds:
- Keep your either on hot or cold wallet. It guarantees the safety of your funds.
- Stay calm when the prices go up and down – the volatile nature of cryptocurrency causes huge price fluctuations, however it does not mean you should buy and sell hundreds of times a day.
- Never entrust your funds to dubious services, while some of them might eventually turn out to be scam or fraud.
LUNA token use cases
LUNA is the native token of the Terra ecosystem and a fundamental asset for the entire ecosystem. LUNA performs two main functions:
- Algorithmic maintenance of the rate of stablecoins issued on the Terra platform. To issue, for example, 1 UST in any conditions, you need to burn $1 in the LUNA cryptocurrency.
- Stimulating validators who ensure the security of the blockchain, as the project operates on the basis of a Proof-of-Stake consensus algorithm.
Is LUNA a good investment?
The Terra project has a huge potential. The payment network is already operating in the online payment market of South Korea and neighboring countries. In the future, Terra may become one of the leading blockchain platforms for e-commerce. So now is the best time to invest in LUNA.
How do I invest in LUNA?
There are a huge number of information sources in the crypto market. This may seem like an advantage, but in some cases, too much information will interfere with your decision-making process. Choose a few reliable and proven sources and stick to them. To buy LUNA on 7b: fund your balance, select LUNA, enter the purchase amount, and click “Buy”.
How to trade LUNA for beginners?
It will be useful for novice traders to start trading in demo mode, for a deep analysis of their actions without the risk of losing funds. 7b is the best platform for novice traders, where trading takes place conveniently and safely: deposit funds, select a trading pair, enter the amount, and place an order.
What is Terra Blockchain?
Terra is a decentralized blockchain platform created in 2018 by developers from Terraform Labs, which brought several unique concepts and ideas to the crypto market. The uniqueness of the platform is that it is a full-fledged ecosystem, including a mechanism for providing stablecoins and maintaining the exchange rate.