Terra (LUNA) posted an increase of 8.41% in 24 hours, making its performance much better than Bitcoin (BTC) which has touched an all -time high (ATH), $ 67,000.
Arguably Terra is also pruning several other major altcoins including Ethereum (ETH), EOS (EOS), Cardano (ADA), and Avalanche (AVAX).
What is driving this surge? The details are as follows:
Mainnet Columbus-5 has been on air after facing previous delays.
Introduced with the aim of enhancing Terra's interoperability, and at the same time opening up space for demand for underlying assets.
Wormhole improvements complete.
It plays a role as a communication component between Terra, Ethereum, Solana, Binance Smart Chain, and more blockchains
Introduce a user interface that eliminates conflicts between network value transfer capacity.
The Inter-Blockchain Communication (IBC) upgrade is scheduled for today.
In Terra's official tweet just now, IBC has already broadcast on the mainnet
IBC allows Terra to benefit from unauthorized token transfers across the network.
Not only relying on network renewals, Terra also has another specialty namely UST stablecoin. Since February 2021, UST has been a craze in the decentralized stablecoin market.
Crypto analysts cited two reasons for UST and Terra to continue to soar:
The latest capital inflows follow network improvements.
UST will be exported to other platforms.
At the time of writing, LUNA is trading at $ 40.77, down more than 7% after hitting a daily high of $ 44.01 yesterday.
However, the asset is still showing an uptrend with an increase of over 6% in 24 hours and needs over 17% to reach ATH, $ 49.45 recorded on October 4th.
