Where to buy Luna Crypto: Are you new to Crypto? If your answer is negative then you have heard the term Defi which is the abbreviation for decentralised finance. Terra is a Defi platform which shares the general Crypto philosophy of changing the financial system. Β
The project offers its dollar-pegged stablecoin, UST. There are numerous platforms where you can get Luna stablecoins, and this article will expose you to these platforms. So donβt stop scrolling now.
About Terra Protocol?
Like Tether and Binance the Terra Protocol focuses on providing stable coin assets to crypto market participants. The protocol is blockchain-based and its stable coin was initially pegged to the US dollar but was de-pegged since 9th May, 2022. The idea behind the project is to make the use of cryptocurrency as money common.
For cryptocurrency to work practically as money, some level of stability is necessary. Heavy volatility as seen in blue-chip cryptocurrencies like Bitcoin, Ethereum, and Litecoin is not needed.Β Β
Unlike most stablecoin projects, that operate on the Ethereum and Binance Chain. Terra UST operates on the Terra blockchain.
The Luna Stable Coin
Terra Luna stable coin or UST for short is supposed to be the platformβs dollar-pegged stablecoin.
UST is decentralized and algorithmic, it is a scalable, yield-bearing coin. Terra Stablecoin (UST) was created to bring value to the Terra ecosystem and offer the scalability DeFiΒ that traditional stable coins lack.Β
Among other things, the Terra stablecoin promises its users a higher level of scalability, interest rate accuracy, and interchain usage.Β
The advantages of UST have made it stand out in the midst of competition and gained the attention of the crypto community. Β
UST provides so many advantages as a result of its minting mechanism. The Terra stablecoin easily meets the requirements of other DeFi protocols that it uses without losing its scalability. Β
DApps is another area where Terra USD has shown its power. Platforms use UST as a pricing benchmark to track asset prices in real-time. Β
The Terra team collaborated with Bittrex Global to launch UST in September 2020 and the stablecoin has since gained the reputation as the most scalable.
The New Terra Luna (Terra 2.0)
After the de-pegging of the stablecoin proposal to revive the project was made. The plan would eventually split the Terra blockchain into a new chain called Terra and sometimes referred to as Terra 2.0. Β
The old chain is allowed to keep existing as Terra Classic. A community vote was passed and the revival plan came into effect. Most of theΒ DAppsΒ subsequently migrated to the new Terra 2.0 chain.Β
The new UST is calledΒ TerraClassicUSD (USTC)Β and the coin will not be migrated to the 2.0 blockchain. Also, there will be no updated version of the algorithmic stablecoin. Β
This basically means that USTC is not expected to regain its dollar peg in the future.
Where to Buy Luna 2.0 Crypto
There are different platforms where you can buy the new Terra stablecoin USTC. The stablecoin was de-pegged from a dollar and now trades at $0,03 on numerous exchanges. The top 5 exchanges where you can buy luna 2.0 are;
A. Binance Exchange
The be able to purchase terra USD on Binance, all you have to do is signup on Binance. After signing up, you have to complete KYC and then you can fund your wallet using your credit or debit card.
Then type USTC on the search bar to bring up the available USTC trading pairs, if the coin is not paired with your fiat currency, then you will have to buy BUSD or another base coin with the fiat in your wallet. After purchasing BUSD with fiat, you can now trade your BUSD for USTC.
β Buy on Binance
B. FTX Exchange
FTX is best described as a derivative exchange. The exchange offers volatility and leverage products. Thus, this exchange is one of the best places to buy Terra 2.0 stablecoin. USTC has a trading volume of 100% on the exchange and all you need to do is sign up, fund your wallet and trade USDT for Terra’s USTC.
β Buy on FTX
C. KuCoin Exchange
KuCoin exchange offers USDT trading pairs for USTC. There is high confidence in the pair on KuCoin exchange and trading volumes are genuinely high. Sign up on KuCoin, fund your wallet and buy some Terra Luna stablecoins.
β Buy on KuCoin
D. Kraken Exchange
Another centralised exchange that offers UST is Kraken. With high trading confidence in the coin and good liquidity scores. Kraken lists as one of the best places to buy Luna 2.0. By just signing up and funding your account with some EUROS, USDT or USDC you can buy UST and have it stored in your wallet.
β Buy on Kraken
E. Mexc Global Exchange
Mexc is a centralized cryptocurrency exchange registered in Seychelles. The exchange was Launched in April 2018 and it supports USD, GBP, EUR, AUD and VND deposit and withdrawal.
Terra Luna is currently on this exchange at high volumes and confidence levels. Sign up, complete KYC, fund your wallet and trade USDT for Terra Luna stablecoin.
Advantages of Terra USD (USTC)
The stablecoin has been considered one of the most scalable stable coins before it was de-pegged on the 9th of May this year. If you are curious about the factors that made them think so, here they are;
1. Interoperability
The Dropship bridge protocol, allows other blockchain ecosystems to be connected to TerraUSD. This protocol integrates USTC into numerous DeFi and DEX platforms and encourages the movement of assets between chains.
2. Advanced Scalability
As earlier said, USTCΒ is an algorithmicΒ stablecoinΒ with a value equal to the face value of minted stablecoins. If 1 USTC is to be issued, 1 LUNA reserve has to be burned. This monetary policy boosts scalability and it has helped DeFi projects reach their full potential.
3. Potential for Passive Income
Protocols like Anchor promised an enormous 20% return for saving UST. This is undeniably an opportunity to earn passive income with Terra stablecoin.
4. Easy to Exchange
You can exchange your TerraUSD forΒ TerraKRWΒ (Terra stablecoin pegged to the Korean Won) with minimal fees. Because all the stablecoins in the ecosystem share the total liquidity.Β
Although the stablecoin has been de-pegged and the coin is trading a few cents lower than a dollar, the crypto community is still buying as a show of optimism in the coin.
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GW Team.
