Terra (LUNA) to the Moon, Surging By Over 42%

Terra (LUNA) increased by over 42% in the last 24-hour while other cryptocurrencies are struggling. Moreover, Terra (LUNA), the blockchain protocol that uses fiat-pegged stablecoins to run price-stable global payment systems is in bullish mode.

While Bitcoin (BTC) and other altcoins have decreased in value on September 10, Terra (LUNA) just doesn't care, rising from around $29 to over $42 in the past 24 hours. The blockchain platform outperformed Uniswap. As a result, it became the 11th largest crypto by market cap.

Terra is a blockchain platform that combines the price stability and full adoption of fiat currencies with the censorship-resistance of Bitcoin (BTC). Also, it provides fast and affordable contracts.

In addition, Terra (LUNA) launched its mainnet on April 23, 2019, and started offering stablecoins pegged to the U.S. dollar to South Korean won, Mongolian tugrik, and the International Monetary Fund's Special Drawing Rights basket of currencies on September 21, 2021.

Further, Terra's native token, LUNA, is utilized for stabilizing the price of the protocol's stablecoins. With this, LUNA holders can submit and vote on governance proposals.