What Is LUNA
LUNA is a native token of decentralized blockchain Terra launched in 2018. Since its inauguration, the Luna coin (LUNA) has become a popular altcoin with a price value of $ 2.03. If you want to buy and explore the dynamics of LUNA, you can use the KuCoin exchange as it offers to purchase LUNA and other cryptocurrencies in FIAT currencies. Moreover, you can also earn passive income by using KUCOIN exchange through holding and other methods. Additionally, you should read the Terra (LUNA) tax guide and learn how to calculate and report your crypto taxes.
How LUNA Works?
LUNA is based on the Proof-of-Staking algorithm, meaning it cannot be mined but is staked in blocks. Stakers hold funds in a particular contract, and when a new block is needed, an algorithm selects a staker with the highest no. of stake for forming blocks. After the collapse of Terra 1.0, Terra network, on 27 May 2022, launched Terra 2.0, with LUNA (or LUNA 2.0) as its native token. In recent months, the staking records show that the LUNA token has surpassed Ethereum as the most staked crypto. Moreover, since the sign of depression in the past several weeks, the token is showing positive signs on the crypto market capital. Before the crash of Terra 1.0, one billion coins were circulating on the blockchain. Still, after the launch of LUNA 2.0, which is renamed LUNC, circulation has exceeded up to 6.5 trillion coins reflecting the huge exposure of LUNA.
Future Of LUNA
LUNA coin was launched to reduce the volatility of stablecoins on the terra blockchain. LUNA 2.0 is far more secure than its predecessor, and there is still no evidence of any harm or fraud. Thus investors can invest in LUNA 2.0 as its security model is much more stable. If we talk about the security of other coins, the most powerful cryptocurrency bitcoin price, also tops the chart in terms of security. 1 Bitcoin price is 24.49K dollars, and the coins are based on a centralized blockchain, meaning no individual can own the blockchain. Other altcoins like Dogecoin also have secure algorithms based on a centralized blockchain. At the time of writing, 1 Doge price equals 0.073 dollars with a market capital of 9.7 billion dollars. A centralized or decentralized blockchain doesn’t relate to a cryptocurrency’s price or market capital. Its demand and supply between the blockchain hold their position on the chart. Despite some setbacks and current negative indications in the market capital, Terraform Labs have survived the storm. The owner of the LUNA has indicated that Terra will be the largest stablecoin in the next two years.
The success of LUNA 2.0 depends on its high demand among users. If LUNA attains the current statistics and maintains positive trends, there are many chances it will become a hot cake for investors. To buy LUNA, you can use KuCoin exchange as the exchange platform assists rookie users with trading bots which will guide the users in trading. So, buy your LUNA and start trading.