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If you have been following by blog you would have noticed that I am pretty bullish on Terra (Luna) Network and have been investing in the company for some time. There were a few things that really struck out to me with this network and the main one being that Terra Network had no real focus on fighting regulations and wanted to be a regulated service. For the rusted on Crypto enthusiast from way back when the project would not be for them. But as the sector has grown and many scams have arisen the signs for deregulation and anonymity were losing ground.
More and more retail investors were losing money to scams and the sector narrative was changing. Terra (Luna) knew this and started to build a project that was going to provide investor security and confidence. Moving away from pyramid schemes of high interest earning Decentralised finance which only really benefited those who got in early that paid everyone else with everyone else's money. Terra has been building a suite of online use cases with low ROI which are more sustainable. Noting that their UST savings account is at 20% but that won't be that way forever.
Terra Network Rise
Terra's native token Luna has risen 80% in a week suffering a slight dip but bouncing back today reaching a new all time high. Much of this is attributed to their new proposal which works with regulators and provides an ease of use for investors to report on earnings.
Despite popular belief the majority of people want to do the right thing and not being able to easily provide earning reports to tax agents is a barrier for many. Especially with the US tightening regulations on reporting requirements for crypto people are looking for a way to meet expectations in order to continue to earn, invest and trade.
It's been reported that JP Morgan has stated that Terra Networks stable coin UST is suitable for cross border payments and has the advantage over all other tokens.
This has always been a goal of Terra's which is why I invested into the company myself. It's also important to note that JP Morgan is developing their own cross boarder payment token called JPM which makes them the first global bank to develop a block chain based international payments system.
Luna Battles Dogecoin
The recent boom has seen Terra (Luna) battle Dogecoin for 10th spot source and with it's recent media headline news it won't be long I'm tipping that Luna unseats Solana.
This is an interesting time for the token and I think we're at that pivotal break point that will see Terra Network cement itself with in the top 5 block chains currently on the market.
Image source provided and supplemented by Canva Pro Subscription. This is not financial advice and readers are advised to undertake their own research or seek professional financial services. Declaration: I am a small investor in Terra Network