The cry of "to the moon" is echoed by the name "luna".
Albert Garnelis is a photographer.
Terraform Labs' luna has gained 80% in value in the last week, making it one of the best performers in the market.
The gains have been made due to a combination of falling supply of token and changes in how the coin is used in its own payment network.
According to data from CoinMarketCap, Luna has overtaken dogecoin-darling shiba inu and "ethereum killer avalanche" to become the 11th biggest coin by market value.
The payments system on the Terra blockchain uses stable coins. The luna token is used to stable the price of TerraUSD stable coin. luna holders can vote on governance proposals of their own.
The investors voted this week to allow community funding for an update of the network's "TrackTerra" tax and reporting app. Terra, the developer, said that it will allow luna holders to export transactions to different tax software programs.
The US government is making it harder for people to avoid taxes on transactions involving cryptocurrencies. This was one of the reasons why the major coins were lower in November when the infrastructure bill passed into law.
Luna has been one of the best-performing major cryptocurrencies over the last seven days, thanks to the enthusiasm of its "LUNAtic" community of supporters. The price was up 7.2% in the 24 hours. Its market cap was above $26 billion on Friday. It hit a record on the exchange.
A major upgrade was rolled out last month to better maintain the peg of the TerraUSD to its value. Aiswarya Gopan, analyst at the FX Leaders, said that 93 million luna token were burned and then vanishing from circulation.
luna's popularity can be attributed to the rapid evolution of finance. terra has gonebbling up market share from leading Defi ethereum thanks to its faster transaction speed and lower "gas" fees.
Terra's advantages were flagged in a recent research note.
He said that Terra is a stable coin-issuing platform that uses a mechanism that reduces volatility to achieve close peg to the currencies.
The Terra platform is particularly suitable for cross border payments due to the dynamic expansion and contraction of token supply.
Business Insider has an original article.
