Breaking: Terra Luna Proposes Deep Stablecoin & Cosmos Liquidity, USTC Price Up 38%

3 months ago 21

Terra Luna Proposes Deep Stablecoin & Cosmos Liquidity, USTC Up 38%

Terra Luna has proposed a governance discussion proposal to establish deep stablecoin and Cosmos (ATOM) token liquidity on Terra. The proposal is in line with Terraform Labs chief executive officer (CEO) Chris Amani’s plan to have the deepest stablecoin liquidity in Cosmos, becoming the only ecosystem that has “defi-sufficient” liquidity for both Cosmos and non-Cosmos blue-chip assets.

Terra Announces Progress in Deep Stablecoin Liquidity

A proposal is submitted to whitelist USDC-USDT and ATOM-LUNA liquidity pool (LP) tokens to establish deep stablecoin and Cosmos token liquidity on Terra by Terraform Labs on February 15. The abovementioned stablecoins will be whitelisted from liquidity protocol Astroport as Alliance assets, with other liquidity pools such as TIA-LUNA, DYDX-LUNA, and more planned in the future.

If the proposal is approved after governance voting, TFL will collaborate with Astroport contributors to create a stableswap USDC-USDT pool and an ATOM-LUNA PCL pool ahead of adding the Alliance assets. A USDC-USDT liquidity pool doesn’t exist yet, and the current ATOM-LUNA pool is less capital-efficient.

Whitelisting LP tokens from pools containing USDC, USDT, and ATOM as Alliance assets is a major development. It will help offer better APRs within Cosmos without DEX swap fee, attracting a broad user base to Terra.

Users will contribute liquidity for these pairs and stake LP tokens on Station for LUNA rewards. It will provide benefits such as capital inflow to Terra and Cosmos ecosystems, new DeFi apps, trading volumes, new alliances, and low slippage.

Prices Zoom in Response

Chris Amani earlier conveyed that they are willing to run the infrastructure for all chains on Cosmos under the Foundation business model, cutting down the massive costs. It will be a game-changer for Terra ecosystem tokens, likely bringing back utility and developers.

Terra (LUNA) prices jumped 10% in the last 24 hours, with the price currently trading at $0.74, with the possibility of extending to $0.78. The 24-hour low and high are $0.673 and $0.748, backed by a 150% rise in trading volume.

LUNC price skyrockets 15% with over 120% rise in trading volume. The price is currently trading at $0.000136, with a 24-hour high of $0.000138.

Meanwhile, USTC price skyrockets 38%, with the price currently trading at $0.0369. The 24-hour low and high are $0.0268 and $0.0371, respectively. Trading volume increased by 800% in the last few hours.

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