Much of the market is staging, while Terra and Flow defy this trend with new quotes, partnerships, as well as the development of stablecoins
Over the past week, much of the crypto market has stagnated. Bitcoin fell by 3%, while Ether fell by 8%. Most major cryptocurrencies also formed red candles last week. However, some coins managed to resist this trend. Two of these high-flying coins were Terra (LUNA) and Flow (FLOW).
Terra is a decentralized finance (Defi) infrastructure that supports stable programmable payments. It offers smart contracts, an Oracle system and a stablecoin protocol backed by several seigniorage-style stablecoins that are algorithmically stabilized by LUNA, the project’s native cryptocurrency.
The stablecoin TerraUSD (UST) deposited with the dollar and the synthetic asset platform Mirror Protocol (MIR) are both based on the Terra blockchain and will be obtained according to a Announcement from last Friday both listed on Bitfinex.
Luna was also launched at the end of June Crypto.com notated while Harmony last week a Partnership with Terra, through which UST will join the Harmony ecosystem.
These developments have clearly attracted attention: mentions of Terra on social media have increased by 40% in the last week, while social engagement has increased by 115%, according to LunarCRUSH. The result is that LUNA has increased by 41% in the last week and by 7% yesterday alone.
Flow’s digital infrastructure is designed for Internet applications, games and digital assets, all powered by the FLOW cryptocurrency.
The ecosystem has undergone many developments in recent weeks. It became known that Flow will soon support USDC, and that the project will also launch its own stablecoin, Flow USD (FUSD).
Flow is known for its partnerships with popular NFT (non-fungible token) projects such as CryptoKitties and NBA Top Shot. Recently, the project has spawned other innovations in the NFT space: for example, it supported CNN’s Genesis NFT Drop. Flow will also host Rarible’s brand new NFT marketplace.
In addition, due to the significant demand from institutional clients, the regulated digital bank Anchorage expanded its offering to include the custody and support of FLOW.
This demand was reflected in the recent price action of the token, which rose 73% last week and gained just under 26% over the weekend.