- One of the largest DEXes on the Avalanche blockchain, Pangolin has adopted TerraUSD as its default stablecoin.
- Adoption of the UST could boost Terra’s native token’s utility and on-chain activity.
- Analysts believe that the bottom is in for Terra price in the short term; the token could continue its uptrend.
The community-driven decentralized exchange, Pangolin has adopted Terra’s UST as its stablecoin. Experts believe this could drive the adoption of LUNA and boost its on-chain activity.
Analysts grow bullish on LUNA price rally
Avalanche network’s DEX Pangolin has adopted Terra’s UST as its default stablecoin. Experts believe that this confirms Pangolin’s commitment to supporting decentralized algorithmic stablecoins.
We've now made @terra_money's $UST the default stable coin on our DEX.
— Pangolin (@pangolindex) February 4, 2022
If you log in you'll now be defaulted to use $UST.
This is part of our commitment to support decentralized algo stable coins that continue to push the boundaries of innovation in our space. pic.twitter.com/ZMxUR2UpH6
Users that log in to Pangolin now see Terra’s algorithmic stablecoin as the stablecoin, the default token. Pangolin uses automated market makers on its DEX, similar to Uniswap, and the platform is keen on supporting assets from the Ethereum and Avalanche network.
Since its launch, Pangolin has powered $9 billion in transactions through its DEX. The first time the Avalanche-based DEX included Terra in its ecosystem rewards was the “Rush Initiative.” Pangolin offered $2 million in Avalanche (AVAX), Pangolin (PNG) and LUNA incentives.
LUNA price has posted 6% gains over the past 24 hours. Analysts have evaluated the LUNA price trend and predicted that the native token of the Terra ecosystem could continue its uptrend.
A cryptocurrency analyst and trader, @AltcoinSherpa, believe that the Terra price hit its bottom. Terra could now continue its uptrend since the bottom is in for the short term.
The analyst argues that the Terra price trend looks good. Terra price is close to the 200-day exponential moving average; higher overall sell volume indicates a short-term trend reversal. @AltcoinSherpa has set a target of $60 for the native token of Terra.
$LUNA: I still think the bottom is in for the short term. Lots of volume and a HVN on volume profile is around this area. Expecting this to chop and then go up. #LUNA pic.twitter.com/Yg05bi3dUr
— Altcoin Sherpa (@AltcoinSherpa) February 3, 2022
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.