Luna hits new ATH as 7.2m Luna burned
Terra (Luna) Network turned bullish late last month in what appeared to be a market down turn but it didn't take long for the network to pass a few more community governance decisions and burn a total of 7.2million Terra within the past 5 days source. The deflationary event has seen Terra's native token Luna soar to a new all time high of $56.40 at time of writing source
The 24 hour trading volume is also up by 18% at an impressive $US1,933,769,384 bringing Luna's total market cap to $US22billion and a total value of $US49 billion currently sitting comfortably at rank #13 beaten by Avalanche.
source Terra Network doesn't appear to be slowing down anytime yet with a series of promotional events and more token listings coming to the network Terra looks to be continuing to grow.
An interesting proposal currently before the community is to fund development in creating an ease of use tax reporting frame work that will enable Terra users to collate their annual transactions and provide an ease of use service that can be used to lodge their tax returns. Simplifying the annual tax process which is currently sitting on a 92% yes vote.
I have been saying for some time that decentralisation is dying and that new centralised models are starting to arise in the sector. Centralisation seems to be providing investors a means of protection and a suite of services that ensures they are able to meet regulatory requirements or for the mainstream investor fulfil their tax obligations.
Terra has long been a project that intended on meeting regulators requests and has previously made contact with the Bank of Korea to ensure anti money laundering and Anti Terrorism regulations were being met. So it comes as no surprise that the brunt of their community is supportive of this proposal.
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That's a big call but following on from my post yesterday in where I spoke about the allure of bitcoin and its lack of a significant use case being that its transactions are slow, expensive and a very early model of Block Chain technology.
Terra is the latest iteration in crypto technology that has developed a working product consisting of a large variety of global stable coins that can be used to purchase goods and services. The token is still only just getting started and I think as it continues to progress we will see a lot more movement from Terra Network.
If you want to know more I would highly recommend this article and Video: here
What are your thoughts on Terra? will the project continue to grow or is it only reflecting in a bull marker?
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