Terra and Algorand resist crypto market sell-off; BabySwap soars
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Stablecoin protocol Terra (Luna) and layer 1 smart contract platform Algorand are showing their resiliency amid the crypto-market carnage over the past few days.
Algo was trading at US$1.81 on Monday afternoon (Sydney time), up 9.4 per cent from 24 hours and mostly higher than they’ve been for the past two weeks. Alogrand tokens did dip as low as $1.42 on Saturday, but only briefly.
Meanwhile Terra was down 13.8 per cent to $62.93, but that’s still up 26 per cent from where it was a week ago. The coin even managed to set a fresh all-time high on Sunday night, of $77.73.
Terra’s stablecoin TerraUSD (UST) dipped as low as US96.5c during Saturday’s crash, but quickly regained its peg to the US dollar.
Wether bear or bull, I think the Terra ecosystem has proven itself
— Guy Polio 🌔 (@GuyPolio) December 4, 2021
Over the weekend Terra also entered the crypto top 10, jumping ahead of Dogecoin, which is now No. 11.
It’s also ahead of Avalanche (No. 12) and Shiba Inu (13).
— Yipman O’Chain 🌋⚡️🛡🌓 (@YipmanChain) December 3, 2021
The South Korean-based cross-chain project enables users to mint stablecoins pegged to fiat currencies, such as TerraKRW. The LUNA token is used to absorb price volatility algorithmically. If a Terra stablecoin ever loses its peg to its fiat counterpart, arbitrage opportunities kick in that incentivises LUNA holders to swap their LUNA for the stablecoin in such a way that it rebalances.
Another coin that has done well amid the selloff is the much smaller BabySwap, a decentralised exchange for newborn projects on the Binance Smart Chain platform.
It was up 51 per cent on Monday afternoon to US$2.86, and had reached an all-time peak of US$2.93.
— Rey Santos Crypto | (@ReySantoscrypto) December 6, 2021
Coinmarketcap has it listed as the No. 254 crypto. It’s up 771 per cent in the past 30 days.
Basic Attention Token, the No. 69 crypto, was doing relatively well, up 5.5 per cent to US$1.22.
Most other coins are down sharply since Saturday’s flash-crash.