Terra Protocol (LUNA) is rallying 66% after launching DeFi and stablecoin

Throughout 2020 a handful of new stablecoins were launched and many analysts have suggested that stable Bitcoin growth is the backbone of the crypto sector and partly responsible for the current Bitcoin rally.

For many traders, fixedcoins provide a safe place to shelter during volatile times in Bitcoin and altcoins but there are other ways to interact with these fiat-pegged assets.

The Terra Protocol aims to create a programmable algorithmic stablecoin available on every blockchain. Similar to its better known competitor, Maker (MKR), Terra Protocol has a native crypto-fixed asset called LUNA.

The project was created by a partnership of 15 major e-commerce companies in Asia serving more than 30 million consumers. Its ecosystem is focused on building efficient, scalable, competitive programmable payments.

Prior to its ICO in March 2019, the company raised $ 32 million in a seed financing round that included Hashed, Polychain Capital, Huobi, and XRP Arrington Capital.

A key element of Terra is the payments app Chai, which now has over a million downloads on the Android store. Consumers can accumulate redeemable points for merchant rewards with Chai partners.

These partners include TMon, Qoo10, Yanolja, Megabox, and Musinsa, which offer benefits in exchange for promoting marketing to Chai’s member base.

The company also offers a debit card called the Chai Card, which was launched in June 2019. On December 9, Chai received a $ 60 million Series B investment from SoftBank and Hanwha Investment & Securities.