Terra (LUNA) Price Surges Over 20% in a Week Following Unique DAO Vote
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- The first time a DAO has had a collective vote to participate in sports sponsorship.
- Founder Do Kwon made a fresh proposition to the Terra community this week.
Cryptocurrency prices are likely to be volatile, as is best known for. Today’s volatility is going in the right direction. Investors need to remember that the crypto industry has produced enormous wealth over the last several years, despite this current dip in the market.
It’s hard not to be intrigued by Terra and the LUNA coin it uses for its governance. By minting and destroying tokens regularly, Terra aims to maintain token stability. Terra blockchain has a wide variety of stablecoins available. LUNA, a token on this blockchain with the ability to absorb volatility, is the reason why stablecoins have a value.
Terra’s general structure is impossible to comprehend at this point. The stability that investors are looking for results from a lot of sophisticated mathematical procedures. But Terra’s LUNA token is a method of stabilizing its UST token, which is pegged to a dollar amount.
Seeing a DAO vote on a multi-year $40 million protocol expenditure on a sports sponsorship is rare. This week, Terra holders voted on just that in what seems to be a first-of-its-kind occurrence.
Founder Do Kwon made a fresh proposition to the Terra community this week, enabling LUNA holders to vote for an unknown club in one of the big four sports leagues in the United States for a five-year, $38.5 million sponsorship deal (MLB, NBA, NFL, NHL). This seems to be the first time a DAO (or similarly structured entity) has had a collective vote to participate in the history of sports sponsorship.
According to CoinMarketCap, the Terra price today is $57.64 USD with a 24-hour trading volume of $1,596,255,222 USD. Terra has been up 3.70% in the last 24 hours.
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