New listings, partnerships and stablecoin developments saw Terra and Flow buck the trend while much of the market stagnated
Last week saw much of the crypto market stagnate. Bitcoin fell 3%, while Ether dropped 8%. Most major cryptocurrencies also formed red weekly candles last week. However, some coins managed to buck the trend, and among those that soared in price were Terra (LUNA) and Flow (FLOW).
Terra is a decentralised finance (DeFi) infrastructure that supports stable programmable payments. It provides smart contracts, an oracle system and a stablecoin protocol, which is backed by a basket of seigniorage share style stablecoins that are algorithmically stabilised by LUNA, the project’s native cryptocurrency.
Dollar-pegged stablecoin TerraUSD (UST) and synthetic assets platform Mirror Protocol (MIR) are both built on the Terra blockchain and are both receiving listings on Bitfinex, according to an announcement on Friday.
LUNA also received a listing on Crypto.com at the end of June, while Harmony revealed a full-stack partnership with Terra last week that will see UST join the Harmony ecosystem.
These developments have clearly garnered attention as social mentions of Terra are up 40% in the last week, while social engagement is up 115%, according to LunarCRUSH. The result is that LUNA made gains of 41% last week, after rising 7% yesterday alone.
Meanwhile, Flow’s digital infrastructure is designed for internet-scale applications, games and digital assets, all of which are powered by the FLOW cryptocurrency.
Flow is known for its partnerships with popular non-fungible token (NFT) projects such as CryptoKitties and NBA Top Shot. It has continued to innovate in the NFT space recently by powering CNN’s genesis NFT drop. Flow will also host Rarible’s brand new NFT marketplace.
What’s more, regulated digital bank Anchorage added custody and staking support for FLOW towards the end of June, due to significant demand from institutional clients.
This demand has been reflected in the recent price action of the token, which surged 73% last week and made gains of 26% just over the weekend.
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Author: Alice Leetham