VAT becomes the largest decentralized stable coin after market capitalization - altcoins

UST, one of the stable coins of the Terra project, has now become the largest stable coin after market capitalization after overtaking his rival DAI based on Ethereum. VAT is now the largest decentralized stable coin on the market and closes a year of growth for the Terra ecosystem, which is now one of the most valuable top ten cryptocurrency projects on the market.

UST outputs Dai as the most valuable decentralized stable coin

Ust, one of the stable coins from the Terra project, has become the most valuable project of its kind after market capitalization and takes up the place, another decentralized stable coin, once held. This ends a year of growth for the Terra ecosystem and for VAT, the it was possible from a market capitalization of 182 million US dollar to more than 9 billion US dollar in December swell.

Now his new position as fourth stable coin with the highest market capitalization behind usdt , usdc and busd. While these work by stored by securing collateral to support the tokens on the market, VAT is an algorithmic stable coin that uses a different token of the Terra ecosystem (Luna) to compensate for its bond with the value of the US dollar.

other decentralized stable coins and luna have also grown

In the last 30 days, other decentralized stable coins in relation to market capitalization have grown. Token like Frax and Mim have increased more than 30%, with Frax even achieved 40% in terms of market capitalization. These decentralized tokens do not depend on a central output point and cannot be blocked by a central authority.

Due to the increased attention that the rise of stablecoins like usdt and USDC are available regulatory authorities , there are some that believe that these alternative stable coins are experienced further, with the users from a row Flow on these alternatives. But despite all this growth, usdt is still most used stablecoin on the stock exchanges, whereby the token changed the owner worth more than $ 68 billion yesterday.

The increase in VAT also drove the price of Luna, his sibling token, to ATH values. To shape VAT, users of the Terra protocol have to burn Luna, which makes the tokens more scarce. Lunas price rose from a little more than $ 0.64 this January to more than $ 80 today, a 125-fold growth in less than a year.

Do Kwon, founder and CEO of Terraform Labs has He will be suggested, a backup for UTT in the form of Bitcoin ( btc ) and other cryptocurrencies that use the token-governance method in stressful times in the market before To protect volatility.

What do you think that Ust Dai reverses as a decentralized stable coin with the largest market capitalization? Tell us in the comment area below.

sergio goschenko

sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late in the game when he entered the cryptosphere in December 2017. He has a computer engineering background, lives in Venezuela and is affected by the cryptocurrency boom at the social level via crypto success and how it helps the non-banks and under-sector.

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