Binance announces listing of TerraUSD, LUNA jumps to $100

Binance announces listing of TerraUSD, LUNA jumps to $100

Popular crypto exchange Binance announced the listing of two tokens on Thursday. The two tokens Spell Token (SPELL) and TerraUSD (UST) started trading on December 24 at 08:00 UTC.

In addition, Binance has offered six trading pairs: SPELL/BTC, SPELL/BUSD, SPELL/USDT, UST/BTC, UST/BUSD, and UST/USDT to allow deposits.

The SPELL token is a governance token of DeFi platform Abracadabra.money, which offers interest-bearing collateral on its stablecoin $MIM.

Meanwhile, TerraUSD (UST) is an algorithmic stablecoin issued by a decentralized network called Terra. Terra’s native token LUNA is a backing asset of the token. It means that for every 1 TerraUSD minted, Terra burns 1 USD worth of LUNA.

LUNA was already scaling above $96 in early Asian hours when Binance’s announcement further pushed the token to reach its all-time high of $100. The record-high prices resulted in the total value locked (TVL) in DeFi protocols on Terra surpassing $21 billion, nearly $3 billion higher than Wednesday levels.

At press time, LUNA was trading at $99.06, up by $14.13% from yesterday.

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