FTX is a leading centralized cryptocurrency exchange that specializes in derivatives and leveraged products. It was founded in 2018 by MIT graduate and former Jane Street Capital international exchange-traded funds trader Sam Bankman-Fried and it offers a wide range of trading products, including derivatives, options, volatility products, and leveraged tokens. It also provides spot markets in over 100 cryptocurrency trading pairs.
Today, FTX will list Terra (LUNA) with USD and USDT pairs at 14:00 (UTC) and Cosmos (ATOM) with USD and USDT pairs at 14:00 (UTC).
Terra is a public blockchain protocol developed by Terraform Labs. It deploys a suite of algorithmic decentralized stablecoins which underpin a thriving ecosystem that brings DeFi to the masses. Regarding Terra’s native token, LUNA, its whitepaper states: “We propose a cryptocurrency, Terra, which is both price-stable and growth-driven. It achieves price-stability via an elastic money supply, enabled by stable mining incentives. It also uses seigniorage created by its minting operations as transaction stimulus, thereby facilitating adoption.”
LUNA is used to stabilize the price of the protocol’s stablecoins. The Terra U.S. Dollar, or UST, is pegged to the U.S. dollar through an algorithm. To mint new UST tokens, a percentage of another digital token and reserve asset, LUNA, is burned. So, if the demand for UST rises with more people using the currency, more LUNA will be automatically burned and diverted to a community pool. That is supposed to help stabilize the price.
According to CoinMarketCap, the price of Terra at the moment of writing this article is US$89,65 with a 24-hour trading volume of US$4.890.125.158. It is currently ranked number 7 in CoinMarketCap’s ranking, with a live market cap of US$33.738.955.320.
Cosmos, on the other hand, is “an ever-expanding ecosystem of interconnected apps and services, built for a decentralized future.” Cosmos apps and services connect using IBC, the Inter-Blockchain Communication protocol. This innovation enables users to freely exchange assets and data across sovereign, decentralized blockchains.
Serving as the economic center of Cosmos, the Cosmos Hub is a blockchain that provides vital services to the Interchain, such as a marketplace, a security provider, a router and a custodian. Besides, in return for securing the services on the Cosmos Hub, transaction fees and staking rewards are distributed to ATOM stakers.According to CoinMarketCap, the price of Cosmos at the moment of writing this article is US$32,87 with a 24-hour trading volume of US$1.535.371.953. Its current CoinMarketCap ranking is number 20, with a live market cap of US$9.411.713.337.
