The popularity of Terra (LUNA) and the stablecoin UST has grown exponentially, and now these tokens are being added to 1xBit's list of permitted payment options.
1xBit is a crypto casino platform that has always strived to offer users new opportunities and functionalities. To offer even more transactional freedom, the platform took the decision to bring in LUNA and UST.
LUNA and UST - the hottest crypto in the market
LUNA and UST stablecoin are cryptocurrencies whose value is mutually dependent on each other, coming from one of the most successful DeFi projects - Terra Network.
The Terra Network's native cryptocurrency is LUNA. The purpose of Terra Network is to establish a platform that would allow developers to construct DApps and blockchains with unique use cases. Terra is most concerned with developing a lightning-fast blockchain infrastructure that allows for reliable programmable payments.
LUNA is used for staking on the Terra Network and for assuring price stability of stable coins whose value is tethered to fiat currencies, such as the TerraUSD (UST), which is set to the price of the US dollar.
Now, because UST's price is stable, bettors who use it as a payment on 1xBit don't have to worry about volatility.
On the other hand, the price of the LUNA token has experienced an astronomical rise in price over the last year. In 2021, LUNA traded at $0.66 and closed the year at $89. This kind of price action can bring exponential earnings to its users.
How do LUNA and UST work?
LUNA is secured through a Delegated Proof of Stake consensus mechanism, which allows users to stake their coins to validate transactions. It is used to stabilize the price of the protocol's altcoins.
LUNA tokens are burnt to increase UST supply in the situation that demand for stable currency like the UST is considerable, reaching $1. As a result, UST's value decreases, bringing it closer to the $1 level. This results in a drop in the value of UST, hence bringing it down to the $1 mark.
A lot of crypto users rushed to LUNA and UST in massive numbers. Therefore, both cryptocurrencies are now available on 1xBit as well, being added to the betting platform's list of permitted payment options.
What is 1xBit?
1xBit is a cryptocurrency casino that focuses its services on what's popular right now, such as anonymity and diversity. The platform allows users to create login identities without providing their names, also 1xBit requires only an email from users to register. So, in essence, the platform generates login credentials that provide some level of anonymity to its users.
The platform also ensures a simple user interface to navigate. Not to mention the over 5000 casino games it has to offer to cater to the various demands of its customers.
1xBit provides new customers a welcome bonus for the 1-4th deposit, a bonus of up to 7 BTC as an incentive, giving them an advantage over the competition.
In addition, 1xBit takes security extremely seriously. The platform has several measures to secure users' interests, data, and finances. 1xBit's platform is highly secure, with end-to-end SSL encryption and two-factor authentication, and there has never been a security breach.
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