A friendly reminder $LUNA is a long-term investment. Col-5 laid the groundwork for a lot of upgrades, but none of the important new features are up yet. I expected a bigger speculative pump after the upgrade, I guess we have to wait a bit longer.
Luna is different, the pumps are mainly caused by UST demand. Demand drives up the UST price above 1$, after arbitragers buy Luna and burn it to mint UST. Whenever this happens there's a mechanical price increase for Luna, followed by a FOMO market move. The key is to be in Luna before UST gets minted and take a % of the profits when we take the top after FOMO stage, because there's still a correction after every pump so far.
We've been outperformed by $BTC and others in the short term. But if you look at the 1 month charts we're still up 20% while BTC is down 2%. Not to mention the 3 month (523%), 6 month (102%) and YTD (5762%) charts. Most coins are now consolidating and on the way to retest previous levels. Luna consolidated earlier. So we might see another speculative, chart based pump.
Wormhole announced their $ETH - $SOL bridge has done well. Locking in 200mil$+ since the implementation 2 weeks ago. They also announced Terra integration will be next, giving the 250+ Defi apps options to work with UST, Luna and mAssets from $MIR. Driving up demand for all, over time, as integration takes place.
The connection for IBC will give acces to $ATOM's internet of blockchains. Cosmos is still lacking a prominent stablecoin and it's very likely UST will be candidate n°1 to fill that position. Now that Col-5 is deemed stable, there is a governance proposal in the making and Luna stakers will vote for this soon to give everything the green light.
Other than that we keep our eyes on new project release dates and developments on the older ones.
The massive burn we witnessed was to bootstrap Ozone, the blockchain insurance protocol for UST related financial services. The Luna that was burned came from the community pool. Ozone will go live in +-3 weeks.
Before Col-5, when UST was minted only a % of Luna used in the process was burned and the rest went to the community pool for new projects. Since Col-5 all Luna will be burnt, 1$ UST minted = 1$ Luna burnt. Meaning bigger pumps as before.