LUNA Records $20B In TVL, Surpassing Binance Smart Chain

LUNA records $20B in total value locked and Terra became the second biggest Defi chain after Ethereum, even surpassing the Binance Smart Chain as we can see more today in our altcoin news.

Terra is an open-source blockchain network and now, LUNA records $20B in TVL and hit an all-time high across its 13 product offerings. Terra’s TVL was at $11.9 billion at the start of December which only shows a 68% increase in the past month. This only means that the platform’s users are investing in bigger quantities into the protocol to receive staking rewards. The price LUNA is also making new highs and it is trading above $94 with a 31% increase over the week. The coin has a total market cap of .
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8 billion and it is placed in the top 10 crypto projects.

The migration is complete and the $bLUNA contracts + the web app have been updated successfully. https://t.co/lncy6y8yCs

— Anchor Protocol (@anchor_protocol) December 22, 2021

In terms of total value locked, Terra is the second biggest Defi network above Binance Smart Chain and below Ethereum. BSC for comparison has 225 products in the DeFi ecosystem and a TVL of $16.7 billion which has been decreasing the past month while ETH has $155.7 billion in TVL. Terra is an application-based blockchain that is built on the Cosmos SDK and Tendermint consensus. The users can mint US dollar-pegged stablecoins and convert these stable coins into LUNA as the native coin of Terra. Within the ecosystem, the savings protocol Anchor is topping the charts for the application with a high TVL which at the time of publication is $8.7 billion according to Defi Lama. The activity within ANC was likely contributed to TErra’s value rise.

As recently reported, The LUNA token hits an all-time high of $88.47 building upon its solid performance over the past week. Despite falling back to $83, LUNA increased by 8.4% over the past 24 hours and a huge 56% gain in the past week according to the CoinGecko data. With a market cap of $31 billion, LUNA is now the ninth-biggest cryptocurrency having surpassed both Polkadot and Avalanche. Terra is a blockchain protocol for creating an algorithmic stablecoin that is pegged to various fiat currencies alongside decentralized finance infrastructure. The network is built using the Cosmos software development kit and LUNA is used to issue stablecoins as well as for paying for the fees and taking part in governance votes.