Terra (LUNA) edges Binance Smart Chain to hit record $20B of Total Value Locked
According to industry data, Terra (LUNA) has had a 68% increase from its December 1 total value locked TVL of $11.9 billion, to hit a record high of $20.05 billion TVL. That is, in under a month, users of the platform have continued to invest nonstop into the protocol in order to earn staking rewards.
Meanwhile, the price of LUNA — Terra’s native token, is also seeing a steady rise as it currently trades above $92 with a 31% surge in just a week, according to data from CoinMarketCap. The coin now has a total market capitalization of $33.9 billion, ranking 9th on the list of crypto projects.
LUNA Becomes The 2nd Largest Decentralized Finance Network
Ethereum remains way ahead of all decentralized finance DeFi networks in terms of TVL with $155.7 billion in TVL. And now, Terra has simply become the second-largest DeFi network, flipping Binance Smart Chain (BSC) in the process. Recall, BSC has a total of 225 products in its DeFi ecosystem with a TVL of $16.7 billion. But even that TVL has been on a decline all through the month.
Meanwhile, the consistent price increase of LUNA over the past few days might not be unrelated to investors buying spot LUNA to lock up in the Astroport lockdrop. This assumption was put forward as part of a Monday publication of a research note by Delphi Digital analytics firm.
Astroport is a new decentralized exchange and had gone live on December 14, airdropping ASTRO tokens to users who lock up their liquidity in the protocol.
There seems to be an obvious attraction as investors are looking to make free money from the lockdrop. This has seen the investors shifting towards Astroport, and thus taking out LUNA supply from the market.
And according to data sourced from DeFi Llama, the new decentralized exchange has raked in more than a billion dollars into the Terra ecosystem, with over 50% of that figure consisting of LUNA tokens.
- Canary Litecoin ETF Delayed Due to Government Shutdown, What’s Next?
- VanEck Registers Lido Staked Ethereum Trust in Delaware, LDO Up 7%
- Fed’s Lorie Logan Urges Caution on Further Rate Cuts Citing Inflation Risks
- Nasdaq-Listed Fitell Adds Pump.fun’s PUMP To Supplement Solana Treasury
- FG Nexus to Tokenize Stock on Ethereum as SEC Weighs 24/7 Onchain Stock Trading
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
