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- On the basis of total value locked(TVL), Terra becomes the second largest DeFi exchange, leaving BSC behind.
- Terra jumped 34.98% as compared to the last week, gaining DeFi market’s 7.1% share, with TVL of $17.2 Billion.
- BSC’s DeFi market share downed to 7.1% as compared to 12%, which was back in August 2020.
Terra is Now Second Largest DeFi Platform
In accordance with total value locked(TVL), Terra has surpassed Binance smart chains to become the second-largest DeFi platform, as per the data of DeFi Llama. The exchange now has $17.2 Billion in Total value locked. Terra is up by 6.55% in the previous 24 hours, at the time the article was being written.
A savings protocol Anchor, which enables less-volatile yields to be received through depositing UST algorithm stablecoin, is the most admired protocol on the network of Terra having $7.29 Billion in total value locked(TVL). Lido, which is a liquid staking protocol, is at second having a total value locked at $5.06 Billion. Terraswap, a decentralized exchange, is at third having a total value locked at $1.89 Billion. Astroport is at fourth and is also a Billion dollar protocol.
On one hand, the whole crypto market is bearish, but the native coin of Terra, LUNA, has remained bullish in the previous week and has gained 22%. LUNA has a market capitalization of $27.8 Billion as of now and is ranked 9th among the crypto assets, just above Avalanche(AVAX). Another native token of LUNA has gained a lot of attention as it is bullish at 52%, enabling the token to enter the top 100 cryptocurrencies again.
BSC’s Market Share Downed
BSC was having a market share of 12% as of August 2020, but currently, it is down and has a market share of 7.1%, having a total value locked at $16.3 Billion. MATIC was also left behind by AVAX and Solana, in terms of total value locked and Fantom is struggling behind MATIC in order to attain the number 7 spot.
TerraUSD, a stablecoin associated with Terra, has shifted upwards from 58th spot, having a market capitalization of $5.3 Billion at that time, to 21st, having a market capitalization of $9 Billion, just below DAI, which is standing at 20th spot as of now.
From the moment Columbus-5 upgrade of Terra happened back in September, the burning of LUNA tokens got involved with the minting of TerraUSD, which means that, whenever the admiration towards TerraUSD rises, it will affect LUNA prices positively.
Terra(LUNA) has shown a great performance as of now, as it is trading at a 100 day moving average of $47. If the performance remains consistent, LUNA might reach the milestone of $90.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
