Negative Weather In The Markets Did Not Affect This Altcoin And It Experienced A Massive Rise

After a major correction late on Friday, December 3, the crypto market is starting to show signs of recovery. However, Terraform Labs’ native cryptocurrency is the fastest recovering altcoin. Terra (Luna) it happened.

Terra (LUNA) is currently trading at $76.43 and is up over 41%. The altcoin, whose total market cap exceeds $29 billion, first knocked out the 10th-ranked Dogecoin and maintained its speed. polkadot‘NS (DOT) also took the 9th place in the most valuable crypto currency ranking.

The LUNA cryptocurrency has been outperforming Bitcoin for the past few weeks. It was also seen that it gained more than 64% against Bitcoin on the weekly charts.

The price increase in LUNA came amid the growing use of the LUNA coin in decentralized finance (DeFi) applications. Also, there is a sharp increase in development activity taking place on the Terra blockchain.

Terra Grows in the DeFi Industry!

Terra blockchain remains one of the most sought after platforms in decentralized finance (DeFi). The Terra protocol runs on an algorithm to distribute fiat-pegged stablecoins, which is useful in a decentralized finance (DeFi) ecosystem. Terraform’s DeFi ecosystem includes popular applications such as Pylon, Mirror, and Anchor.

Also, as explained by DeFi Llama, Terra stands out as the third largest blockchain in total value locked (TVL). Together with the Terra (LUNA) price, the total value locked to the platform hit an all-time high of $13.86 billion. In terms of TVL, Terra is currently third after Ethereum and Solana. As popular crypto journalist WuBlockchain explained:

“According to DeFi Llama, the total value locked in Terra continues to reach new heights, taking third place, surpassing Avalanche and Solana. In the last 7 days, Terra-TVL has grown 42.9%. Terra Token Luna also recovered quickly and set a new record.”

All of these are clear signs that Terra is emerging as a dominant force in the DeFi space. We look forward to seeing if Terra can generate more earnings and beat Solana in market cap.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.

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