According to data provided by Defi Llama terrahas become the second largest smart contract platform in terms of total value locked (TVL). TVL reached $16.6 billion, surpassing Binance Smart Chain.
Terra’s TVL grew 19.46% in the last 24 hours, outstripping its competitors.
In addition, Anchor, a savings protocol based on the Terra blockchain that provides its users with a low-volatile 20% yield, is the most popular protocol in the Terra network with a TVL of 7.14 billion dollars. Liquid staking protocol Lido and decentralized exchange Terraswap are the second and third largest protocols respectively.
Two other popular smart contract platforms, Solana and Avalanche, lag behind Terra and Binance Smart Chain with TVL of $11.92 billion and $11.84 billion, respectively.
LUNA’s big rally
With the broader cryptocurrency market in recession, the Terra network’s native token LUNA has gained nearly 20% compared to last week. With a market capitalization of over $27 billion, it remains the 9th largest cryptocurrency. Avalanche (AVAX) is ranked 10th, just behind LUNA.
LUNA hit its all-time high about two weeks ago. After the Columbus-5 update launched on November 30 in the Terra ecosystem, some of the LUNAs in circulation were burned. We can say that this was the main reason that triggered the rally.
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.