Terra’s The big drop in the cryptocurrency market has some other in altcoins It also caused melting.
The only cryptocurrencies damaged in the Terra ecosystem, which is a Layer-1 Blockchain LUNA and TOP It didn’t happen. The fact that the network had to be halted twice this week also contributed to the decline.
The prices of some DeFi protocols have approached zero despite their independent work from Terraform Labs.
Many Altcoins in Terra Ecosystem Price Zeroed
Terra’s largest DeFi platform Anchor Protocol (ANC)was one of the hardest hits from the last drop. The platform, which contains more than 70% of UST tokens in circulation, melted within hours with the collapse.
Anchor, which until last week was the third largest DeFi platform in the world, had a total locked value (TVL) of $16 billion. ANC, which was trading at around $2 before the collapse, is trading at $0.2 at the time of this writing.
Another DeFi platform on Terra, Mars Protocol also lost 96% of its TVL value this week. MARS, the management token of the platform, also fell to $ 0.1, setting a new record.
Other platforms connected to Terra Mirror, Prism and Nexus They are also trading at a much lower level than their previous values.
Cryptocurrency lending platform Nexo was also hit by the recent Terra crash. NEXO The token has lost approximately 45% of its value. The Nexo platform collaborated with Terra in 2019 and allowed investors to deposit UST tokens on the platform.
*Not investment advice.