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Terra Becomes Second-Biggest DeFi Platform (Behind Only Ethereum)

Sun, 12/19/2021 - 18:46
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Alex Dovbnya
Terra has surpassed Binance Smart Chain, becoming the second-largest smart contract platform
Terra Becomes Second-Biggest DeFi Platform (Behind Only Ethereum)
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Terra has become the second-biggest smart contract platform by total value locked, according to data provided by Defi Llama.

By reaching $16.6 billion, it has now surpassed Binance Smart Chain.

Terra’s TVL has grown 19.46% over the past 24 hours, racing ahead of competitors.   

TVL
Image by defillama.com

Anchor, a savings protocol that allows receiving low-volatile yields by depositing the UST algorithmic stablecoin, is the most popular protocol on the Terra network with $7.14 billion worth of value locked.      

Liquid staking protocol Lido and decentralized exchange Terraswap come in second and third places, respectively. Automatic market-making Astroport is also a billion-dollar protocol.

Solana and Avalanche, two other popular smart contracts platforms, are lagging behind Terra and Binance Smart Chain with $11.92b and $11.84b in TVL, respectively.

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LUNA’s massive rally   

While the broader cryptocurrency market is in the doldrums, LUNA, the native token of the Terra network, has soared 22% over the past week.

With a market capitalization of over $27 billion, it remains the 9h biggest cryptocurrency by market capitalization. Avalanche (AVAX) comes in a close 10th place.

However, Decred (DCR), the native token of the hybrid blockchain of the same name, is currently stealing the show with a sudden 52.73% price spike that allowed it to re-enter the CoinMarketCap top 100.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.