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

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Sun, 19/12/2021 - 18:46
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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.   

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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.

Ethereum continues to reign supreme in the decentralized finance sector with roughly $150 billion, but its share of the market is sitting at its historic low of 62% as DeFi is becoming more diverse.

Related

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.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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