Terra (LUNA), the native token of the Terra blockchain, has climbed to eighth place by market capitalization, according to CoinMarketCap data.
The cryptocurrency is currently valued at $28.8 billion. This puts it just above Solana (SOL), which has slipped to ninth place by market capitalization. Cardano, another “Ethereum killer” is in seventh place, with its value currently sitting just below $30 billion. Avalanche (AVAX) comes in tenth place with $19.6 billion.
The LUNA token is up 57.46% over the past week, vastly outperforming every major cryptocurrency. The cryptocurrency peaked at $79 earlier today before shedding some gains.
Anchor Protocol (ANC), the native token of the eponymous Terra-powered lending and borrowing protocol, has surged 61.04%.
Earlier this week, Singapore-based Luna Foundation Guard (LFG) secured $1 billion from Three Arrows Capital and Jump Crypto for creating a Bitcoin-denominated forex reserve for the UST stablecoin. The move is meant to bolster the stability of its peg, which recently came under severe pressure due to Anchor Protocol’s depleting reserves.
As reported by U.Today, the Terra smart contract platform recently came close to capturing 10% of the total value locked within the decentralized finance ecosystem, according to data provided by DefiLlama. Terra’s TVL currently stands at $20.26 billion, which is still only a fraction of Ethereum’s $115 billion.