Terra (LUNA) hits record $20B TVL, surpassed Binance Smart Chain
Terra becomes the second-largest Defi chain in terms of total value locked after Ethereum.
Terra(LUNA), an open-source stable coin network, hit an all-time high of $20.05 billion in total value locked, or TVL, across its 13 products offering to industry data. On Dec 1, Terra's TVL was at $11.9 billion, signifying a 68% increase in under a month. This means that the platform's users are investing in large quantities into the protocol to receive rewards.
The price of LUNA, Terra's native token, is also steadily trending upwards, trading above $94 with a 31% increase in one week, according to Cointelegraph markets pro. the coin presently has a total market capitalization of $34.8 billion, placing it in the top 10 crypto projects.
In terms of TVL, Terra is now the second biggest Defi network below Ethereum and above Binance Smart Chain. For reference, BSC has 225 items in its Defi ecosystem and a TVL of $16.7 billion which has been decreasing all month, while Ethereum has $155.7 billion in TVL.
Terra is an application explicit blockchain based on the Cosmos SDK and Tendermint consensus. Users can mint U.S. dollar-pegged stable coins and convert those stablecoins in LUNA, the native and governance assets of Terra.
Within the Terra ecosystem, saving protocol Anchor(ANC) is topping the charts for the application with the highest TVL, which at the time of publication is $8.7 billion, according to DEFI Llama. Activity within ANC has most likely contributed to Terra's value increase.