Terra Network (LUNA) TVL reaches $20 billion in market capitalization, surpassing Binance Smart Chain.
Terra’s Defi activity is moving up, with the network TVL and the price of LUNA both reaching new highs this week.
Terra, a well-known open-source stablecoin network, just passed the $20 Billion mark in TVL across its DeFi protocols. It currently has a higher value locked than Binance Smart Chain (BSC).
TVL on Terra began ramping up in late Nov. and early December, according to Defi Llama. By the 16th of December, the network had secured approximately $13 billion in funding.
After that, money started flowing in, totaling $3 billion in just 3days. TVL reached a high of nearly $20 billion on Wednesday and is now trading at $19.58 billion.
This is a significant increase over the current value of BSC, which has been stalled below $17 Billion for the past 2 weeks.
Terra presently has the second-highest TVL among all Defi Llama networks. It is only surpassed by Ethereum, which has a TVL of $156 billion and dominates Defi.
The TerraSwap and Anchor (ANC) protocols have gained the most value in the last seven days, with TVL rises of 89 percent and 44 percent, respectively.
The price of LUNA has also increased. It recently hit an all-time high above $97 after a 50% week-to-week increase. According to Binance, it has since dropped to $87.
Terra has surpassed Polkadot as the ninth most valuable cryptocurrency after a recent price surge.