Terra (LUNA) reached a record $20B TVL, surpassing Binance Smart Chain


Land (Luna), an open source stablecoin network, hit Industry data shows that the total value of its 13 products locked in or TVL hit a record high, reaching US$20.05 billion. On December 1, Terra’s TVL was $11.9 billion, an increase of 68% in less than a month. This means that users of the platform are investing heavily in the agreement to obtain pledge rewards.

According to the data, the price of Terra’s native token LUNA is also rising steadily, with a transaction price of over US$94, a 31% increase in a week. Cointelegraph Markets ProThe total market value of the token is now 34.8 billion U.S. dollars, making it one of the top 10 cryptocurrency projects.

LUNA remains one of the hottest performers in the encryption field. Source: Cointelegraph Markets Pro

In terms of TVL, Terra is now the second largest DeFi network after Ethereum and Binance Smart Chain. For reference, BSC has 225 products in its DeFi ecosystem, with TVL of 16.7 billion U.S. dollars, which has been declining throughout the month, while Ethereum’s TVL is 155.7 billion U.S. dollars.

related: 12/22 Price analysis: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, AVAX, DOT, DOGE

Terra is an application-specific blockchain based on the Cosmos SDK and Tendermint consensus. Users can mint stablecoins linked to the U.S. dollar and convert these stablecoins into LUNA, which is Terra’s native pledge and governance assets.

According to data from DeFi Llama, in the Terra ecosystem, the savings agreement Anchor (ANC) topped the list with the highest TVL, at $8.7 billion at the time of launch. Activities within the ANC are likely to have contributed to Terra’s value growth.