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The rapid growth of the Terra blockchain Stablecoin UST surpassed its competitor DAI to become the largest decentralized stable currency, and it achieved another milestone: a market value of 10 billion U.S. dollars.
According to crypto pricing website Coin TigerOn Sunday, the market value of UST exceeded $10 billion. At the beginning of 2021, the market value was less than US$200 million.
In early December, UST surpassed rival MakerDao’s decentralized stablecoin DAI, which has a market value of approximately US$9.4 billion. DAI has been online since 2017.
The rapid growth of UST has been accompanied by the Terra blockchain becoming Major participants in decentralized finance (Go to financial institution) Sector, where stablecoins play a key role in mortgage, liquidity management and income generation.
Dollar The market value is now $10B, which is the first decentralized stablecoin to achieve this milestone.
There is no doubt about the product market fit of the decentralized currency in the decentralized economy.
longevity @terra_money pic.twitter.com/f59ItpkgnJ
— Do Kwon ???? (@stablekwon) December 26, 2021
Terra’s LUNA token Has always been one of the best performers According to encrypted data website Messari, among all digital assets this year, the price has risen 15 times, reaching a market value of 34 billion U.S. dollars.
last week, Terra surpasses Binance Smart Chain (BSC) ranks second in the total value lock (TVL), which is used to compare DeFi activities that occur on various blockchains or individual projects. According to data provider DeFi Llama, Terra has $17.9 billion in locked assets, And BSC is $17.3 billion. The Ethereum blockchain ranks first, with the total value of locked DeFi exceeding 162 billion U.S. dollars.
The most popular DeFi project in the Terra ecosystem is anchor, A lending agreement with nearly $9 billion in TVL, which accounts for more than half of all DeFi activities on Terra.
A popular transaction involves users depositing UST into the Anchor protocol, then pooling the tokens and lending them to borrowers who pay interest. The accrued interest is then distributed to all depositors in proportion, and they expect an annual rate of return (APY) of 20%.
According to data from TokenInsights, nearly $3 billion in UST has been deposited into Anchor.
3/ @anchor_protocol , The top 10 tvl agreement on the list, broke through $10b in December pic.twitter.com/LStvaZhSxB
— TokenInsight (@TokenInsight) December 27, 2021
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