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The Terra protocol has been making waves, with the native crypto asset (LUNA) on the blockchain increasing by over 45 percent in the previous week. LUNA is now the ninth-largest crypto asset in terms of market capitalization, having recently reached an all-time high (ATH). LUNA has recently surpassed the Binance Smart Chain (BSC) in terms of TVL in defi, in addition to its recent ATH.
BSC was the second-largest blockchain network in terms of defi TVL throughout the majority of the year. The Terra protocol, on the other hand, has recently overtaken BSC by a few billion dollars. According to defillama.com, Terra's TVL is approximately $19.34 billion today, whereas BSC is around $16.67 billion on Tuesday. Terra TVL is 16.01 percent greater in defi than BSC, and it has grown 65.99 percent in the last week.
Terra TVL in DeFi is 7.79% of the Aggregate Value Locked Across All Chains
Terra's native token LUNA has reached new market highs, while Terra protocol's stablecoin UST has increased the number of tokens in circulation. UST recently surpassed the stablecoin DAI, according to Bitcoin.com News, and 30-day statistics show that UST has climbed by 29.2 percent. Tether (USDT) is LUNA's most popular trading pair today, accounting for 62.25 percent of all LUNA deals, with BTC accounting for 14.81 percent of all trades.
BUSD (10.42 percent of all LUNA trades), BNB (3.49 percent), USD (3.09 percent), and KRW (3.09 percent) are all strong global pairs for LUNA (2.55 percent). Binance, Okex, Kucoin, Huobi Pro, and Bithumb Global are the most active exchanges for trading LUNA currently. While the Terra protocol's defi TVL has increased significantly, it still has a long way to go to catch up to Ethereum's defi TVL.
Ethereum currently possesses $155.2 billion, or 62.58 percent of the $248 billion in defi. Terra protocol's TVL in defi accounts for only 7.79 percent of the total $248 billion locked in defi, while BSC accounts for 6.72 percent. Other decentralized financial TVLs that have gained significantly in the previous seven days include Avalanche (19.25 percent) and the Chronos (CRO) network (16.29 percent).