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The algorithmic stablecoins platform, Terra, has recently been witnessing increased DeFi activity, with both the network’s total value locked (TVL) and native token, LUNA, reaching new all-time highs (ATH) this week.
Terra’s TVL Crosses $30B Milestone
According to data from DeFi Llama, Terra network’s TVL has recently crossed the $30 billion mark for the first time. This new development comes just a month after the platform’s previous ATH of $23.39 billion on March 1.
The leading protocol on Terra, Anchor, makes up more than half of the network’s TVL with a market dominance of nearly 52%. The protocol is the network’s biggest contributor with a TVL of $15.8 billion.
Liquid staking protocol, LIDO, and the next-gen automated market maker (AMM) Astroport assume the second and third positions with $9.23 billion and $1.62 billion TVL respectively.
Terra currently has the second-largest TVL of all the networks listed on DeFi Llama, placing it ahead of the Binance Smart Chain (BSC) network, which has a TVL of $13.27 billion, and Avalanche with a TVL of $10.39 billion. Ethereum is still dominating DeFi with a TVL of over $125 billion.
LUNA Hits New ATH
Terra’s native token, LUNA, has also witnessed massive gains, surpassing its previous ATH and hitting a new one at over $117 per coin, briefly outperforming XRP.
LUNA topped the monthly gains chart among the ten cryptocurrencies by market cap ahead of several well-performing assets, including DOT.
According to live data from CoinMarketCap, LUNA is presently trading at $112.97 per unit, with a market capitalization of $39.86 billion. The token is the ninth-largest cryptocurrency in the market.
Terra Continues Accumulating Bitcoin
The Terra network revealed plans to purchase the leading cryptocurrency, bitcoin, as a reserve asset for one of its algorithmic stablecoins, TerraUSD or UST. It had pledged to acquire $10 billion worth of BTC for this purpose.
The latest purchase of 2,943 BTC was made on Wednesday, bringing the network’s total bitcoin holdings to 30,727 BTC worth a whopping $1.4 billion.