According to defilama data, Terra achieved a 68% increase in total value closed on December 1 of $11.9 billion, reaching a record $20.05 billion of TVL closed value.
In less than a month, users of the platform continued to invest nonstop in the protocol in order to earn staking rewards.
Meanwhile, the price of LUNA – the original coin of Project Terra – is also on a steady rise as the coin is currently trading above $97, up 46% in just one week, according to CoinMarketCap data.
The total market capitalization of the coin is now $35.5 billion, ranking it 9th on the list of crypto ventures.
LUNA becomes the second largest decentralized finance network:
Ethereum remains ahead of all decentralized financial DeFi networks in terms of total TVL closed value, which was estimated at $155.7 billion in TVL closed value.
Now, Terra has simply become the second largest DeFi network, turning on the Binance Smart Chain (BSC).
Binance Network (BSC) has a total of 225 products in the DeFi ecosystem, with a total locked TVL value of $16.7 billion.
Recently, the total closed value of TVL on Binance Network has declined throughout the month.
What made the difference for the Terra blockchain is the “Astroport” protocol, which is a new decentralized platform launched on December 14, whereby “ASTRO” coins are distributed to users who lock their coins into their liquidity pool in the protocol.
This seems to be an obvious attraction as investors are looking to make free money from the process.
This has resulted in investors turning to Astroport, thus taking the supply of LUNA out of the market.
According to data obtained from DeFilama, the new decentralized platform has generated more than $1 billion in the Terra ecosystem, with more than 50% of that number made up of LUNA coins.
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