Terra Network (LUNA), an open source stablecoin network, reached an all-time high of $ 20.05 billion in Closed Total Value, or TVL, across 13 offerings, according to industry data. TVL Terra was worth $ 11.9 billion on December 1, an increase of 68% in less than a month. This means that platform users invest large sums in the protocol to receive effort rewards.
According to Cointelegraph Markets Pro, the price of LUNA, the original Terra token, is rising steadily, trading above $ 94 with a 31% increase in one week. The total market value of the coin is currently $ 34.8 billion, making it one of the top 10 crypto projects.
LUNA is still one of the most popular practitioners in the field of cryptocurrency. Source: Cointelegraph Markets Pro.
When it comes to TVL, Terra is now the second largest DeFi network after Ethereum and over Binance Smart Chain. For reference, BSC owns 225 products in the Defi and TVL ecosystem worth $ 16.7 billion, which has decreased during the month, while Ethereum has $ 155.7 billion in TVL.
Related: Price analysis 22/12: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, AVAX, DOT, DOGE
Terra is an application-specific blockchain built on the compatibility of Cosmos SDK and Tendermint. Users can mint USD-denominated stack coins and convert these stack coins to LUNA, Terra’s original setup and management tool.
In the Terra ecosystem, the Anchor Savings Protocol (ANC) tops the list of apps with the highest TVL, according to DeFi Llama, at $ 8.7 billion at the time of publication. Activities in the ANC probably contributed to the increase in Terra’s value.