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Terra’s TVL surges 17% within 7 days to hit $31 Billion. The Terra (LUNA) decentralized finance (DeFi) ecosystem has been a hub of activity recently. In the last seven days, the total value locked (TVL) of Terra’s DeFi ecosystem surged 17% to reach a new all-time high of a whopping $31 billion.
Terra plays for all-round DeFi dominance
Per data from DefiLlama, Terra ranks as the second-largest blockchain by TVL and now accounts for around 11.88%, behind only Ethereum.
Img Source: DefiLama
Individually, Terra’s DeFi protocols have been having an impressive run. Anchor Protocol (ANC) grew to become the biggest lending protocol in the blockchain industry during the period, surpassing the Ethereum-based Aave (AAVE). Anchor Protocol’s TVL sits at around $15.73 billion as it has attracted deposits with its high APR of 20%.
Also driving Terra’s TVL surge is its flagship dollar-pegged algorithmic stablecoin, Terra USD (UST). Terra has adopted Bitcoin as a reserve currency for the stablecoin. LUNA Foundation Guard (LFG) has acquired over $1.4 billion worth of Bitcoin in a short period. LFG has the lofty target of owing $10 billion worth of Bitcoin in the long term.
Do Kwon, the founder of Terra and CEO of Terraform Labs (TFL), has revealed that he envisions UST becoming the de facto decentralized stablecoin across the entire crypto industry.
The goal is not to become the largest stablecoin on the Terra blockchain, so we expand to say the Solana, Avalanche, Ethereum, and Polygon ecosystems. We plan to be everywhere where there are developers and users, he said in a recent interview.
Consequently, the serial blockchain entrepreneur has recently revealed a new liquidity pool on the Ethereum-based exchange liquidity pool, Curve. Named the 4pool, it is composed of UST, FRAX, USDC, and USDT as noted by a blog post by Ezaan, a member of TFL. By allying with Frax, Terra hopes to gain a competitive edge over DAI.
The native token of the Terra blockchain, LUNA, has been a beneficiary of the growing DeFi ecosystem dominance. LUNA hit a new ATH of $117.91 yesterday according to CoinMarketCap.
LUNA is currently trading at around $114, down 1.61% in the last 24 hours. However, it is up 19.5% in the last week.
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