The South Korean-founded crypto was up another 8.3 per cent this morning, to an all-time high of US$79.15 – up from under $1 in January.
Remember $SOL went from $75 to $189 in just 14 days back in September.$LUNA has much more bullish catalysts on the way and is actually deflationary. You never know how fast things can move. pic.twitter.com/ucUk9YhFcu
— hgtp://MikeDavis.ᕫST ✨🌔 (@Vanture) December 20, 2021
Terra gaining traction
According to DeFi Llama, Terra over the weekend jumped Binance Smart Chain to become the second-biggest blockchain by total value locked (TVL).
Terra now has US$17.1 billion in TVL, up 38.6 per cent from a week ago, giving it a 7.1 per cent share of the DeFi market.
Ethereum is the undisputed leader with $150 billion TV, 62.8 per cent of the market, but that’s down from a market share in the low 70s as recently as August.
#Terra TVL at $15B today was where ETH TVL was a year ago. ETH TVL today is at $160B (see image from DeFiLlama).
Can #Terra TVL 10x in the next 12 months too? What would be the catalysts?$LUNA $UST pic.twitter.com/9kRjL9Dutj
— Jay.UST 🌖 (@JayJaboneta) December 19, 2021
But a bigger loser has been BSC, whose share of the DeFi market has shrunk from 12.0 per cent as of August 20 to 7.1 per cent this morning.
Polygon (MATIC) has also lost ground in TVL during that time, leapfrogged by Solana and the surging Avalanche. Fantom has been gaining on Matic for the No. 7 spot.
During those four months, Terra’s TerraUSD stablecoin has moved from the No. 58 spot in the coin rankings with a US$2.3 billion market cap, to N0. 21 with a $9.0 billion market cap.
That’s right behind Dai, the No. 20 crypto (and No. 4 stablecoin, behind Tether, USDC and Binance USD).
Ever since Terra’s Columbus-5 upgrade took effect in late September, minting TerraUSD coins has involved burning LUNA tokens – so as TerraUSD grows in popularity, that drives the price of LUNA upward.
