Terra Protocol Eclipses Binance Smart Chain With Regards to Value Locked in DeFi
After experiencing some setbacks days ago, the total value locked (TVL) in decentralized finance (defi) has recovered in fiat value. According to statistics, the $248 billion TVL in defi has climbed by 3.46 percent in the past 24 hours, and the blockchain Terra has surpassed the Binance Smart Chain in terms of TVL in defi.
Because the Terra blockchain’s native crypto asset (LUNA) has surged by over 45 percent in the previous week, the protocol has been generating a lot of attention these days. After reaching an all-time high (ATH) lately, the cryptocurrency has risen in market capitalization to become the ninth-largest digital asset by market capitalization. Additionally, the blockchain network has surpassed the Binance Smart Chain (BSC) with regards to TVL in defi, which was previously the case with LUNA’s latest ATH.
For the majority of 2021, BSC was the second-largest blockchain platform with respect to defi TVL, behind only Ethereum Classic. Nevertheless, the Terra protocol has just exceeded BSC in terms of value by few billions. As per defillama.com, Terra’s TVL now is about $19.34 billion, whereas BSC is approximately $16.67 billion on this day in 2012. When measured in defi, the Terra TVL is 16.01 percent bigger than the BSC, and it has expanded by 65.99 percent in the previous week.
A large portion of the rising value may be attributed to Terra’s native token LUNA achieving new price high points, and also the stablecoin UST growing the number of tokens in circulation. In a recent report, Bitcoin.com News said that UST has eclipsed the stablecoin DAI, and 30-day statistics show that UST has gained by 292 percent since then. Tether (USDT) is the most popular trading pair on LUNA today, accounting for 62.25 percent of all LUNA deals. Bitcoin (BTC) is the second most popular trading pair, accounting for 14.81 percent of all LUNA trades.
The global pairings demonstrate that LUNA has a significant association with the BUSD (10.42 percent of all LUNA transactions), the BNB (3.49 percent), the USD (3.09 percent), and the KRW (10.42 percent of all LUNA trades) (2.55 percent ). Binance, Okex, Kucoin, Huobi Pro, and Bithumb Global are the most active cryptocurrency exchanges in the world right now, with each trading LUNA for a different cryptocurrency.
Terra protocol’s TVL in defi has significantly improved in recent months, but it still has a long road ahead to go before it can close the gap with Ethereum’s TVL in defi. Ethereum has a market capitalization of $155.2 billion, accounting for 62.58 percent of the $248 billion now locked up in defi.
Terra protocol’s TVL in defi is just 7.79 percent of the entire $248 billion in defi that has been locked up, while BSC only 6.72 percent of that amount. Other TVLs in decentralized finance that have had significant increases in the previous seven days include Avalanche, which has seen a 19.25 percent gain, and the Chronos (CRO) network, which has seen a 16.29 percent increase.