- Terra (LUNA) has flipped Binance Smart Chain in terms of TVL for DeFi.
- This makes Terra as the second-highest blockchain protocol for DeFi TVL after Ethereum.
- Terra is a blockchain ecosystem that focuses on deploying stablecoins for DeFi.
Blockchain ecosystem Terra has now exceeded Binance Smart Chain (BSC) to become the second-largest blockchain for decentralized finance (DeFi) in terms of total value locked (TVL).
The news came as LUNA has seen a meteoric rise to become ninth highest cryptocurrency in terms of market capitalization. As per CoinGecko, LUNA price is at $92.58 at the time of writing. Also, this is a 54.8% surge in the last 7 days.
Nevertheless, the lion’s share of DeFi TVL still belongs to Ethereum. Specifically, a lot of DeFi protocols use Ethereum including Uniswap, Maker, and Curve Finance.
According to DeFiPulse, the TVL of the entire DeFi space is at $99.61 billion. Earlier, the combined TVL of DeFi platforms reached more than $100 billion. In fact, it reached $111 billion in early November prior to the massive and prolonged downtrend of the crypto market.
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Nevertheless, the crypto market is now recovering and is hopeful as major cryptocurrencies are posting significant gains.
Terra is a blockchain ecosystem that focuses on deploying decentralized stablecoins. Its primary focus is DeFi.
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