- 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).
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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.
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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