Terra becomes the second largest DeFi platform on the market, after Ethereum the LUNA price reaches the new ATH

According to Defi Llama, Terra has become the second largest smart contract platform on the market after Total Value Locked (TVL). With a hit of $ 16.6 billion, it has now surpassed Binance Smart Chain.

Source: Defillama.com

Anchor, a savings protocol that allows you to receive low volatility rates by depositing into Terras Stablecoin UST, is the most popular protocol on the network with a locked value of $ 7.14 billion.

In second and third place are the staking protocol Lido and the decentralized exchange Terraswap. Automated Market Making Protocol (AMM) Astroport ranks fourth with a TVL of $ 1.1 billion.

Solana and Avalanche, two other popular smart contract platforms, lag Terra and Binance Smart Chain with TVLs of $ 11.92 billion and $ 11.84 billion, respectively.

While the broader crypto market is in the doldrums, LUNA, the native token of the Terra network, is up 27% over the past week and has now set a new ATH at $ 79.79 at the time of writing.

1 Day LUNA Price Chart | Source: Tradingview

With a market capitalization of $ 30 billion, LUNA has overtaken DOT and AVAX to become the ninth largest cryptocurrency by market capitalization.

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