Terra surpasses Binance Smart Chain in TVL DeFi as LUNA price continues to break records
Terra caught community attention after its native crypto asset LUNA rose 58% in the past 7 days to an all-time high (ATH) of $ 95.08 and is currently the ninth largest electronic money by market cap. In addition to LUNA’s most recent ATH, the Terra blockchain network overtook Binance Smart Chain (BSC) and took second place in DeFi in terms of TVL.
LUNA / USD price chart | Source: Tradingview
Most of the time before that, BSC was the second largest blockchain network in terms of TVL in DeFi. That changed, however, when Terras TVL rose 65.99% in the last 7 days to hit $ 20.25 billion, surpassing BSC’s $ 16.77 billion.
Terras TVL has risen sharply
Much of Terra’s TVL surge is due to LUNA hitting a new ATH and its TerraUSD (UST) stablecoin increasing its circulating supply. Bitcoin magazine recently reported how UST stablecoin outperformed DAI, and 30-day statistics show UST grew 29.2%.
LUNA’s largest trading pair right now is Tether (USDT) with 62.25% and BTC is behind Tether with 14.81%. This is followed by BUSD (10.42%), BNB (3.49%), USD (3.09%) and KRW (2.55%).
TVL in DeFi | Source: Defillama.com
The most active LUNA swaps today include Binance, Okex, Kucoin, Huobi Pro, and Bithumb Global. Although Terra Protocol’s TVL has grown significantly in DeFi, there is still a long way to go to catch up with Ethereum’s TVL.
Top 3 TLV series in DeFi | Source Defillama.com
Ethereum currently has $ 155.88 billion, which is 62.58% of the $ 250 billion TVL in DeFi. Meanwhile, Terra’s TVL only accounts for 7.79% and BSC’s 6.72%.
TVL on other DeFi players has also grown strongly over the past 7 days, with Avalanche up 19.25% and Chronos (CRO) up 16.29%.
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