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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