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Terra’s LUNA Hits New All-Time High As Cosmos Coins Post Double-Digit Gains

Date : 
    2021-12-24

Posted by : Crypstarter Team

Category : Blog, news

Time : 
    09:11:02

The total value of crypto assets locked in the Terra ecosystem has hit a new milestone, exceeding $20 billion.

Algorithmic stablecoin platform Terra has hit a new all-time high as fellow Cosmos-based coins have posted double-digit gains in the last day.

Having surpassed Binance Smart Chain as the second-largest decentralized finance (DeFi) protocol on Tuesday, Terra’s LUNA token today reached an all-time high of $97.90. At time of publishing, LUNA is just over $95, up 12.8% on the day, per CoinGecko.

Despite just 13 projects built on the Terra ecosystem, the total value of assets locked (TVL) in the protocol has now reached $20.7 billion, up 15% over the past day, and 64% in the past week, according to DefiLlama.

Terra is a Cosmos-based blockchain for creating algorithmic stablecoins pegged to various fiat currencies, such as the U.S. dollar or the euro. It became the second-largest DeFi protocol in terms of TVL after surpassing Binance Smart Chain on Tuesday.

The increasing activity in projects like savings protocol Anchor, which saw its TVL grow to $8.8 billion in the last 24 hours, is also having a positive impact on TerraUSD (UST)—Terra’s U.S. dollar-pegged stablecoin.

With a market cap of just $9.4 billion, UST is currently not only the world’s 20th largest crypto asset, but also the market’s largest decentralized stablecoin.

Despite its impressive gains, Terra’s TVL still sits some way below the industry’s most popular smart contract platform Ethereum, which boasts $155.5 billion in TVL, or almost two-thirds of the entire DeFi sector.

Source: Coinbase

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