Open-source blockchain protocol Terra has become the second-largest DeFi Platform by TVL and the ninth-largest cryptocurrency by market capitalization on December 20.
Terra is a Proof-of-Stake consensus-based payment network that allows developers to create stablecoins backed by several different international fiat currencies. The stablecoins are stabilized using algorithms and the protocol’s native cryptocurrency LUNA.
At press time, the Total Value Locked (TVL) in Terra’s blockchain amounts to $16.94 billion after surging 19% since the previous day. It has now surpassed BSC’s $16.41 billion, according to DeFi tracker DeFi Llama.
On the other hand, Terra entered the top 10 cryptocurrencies by market capitalization as well. Surging by more than 29% in the last seven days, LUNA reached its All-Time High of $81.28 on December 20, 3:50 am UTC. At the time of writing, the currency was trading at $76.42, up by 4.08% from the previous day.
Terra has seen massive growth over the past few months, offering more than 11,435.98% returns YTD. With this new surge, it has raced ahead from the likes of Polkadot and Avalanche to reach the 9th spot. The protocol currently has a market capitalization of $28.5 billion, along with its daily trading volume of $3.1 billion.