Terra (LUNA) Sets Record $20 Billion TVL, Exceeds Binance Smart Chain

Open-source stablecoin network Terra (LUNA) has reached an all-time high of $20.05 billion in total value locked, or TVL, across its 13 products, industry data shows. On Dec. 1, Terra's TVL hit $11.9 billion, marking a 68% increase in less than a month. This means that users of the platform are investing heavily in the protocol for staking rewards.

Terra’s native token, LUNA, is also steadily rising in price, trading above $94, up 31% in a week, according to Cointelegraph Markets Pro. With a total market capitalization of $34.8 billion, the coin now ranks among the top 10 cryptocurrency projects.

Terra is now the second largest DeFi network in terms of TVL, below Ethereum and above Binance Smart Chain. For reference, BSC has 225 products in its DeFi ecosystem with a TVL of $16.7 billion, decreasing throughout the month, compared to Ethereum’s TVL of $155.7 billion.

Terra is an application-specific blockchain built on the Cosmos SDK and Tendermint consensus. Users can mint USD-pegged stablecoins and convert those stablecoins into LUNA, Terra’s native staking and governance asset.

Within the Terra ecosystem, savings protocol Anchor (ANC) tops the list of applications with the highest TVL, with a TVL of $8.7 billion at the time of publication, according to DeFi Llama. Activities within the ANC likely contributed to the increase in Terra's value.

The integration has been completed and the $bLUNA contract + web application has been successfully updated. https://t.co/lncy6y8yCs

— Anchor Protocol (@anchor_protocol) December 22, 2021