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HomeEthereumEthereum Rival Terra (LUNA) Surges to New All-Time High After Becoming Second-Largest...

Ethereum Rival Terra (LUNA) Surges to New All-Time High After Becoming Second-Largest Blockchain by Total Value Locked

Ethereum Challenger Terra (LUNA) hit a record high shortly after the large-cap altcoin reached an important milestone.

New data from DeFi Llama, an analytics platform focused on decentralized finance (DeFi) and non-fungible tokens (NFT), shows Terra overtaking Binance Smart Chain, the second largest block with totals locked. Indicates that it has become a chain.

Terra Is a network of several fiat money used for e-commerce payments and DeFi services, the reserve currency LUNA supporting the price of stablecoin.

According to DeFi Llama, Terra’s total locked value (TVL) is $ 19.32 billion, a staggering nearly 36,250% increase from just $ 53.15 million in TVL on January 1.

Source: DeFi llama

The blockchain or DeFi protocol TVL represents the total capital held within the smart contract. TVL is calculated by multiplying the amount of collateral locked in the network by the present value of the asset.

Terra’s promotion to second place is only two weeks rear It surpassed its Layer 1 competitors Solana (SOL) and Avalanche (AVAX) to take third place in the TVL ranking.

According to DeFi Llama, Binance Smart Chain is currently third on the list, with a total value of $ 16.69 billion locked, followed by avalanche ($ 12.64 billion) and Solana ($ 11.82 billion). Ethereum (ETH) is still the leader in TVL at $ 155.1 billion.

Terra’s TVL explosion occurred shortly after the LUNA eruption, setting a new record high. At the time of this writing, LUNA was trading at a record high of $ 91.76, up more than 11% in the last 24 hours and more than 60% from the 7-day low of $ 57.05.

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Featured images: Shutterstock / Merlin74 / WindAwake

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