Top Gainer of the Week: Terra (LUNA)

Terra (Luna) Rises to $100 and TVL Value Jumps 55% In a Week
  • The LUNA cryptocurrency outperformed Bitcoin in market capitalization.
  • Terra is the third-largest blockchain in terms of total value locked.

Late on Friday, December 3, the crypto market saw a major downturn and massacre. It has, however, been Terraform Labs’ native coin LUNA that has recovered the quickest. According to CoinMarketCap, LUNA has a market valuation of $28.3 billion and is now trading 32% higher at $74.21 per share. As a result, LUNA has surpassed the meme cryptocurrency Dogecoin (DOGE) and entered the top ten of the most valuable cryptocurrencies.

Luna/USDT: Source: TradingView

Last few weeks, the LUNA cryptocurrency outperformed Bitcoin in market capitalization. It has gained more than 64% versus Bitcoin on the weekly charts. The price of LUNA has risen as a result of the increasing usage of LUNA coins in DeFi apps. In addition, Terra’s development activities have seen a significant uptick.

Fiat-pegged Stablecoin Deployment Technique

As a result, the Terra blockchain is gradually becoming a sought-after platform in the DeFi industry. The Terra protocol uses a fiat-pegged stablecoin deployment technique that benefits a DeFi economy. Pylon, Mirror, and Anchor are part of Terraform’s DeFi ecosystem.

In addition, Terra is the third-largest blockchain in terms of total value locked, according to DeFi Llama (TVL). As a result of the price of Terra (LUNA) on the platform, the overall value of the platform has surpassed $13.86 billion. Terra is now in third place in TVL, behind Ethereum and Solana.

Signs point to Terra being a dominant player in the DeFi market. Terra’s market capitalization, expected to surpass Solana’s in the near future.

Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.