- 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.
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.