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Terra (LUNA) sets new all-time high and beats Binance Smart Chain

 


Terra (LUNA) has successfully avoided the major slump in the crypto market. While crypto heavyweights like Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Solana (SOL) and the like crash, LUNA explodes.

In the early hours of December 20, 2021, LUNA raced to the moon, hitting a new all-time high of $ 81.28.

At the time of this writing, Terra (LUNA) was trading at $ 77.51 after gaining about 36% last week, unsettling Polkadot (DOT) from the top ten list.

Terra (LUNA) was one of the altcoins with the best performance in 2021. The price has risen from under 1 USD at the beginning of 2021 to currently 77.51 USD. An amazing over 7.651% in about 12 months.

On the technical charts, LUNA had a very strong breakout above the $ 80 mark and analysts believe that despite the slight retreat after hitting a new all-time high, we could be heading for a long bull run in the coming days.

More DeFi protocols are launched on Terra

The era in which Ethereum dominated the development of decentralized applications (DApp) has come to an end and more dApp-friendly blockchains such as Solana, Avalanche and Terra are quickly fighting for their share in the dApps area.

Terraform Labs, for example, has become a strong target for many DeFi protocols. For example, the automated market maker ASTROPORT Pools has locked assets worth approximately $ 1 billion on Terra.

The mere growth of the ASTROPORT pools on Terra is expected to attract more DeFi players to join the platform.

Currently, Terraform Labs has a Total DeFi Value (TVL) of approximately $ 17.2 billion, making it the second largest DeFi-friendly platform after Ethereum. It has overtaken Binance Smart Chain (BSC), which had enjoyed second place for a long time.

The DeFi-TVL's sudden spike is linked to ASTROPORT's recent $ 1 billion fortune in Terra.

Interestingly, Terra's great performance came in spite of the fact that the platform only has 13 active DeFi protocols compared to BSC with 222 active DeFi protocols.

However, over 140 DeFi protocols are expected to arrive on Terra early next year.

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