Terra continues to break records
The value of TVL locked funds in the Terra project increased by 17% in 7 days to $31 billion.
Terra (LUNA) DeFi projects have been very active recently.
In the past seven days, Terra's DeFi system total locked value (TVL) has increased by 17% to reach a new all-time high of $31 billion.
Terra seeks to take a bigger share of the DeFi pie: According to data from DefiLlama, Terra ranks as the second largest blockchain network by TVL and now accounts for about 11.88% of the total total locked value of crypto projects, behind only Ethereum.
Individually, Terra DeFi protocols have had impressive success.
The Anchor Protocol's TVL locked value is around $15.73 billion, thanks to the promise of deposits with a high annual interest rate of 20%.
Terra’s TVL value is also driven by its Terra (UST) digital stablecoin.
Terra has adopted bitcoin as a reserve currency for its stablecoin.
The LUNA Foundation Guard (LFG) bought over $1.4 billion worth of Bitcoin in a short period of time.
LFG has a lofty goal of acquiring $10 billion worth of Bitcoin over the long term.
Terra founder Do Kwon revealed that he envisions UST becoming the largest decentralized stablecoin across the entire crypto industry.
The goal is not to become the largest stablecoin on the Terra blockchain, but rather to expand into other blockchain networks, such as:
LUNA pushes to a new level: The digital currency, LUNA, was capitalizing on the dominance of the growing DeFi ecosystem.
LUNA price reached a new record high of $117.91 yesterday according to CoinMarketCap.
LUNA is currently trading at around $110, down 3.3% in the last 24 hours.
While on the weekly level, it rose by 19.5% in the past week.
By @natalia-irish
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