Terra – a popular open-source stablecoin network – recently surpassed $20 billion in TVL across its Defi protocols. It now holds more locked value than Binance Smart Chain (BSC).
According to Defi Llama, TVL on Terra began ramping up in late November and early December. By December 16th, the network had over $13 billion locked up.
Value began pouring in after that, accruing another $3 billion within just 3 days. TVL peaked on Wednesday at over $20 billion and now sits at $19.58 billion.
This is well over the value currently locked on BSC, which has been stuck under $17 billion over the last two weeks.
Terra now has the second-highest TVL of all networks listed on Defi Llama. It is only dwarfed by Ethereum, which dominates Defi with a TVL of $156 billion.
Value has largely accrued to the TerraSwap and Anchor (ANC) protocols, which have undergone 89% and 44% TVL increases over the last 7 days.
LUNA’s price has soared as well. It recently tapped an-all time high above $97 following a 50% rise on the week. It has since pulled back to $87, according to Binance.
The recent price push has put Terra among the top ten crypto’s, pushing out Polkadot as #9.
Terra TVL. Source: DeFi Llama