Terra (LUNA) has successfully dodged the larger crypto market plunge. While crypto heavyweights like Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Solana (SOL), and the like plunge, LUNA is skyrocketing.
In the early hours of Dec 20, 2021, LUNA dashed for the moon and set a new all-time high of $81.28 to complete the recovery from the recent pullback.
At the time of writing, Terra (LUNA) was trading at $77.51 after gaining about 36 % last week and unsettling Polkadot (DOT) from the top ten list.
Terra (LUNA) has been one of the best performing altcoins in 2021. Its price has moved from under $1 at the beginning of 2021 to the current $77.51. A staggering over 7,651% in about 12 months.
On the technical charts, LUNA had a very strong breakout above the $80 level and analysts believe we could be heading for a long bull run in the coming days despite the slight pullback after the coin hit a new all-time high.
Can wait for tomorrow. We are breaking the $80 handle.
— LUNAomics🌖 (@Shigeo808) December 20, 2021
More DeFi protocols choose to launch on Terra
The era of Ethereum dominating decentralized application (DApp) development has come to an end and more DApp friendly blockchains like Solana, Avalanche, and Terra are rapidly contending for their share in the DApps space.
Terraform Labs for instance has become a strong destination for much DeFi protocol. The automated market maker ASTROPORT pools, for example, has locked about $1 billion worth of assets on Terra.
The growth of ASTROPORT pools alone on Terra is expected to encourage more DeFi players to join the platform.
$1bn locked in ASTROPORT pools! Many people don’t understand this;
1. Finally a tier 1 AMM with incentives on $LUNA.
2.$1bn in $LUNA/related locked, most of it for a year.
3. This move paved the way for many new project launches – more UST minted!
It’s a pivot point for $LUNA
— Ran NeuNer (@cryptomanran) December 19, 2021
Terra Flips Binance Smart Chain in TVL
Currently, Terraform Labs has a DeFi total value locked (TVL) of about $17.2 billion, making it the second-largest DeFi friendly platform after Ethereum. It has flipped Binance Smart Chain (BSC), which enjoyed position two for quite a long time.
The sudden surge in the DeFi TVL is somehow associated with the recent ASTROPORT’ $1 billion assets locked in Terra.
Interestingly, Terra's magnificent performance comes although the platform only has 13 active DeFi protocols compared to BSC that has 222 active DeFi protocols.
However, over 140 DeFi protocols are scheduled to arrive on Terra early next year.