Terra DeFi ecosystem TVL surpasses $18 billion

The Terra DeFi ecosystem surpassed Binance Smart Chain in total value locked (TVL). The figure exceeded $18 billion.

As the screenshot below shows, Terra trails Ethereum in TVL, the only project ahead.

Since December 2020 TVL has grown by 42,000%. A year ago, the amount of assets locked in the Terra ecosystem stood at $42 million.

According to DeFi Llama, the ecosystem comprises 13 projects. The largest among them is Anchor, with a TVL of $5.45 billion.

The key element of Terra is an algorithmic stablecoin UST, backed by the native token LUNA. LUNA’s 7-day growth stood at 58%.

Terra was founded in 2018 by Daniel Shin, the president and founder of TicketMonster. The company is one of the leading players in South Korea’s e-commerce market.

In July, Terraform Labs attracted $150 million for an investment fund aimed at developing the ecosystem.

The project supports stablecoins pegged to the US dollar, the South Korean won, the Mongolian tugrik, and SDR. The LUNA token is used to govern and back the price stability of assets issued on the network. Users themselves issue \”stablecoins\” by burning native tokens.

LUNA can also be used to govern the protocol, stake, liquidity mining, and pay transaction fees.

Recently, the LUNA/UST pair appeared on the cross-chain derivatives platform Injective.

1/ The first Cosmos-native perpetual LUNA/UST pair is now available for trading on @InjectiveLabs!

Users can also access LUNA/UST + UST/USDT spot pairs, with IBC functionality enabling native Terra — Injective transfers directly integrated with your Station wallet 😎 https://t.co/2FkyGiuZBH

— Terra (UST) 🌍 Powered by LUNA 🌕 (@terra_money) December 16, 2021

UST and LUNA have also recently integrated with the cross-chain platform Multichain (formerly Anyswap).

Shortly after $UST, @terra_money’s $LUNA is also live on #Multichain 🤗 currently supporting #Terra<>#Fantom swap

Happy Bridge 👉 https://t.co/YYjVqiTNDS pic.twitter.com/MWwNRkFTHY

— Multichain (Previously Anyswap) (@AnyswapNetwork) December 21, 2021

The StarTerra service for launching GameFi– and NFT-focused projects is gaining popularity. The platform’s TVL surpassed $20 billion. Back in December, the Terra protocol token (LUNA) broke into the top ten of market capitalization.

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