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Terra (LUNA) hits a new all-time high amidst the ongoing market crash

LUNA

TL;DR Breakdown:

  • LUNA hits a new ATH at $81.08.
  • The altcoin has soared over 20% in a week despite the overall market crash. 
  • Terra has taken over BSC in TVL, with $16.9 billion total value locked on the blockchain. 

The native coin of Terraform Labs, LUNA has reached a new all-time high of $81.08 today. While Bitcoin, Ethereum, and all other major altcoins continue to suffer from the market crash, LUNA has been soaring for weeks. The algorithm-based altcoin is up by over 20% in a week and over 75% in a month. 

Terra’s constant climb since November has helped the altcoin to get into the top 10 list, overthrowing Polkadot and Avalanche. With today’s ATH, Terra has flipped the Binance Smart Chain (BSC) in terms of total value locked (TVL) on the blockchain. Terra has $16.9 billion TVL, which is the 2nd highest value among all blockchain platforms after Ethereum. 

LUNA
TVL Rankings on DeFi Llama

What’s driving LUNA? 

LUNA’s impressive climb is a result of increasing DeFi protocols on the Terra blockchain. Also, automated market maker ASTROPORT on the Terra ecosystem has locked $1billion on LUNA, which will remain for almost a year. This will allow many new projects to be launched on the Terra blockchain, thus increasing the native coins transactions. 

Although Terra only has 13 active DeFi protocols listed on its blockchain, ASTROPORT’s $1 billion locked funds have paved the way for more than 140 protocols to arrive on Terra next year. This will allow Terra to have more active protocols on the platform compared to the Binance Smart Chain (BSC), which has 222 active protocols currently. 

There’s also the fact that Terra is burning 88.7 million LUNA tokens on every 800 blocks generated on the blockchain. Last month, Terra announced that this burn mechanism will help the network to transition into the newly upgraded Colombus 5 structure. So, there’s a lot of exciting proceedings happening around the Terra network. With such as strong network infrastructure, community support and emerging projects, investors can definitely hope to see the altcoin squeeze into the top-5 crypto chart in 2022. 

LUNA is currently trading at $75.95, during the time of writing. 

Mohammad Shahid

Mohammad Shahid

An IT and Cybersecurity graduate with specialized knowledge of cryptocurrency and blockchain, Mohammad joins the Repo elite team. He has worked on several blockchain development projects and is an enthusiastic crypto trader.

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