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Terra protocol surpass Binance Smart Chain in TVL

Terra protocol

TL; DR Breakdown

  • Terra protocol surpass BSC in TVL
  • LUNA saw a 45% rise last week
  • The protocol has a TVL of $19.34 billion

The total value locked in the decentralized finance sector has witnessed a turnaround after it suffered a decline some weeks ago. According to a recent statistic from the DeFi sector, the total TVL has seen a rapid increase of 3.46% to stay around $245 billion. But in this tale, it is the Terra protocol that is winning the most after it saw an increase in TVL to upstage Binance Smart Chain.

LUNA saw a 45% rise last week

The Terra protocol has been on the lips of most traders in the DeFi sector, pushing the adoption of its native coin, LUNA. The token saw a massive 45% rise in the market in the last few weeks. Asides from that, the native token of Terra protocol recently saw a massive rise to touch close to an all-time high figure, pushing it into ninth place in the list of top tokens. With the recent push for an all-time high and an entrance into the top 10 tokens, Terra protocol could push ahead of BSC.

Terra protocol has a TVL of $19.34 billion

Although BSC looked like it had cemented its place regarding protocols with the most TVL, the recent push means that Terra had taken its place in the second spot. Going by recent statistics, BSC boasts of a total value locked of $16.67 billion compared to Terra protocol which stands tall at $19.34 billion. According to recent records, much of the rise in the TVL of the protocol has been attributed to the massive rise in the price of the LUNA token.

Others have attributed it to the increase of UST, a stablecoin that the protocol owns. Some weeks ago, the total number of UST coins in circulation surpassed that of DAI, with the Terra protocol stablecoin seeing an increase of 29.2%.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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