Terra (LUNA) has successfully dodged the major slump of the crypto market. While crypto heavyweights like Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Solana (SOL) and the like are crashing, LUNA is exploding.
In the early morning hours of December 20, 2021, LUNA raced to the Moon and reached a new all-time high of $ 81.28.
At the time of writing this article, Terra (LUNA) was trading at $77.51, after gaining about 36% last week and unsettling Polkadot (DOT) from the top ten list.
Terra (LUNA) was one of the altcoins with the best performance in 2021. The price has risen from under 1 USD at the beginning of 2021 to currently 77.51 USD. Amazing over 7,651% in about 12 months.
On the technical charts, LUNA had a very strong breakout above the $80 mark and analysts believe that we could be heading for a long bull run in the coming days, despite the slight pullback after reaching a new all-time high.
Can wait for tomorrow. We are breaking the $80 handle.
– LUNAomics🌖 (@Shigeo808) December 20, 2021
More DeFi protocols will be launched on Terra
The era when Ethereum dominated the development of decentralized applications (DApp) has come to an end and more DApp-friendly blockchains such as Solana, Avalanche and Terra are quickly fighting for their share in the dApps space.
Terraform Labs, for example, has become a strong target for many DeFi protocols. For example, automated market maker ASTROPORT Pools has locked up about $1 billion worth of assets on Terra.
It is expected that the growth of the ASTROPORT pools on Terra alone will push 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 Beats Binance’s Smart Chain in TVL
Currently, Terraform Labs has a total DeFi value (TVL) of about $17.2 billion, making it the second largest DeFi-friendly platform after Ethereum. It has overtaken Binance Smart Chain (BSC), which had long enjoyed second place.
The sudden increase in DeFi-TVL is linked to ASTROPORT’s recent $1 billion fortune in Terra.
Interestingly, the great performance of Terra occurred even though the platform has only 13 active DeFi protocols compared to BSC with 222 active DeFi protocols.
However, over 140 DeFi protocols are expected to arrive on Terra early next year.