Decentralized stablecoin capitalization…

Decentralized stablecoin capitalization… post thumbnail image

The Terra blockchain has become the second most blocked in DeFi funds.

The stablecoin of the Terra blockchain – UST – has reached a capitalization rate of $10 billion, according to data from portal Coinmarketcap. It is the first stablecoin in a decentralized network to reach such a high milestone.

UST’s market cap on Sunday exceeded $10 billion. By comparison, at the start of 2021 this figure was less than $200 million.

Source: Coinmarketcap.

It is noteworthy that over the same weekend the native token of the Terra LUNA blockchain network jumped in price above the $100 mark. Over the years, the price has increased 15 times. Cryptocurrency capitalization exceeds $32 billion.

Monthly LUNA token trading data.

Source: Coinmarketcap.

Terra’s blocked funds network (TVL) hit $20.9 billion last week, according to DefiLlama. The project has passed the Binance Smart Chain (BSC) on this indicator. At the time of publication, TVL Terra was $18.45 billion, and BSC – $16.93 billion The Ethereum network remained in first place with $157 billion in blocked funds.

Terra is becoming a serious competitor to Ethereum, said Matt Hougan, investment director at Bitwise Asset Management, in an interview with CNBC.

“Terra has become a hot spot for the tough guys in crypto. People love the Terra team, and they love the apps that are built on top of it, “- this is how analysts explain the popularity of the project.

The Terra blockchain network was created in 2018 and operates on a Proof-of-stake principle. The most popular DeFi project in the Terra ecosystem is the landing platform Anchor. According to DefiLlama, the TVL of the project is $ 8.64 billion, this is 47% of the total volume of blocked funds on the Terra network.

Read also: NFT boom, Dogecoin bubble, fintech expansion – the best material of 2021.

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