Terra [LUNA] achieved a new milestone as it surpassed Avalanche [AVAX] and Solana [SOL] to become the third-largest blockchain by total value locked [TVL]. Observing the same, a prominent research and investment firm Delphi Digital further added that TVL numbers along with native token prices are both highly reflexive ‘as they are commonly used as collateral decentralized finance [DeFi] and as base pairs for DEXes’. In its latest publication, the analytical firm chronicles the beneficiaries from Terra’s astonishing growth in the market.
Secondly, the report analyzed the growth of the UST supply count as LUNA charted new peaks. It observed that the increase in the metric from $3 billion to $7 billion in mid-November was due to the proposal to mint UST with LUNA in the community pool so as to grow the Terra network through UST usage. To top that, UST amassed another $1billion growth in the circulating supply after 19th November.
Apart from that, another to reap benefits out of LUNA’s price surge is the liquid staking protocol Lidofinance which has at present around 67 million Terra’s tokens staked as liquid staking derivatives which amount to 17.6% of all circulating LUNA supply. On a different note, Lido has recently integrated with MakerDAO [MKR], enabling Lido’s with ETH token to be used as collateral to mint stablecoin DAI on Maker Protocol.
Terra added another milestone – now the 10 ranked cryptocurrency
Terra continued to make rapid strides and has entered the 10th position among the crypto assets worldwide. With a valuation of $25.1 billion, the native token has outpaced popular meme coins such as Dogecoin [DOGE], Shiba Inu [SHIB], as well as Ethereum competitor Avalanche [AVAX].
At the beginning of the year, Luna was worth $300 million, and in the month of July, the asset went on its first bull run when its market cap soared to $2.6 billion. In addition to that, in the span of six months alone, Luna has charted a staggering 900% price rise. In fact, the native token hit a new record last Tuesday, as demand for the network’s UST stablecoin increased and users rushed to swoop profits in the multiple incentive programs.