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Terra Protocol Surpasses Binance Smart Chain in Terms of Value Locked in Defi

After suffering losses last week, the total value locked (TVL), in decentralized finance (defi), has seen a rebound in fiat value. The $248 billion TVL in Decentralized Finance (defi) has increased by 3.46% in the last 24 hours. In terms of TVL in Defi, the Blockchain Terra has overtaken Binance Smart Chain.

Terra Protocol’s Defi Value Swells, LUNA Taps an All Time High

Terra protocol is making waves. The native cryptocurrency asset (LUNA), has increased by more than 45% in the past week. The digital currency reached an all-time high (ATH), and LUNA is now at the ninth position in market valuation. The blockchain network has also surpassed the Binance Smart Chains (BSC), in terms TVL in defi.

BSC was, for most of the year in terms of defi TVL, the second-largest network of blockchain networks. This week, however, Terra protocol has overtaken BSC by a few hundred billion dollars. According to defillama.com Terra’s TVL today is $19.34 billion, while BSC was around $16.67 trillion on Tuesday. Terra TVL in Defi is 16.01% higher than BSC, and has increased 65.99% over the past week.

Terra TVL in Defi represents 7.79% of all the Aggregate Values Locked Across All Chains

Terra protocol’s stablecoin UST and Terra protocol’s native token LUNA are both contributing to the value increase. Bitcoin.com News reported recently that UST had surpassed DAI, and the 30-day stats show that UST has increased 29.2%. LUNA’s largest trading pair today is tether (USDT), which accounts for 62.25% of all LUNA trades. BTC comes in second with 14.81%.

Terra Protocol Surpasses Binance Smart Chain in Terms of Value Locked in Defi

According to defillama.com, December 21, 2021 at 8:00 PM (EST), total value in decentralized finance

Global pairs reveal that LUNA has a strong relationship to BUSD (10.42%), BNB (3.09%) and USD (3.09%). Binance, Okex Kucoin Kuobi Pro, Huobi Global and Bithumb Global are the most active exchanges that swap LUNA. Terra protocol’s TVL for defi has seen a significant increase, but it still has a lot of work to do to catch up to Ethereum’s TVL for defi.

Terra Protocol Surpasses Binance Smart Chain in Terms of Value Locked in Defi
Top three chains in terms of the total value locked in decentralized finance according to defillama.com on December 21, 2021, at 8:00 p.m. (EST).

Ethereum holds $155.2 billion, which is 62.58% off the total $248 billion in defi today. Terra protocol’s TVL (TVL in Defi) is just 7.79% of the $248 billion total. BSC holds 6.72%. Avalanche, which saw a 19.25% increase, and the Chronos network (CRO), which saw a 16.29% increase in TVLs in decentralized financing, also increased significantly over the past seven days.