Terra Crosses Significant Milestone, Approaches Double-Digit DeFi TVL Dominance

Updated:

The world’s second-largest blockchain in terms of the total volume of assets locked (TVL) in the DeFi space, Terra (LUNA), is set to claim a double-digit share of the global Web3 ecosystem.

According to recent data from decentralized finance analytics platform DeFi Llama, the most populous blockchain for DeFi protocols outside Ethereum could surpass 10% in total value locked, a groundbreaking feat for the platform.

Meanwhile, Ethereum—the first smart contracts hosting blockchain ecosystem—accounts for 56.7% of the total locked value of the DeFi industry.

In third place, behind LUNA, is BNB Chain (previously Binance Smart Chain), while Avalanche and Fantom take up the fourth and fifth positions, respectively. Cumulatively, these blockchain platforms control 16% of the TVL of DeFi protocols.

Furthermore, Anchor—Terra’s flagship project—which recently raked in 19.6% annual percentage yield (APY) for stablecoins, has become the largest DeFi project on Terra. Anchor is also set to secure $10 billion in TVL. Staking protocol Lido, Astroport, and TerraSwap, come behind Anchor on the blockchain.

At press time, LUNA has recorded some significant bullish strides since the crypto market crash yesterday. With a 15% rally over the past 24 hours, LUNA tops all other cryptos in the top 50 brackets in daily gains.

Key Terra Levels to Watch — February 25

Following a prolonged consolidation between the $60 – $50 range in February, LUNA has finally broken free and has painted a new five-week high at $69.50. This bullish move comes after yesterday’s slump on the Russia-Ukraine crisis, following a spike at the $65.20 top.

LUNAUSD – 4-Hour Chart on Binance. Source: TradingView

With a bullish golden cross on the brink of formation, we can expect the renewed bullish momentum in the ninth-largest cryptocurrency to persevere above the $70.00 round figure ahead of a possible volatility spike as we head into the weekend.

Meanwhile, my resistance levels are $70.00, $80.00, and $90.00, and my support levels are $60.00, $50.00, and $40.00.

Total Market Capitalization: $1.76 trillion

Terra Market Capitalization: $25.2 billion

Terra Dominance: 1.43%

Market Rank: #9

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.