Terra overtook Binance Smart Chain, becoming the second largest smart contract platform
Terra has become the second-biggest smart contract platform by total value locked, according to data provided by Defi Llama.
Reaching $ 16.6 billion, it has now overtaken Binance Smart Chain.
Terra’s TVL has grown 19.46% over the past 24 hours, racing ahead of competitors.
Anchor, a savings protocol that allows people to receive low volatility returns by depositing the UST algorithmic stablecoin, is the most popular protocol on the Terra network with a locked-in value of $ 7.14 billion.
Liquid staking protocol Lido and decentralized exchange Terraswap come in second and third places, respectively. Automatic market-making Astroport is also a billion-dollar protocol.
Solana and Avalanche, two other popular smart contract platforms, lag behind Terra and Binance Smart Chain with $ 11.92 billion and $ 11.84 billion in TVL, respectively.
LUNA’s massive rally
While the broader cryptocurrency market is in the doldrums, LUNA, the native token of the Terra network, has soared 22% over the past week.
With a market cap of over $ 27 billion, it remains the largest cryptocurrency in 9 hours by market cap. Avalanche (AVAX) comes in 10th position.
However, Decred (DCR), the native token of the hybrid blockchain of the same name, is currently stealing the show with a sudden 52.73% price spike that allowed it to re-enter the CoinMarketCap top 100.
