- Terra network is constantly witnessing escalation in its Total Value Locked, in contrast to other protocols. There has been a total of 73 projects on-chain.
- TVL of Terra (LUNA) has surpassed well-liked blockchain networks backed by smart contracts, like Avalanche, Solana, Fantom, and Binance Smart Chain.
- Since its inception in 2018, Terra Network has constantly assisted in adoption of virtual assets, as Decentralized Finance is gaining a lot of traction.
New Milestone for Terra (LUNA)
Terra Network’s total value locked (TVL) has topped $22 billion as of early March, because to rising interest for DeFi solutions.
The total value locked (TVL) of Terra (LUNA) has defeated prominent smart contract-backed blockchains such as Binance Smart Chain, Fantom, Avalanche, and Solana.
As per research, the Terra Network started the month of March with around $22.23 billion in TVL.
Terra has proven to assist in the adoption of virtual assets after its inception in 2018, as DeFi becomes increasingly appealing to users. Terra supports over 73 projects in its network as of March, pushing to implement DeFi protocols and DApps, contributing to explain why it went from a $2.5 million TVL in mid-November 2020 to $982.5 million at the end of Q1 2021 — a phenomenal 39,200 % growth in only four months.
Terra’s TVL had expanded by 248 % by Q4 2021, reaching an all-time peak of $3.42 billion in June.
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Fresh Projects To Roll Out On Terra?
Do Kwon, Terra’s co-founder, indicated in October that the system will ultimately see around 160 new projects debut.
He stated that now that Columbus-5 is online, and over 60 projects are set to debut within next six to eight weeks, and over 100 have just stated intentions for the close of the year or initial 2022.
Columbus-5 intended to give Terra with a number of new and improved features, including a modification to the functioning mechanics of Terra’s indigenous LUNA token.
Nexus Protocol Owes To Terra (LUNA) Growth?
Apart from the network improvement, Anchor, Lido, Astroport, Stader, Spectrum Protocol, and Nexus Protocol. have all contributed to Terra’s growth in 2022, with Stader having the largest one-month increase, with a 150 percent rise in TVL.
According to the graph below, Nexus Protocol’s TVL climbed by more than 110% in March, while Lido Protocol surpassed Aave by approx 90%, and Anchor grew by over 40%.
The introduction of Terra’s stablecoin, TerraUSD (UST), being supported by a $1 billion Bitcoin reserve was the most interesting initiative that drove Terra’s TVL above $22 billion.
Unlike the other stablecoins supported by USD, UST’s native token, LUNA, is pegged to USD via a minting and burning mechanism. If value of a stablecoin drops under $1 per coin, UST may be traded for LUNA, which can then be created and traded for $1 USD, allowing investors to profit from arbitrage.
As the need for UST grows, LUNA tokens will continue to burn, rendering it a deflationary asset with an upward price trend.
What’s going on on-chain, according to Do Kwon, there are 73 overall projects on-chain now, with at minimum 87 more projects expected to start by the end of this year.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2022/03/06/terra-to-include-160-fresh-projects-this-year-tvl-crosses-22-billion-mark/