In a tweet published on April 12, 2022, Do Kwon, co-founder of Terraform Labs, announced that Terra Bridge, popularly called bridge. Terra.money, now backs five new blockchain networks.
With more than $7 billion TVL(total value locked) across several bridges to Ethereum, Cross-chain bridge technology has matured a lot in the past 12 months and mid-September 2021. Across over a dozen blockchain networks, cross-chain bridges to Ethereum hold $19.51 billion in value.
On Tuesday, Do Kwon announced that Bridge. Terra.money will now be supporting Moonbeam Network, Solana, Osmosis, Avalanche, and Fantom. Kwon also posted a screenshot of the protocol in action.
Besides the newly integrated Moonbeam, Osmosis, Fantom, Solana and Avalanche networks, Bridge.terra.money already supported Secret, Binance Smart Chain (BSC), Polygon, Cosmos, Harmony, Ethereum and Injective.
As per the data from defillama.com stats, the Terra(LUNA) network is the second-largest blockchain in terms of defi TVL. Besides, it has proved to be a great component in the DeFi sector recently. As of April 12, the TVL in Terra today is $26.14 billion or 12.52% of the $208 billion locked in DeFi.
With $14.38 billion locked, Terra is the largest DeFi protocol on Terra, while Lido is the second-largest DeFi protocol with $7 billion locked. Furthermore, with $29.8 billion today, Terra (LUNA) also holds the position of fifth-largest smart contract platform coin in terms of market cap.
Recently, Anchor announced that it will now support the Avalanche (AVAX) blockchain. Meanwhile, the Luna Foundation Guard (LFG) also revealed that it plans to buy $100 million in AVAX along with the non-profit’s bitcoin (BTC) reserves.
Price Analysis Of Terra(LUNA)
Terra’s LUNA might hold the position of the 9th biggest cryptocurrency in terms of market cap, but its performance hasn’t been that great. After yesterday’s massacre in the cryptocurrency market, the price of LUNA experienced a massive decrease of 8.91%, reaching $81.64.
However, in the past 24 hours, the price has increased by 1.50%, reaching USD 85.35.
Overall the altcoin has seen a drop of approx 29.60% in market capitalization over the past seven days.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/04/13/terras-cross-chain-bridge-adds-support-for-five-new-blockchains-including-solana-avalanche-fantom/