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Terra (LUNA) breaks the TVL record with a valuation of $20 billion, surpassing Binance Smart Chain.

Terra (LUNA) has increased by 68 percent from its December 1 cumulative value frozen TVL of $11.9 billion to a new peak of $20.05 billion TVL, as per industry statistics. That is, in less than a month, platform customers have persisted to engage in the system in order to gain staking rewards.

Furthermore, the value of LUNA, Terra’s indigenous token, is steadily rising, presently trading at $92 after a 31 percent increase in only a week, as per CoinMarketCap data. The coin currently has a total market valuation of $33.9 billion, placing it ninth among crypto ventures.

LUNA has grown to be the world’s second-largest decentralised finance network.

With $155.7 billion in TVL, Ethereum is well in front of other decentralised financing DeFi networks. And currently, Terra has just surpassed Binance Smart Chain (BSC) as the second-largest DeFi network. Remember that BSC has 225 items in its DeFi ecosystem with a total TVL of $16.7 billion. However, particularly that TVL has been declining during the month.

Furthermore, the constant price rise in LUNA over the last few days might be attributed to investors purchasing spot LUNA to lock up in the Astroport lockdrop. This notion was advanced in a research paper published on Monday by the Delphi Digital analytics business.

Astroport is a new decentralised exchange that went live on December 14 and is now airdropping ASTRO tokens to customers that lock up their liquidity in the protocol.

There appears to be an apparent draw, as speculators seek to profit from the lockdrop. As a result, investors have shifted to Astroport, removing LUNA availability from the market.

As per DeFi Llama statistics, the novel decentralised exchange has brought in more over a billion dollars to the Terra ecosystem, with LUNA tokens accounting for more than half of that total.

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