Luna soars, approaching US$80, as Terra overtakes BSC and UST gains on Dai

Terra (LUNA) is mooning once again, as it overtakes Binance Smart Chain for DeFi activity and the stablecoin associated with the project comes close to overtaking Dai.

The South Korean-founded crypto was up another 8.3 per cent this morning, to an all-time high of US$79.15 – up from under $1 in January.

Terra gaining traction

According to DeFi Llama, Terra over the weekend jumped Binance Smart Chain to become the second-biggest blockchain by total value locked (TVL).

Terra now has US$17.1 billion in TVL, up 38.6 per cent from a week ago, giving it a 7.1 per cent share of the DeFi market.

Ethereum is the undisputed leader with $150 billion TV, 62.8 per cent of the market, but that’s down from a market share in the low 70s as recently as August.

But a bigger loser has been BSC, whose share of the DeFi market has shrunk from 12.0 per cent as of August 20 to 7.1 per cent this morning.

Polygon (MATIC) has also lost ground in TVL during that time, leapfrogged by Solana and the surging Avalanche. Fantom has been gaining on Matic for the No. 7 spot.

During those four months, Terra’s TerraUSD stablecoin has moved from the No. 58 spot in the coin rankings with a US$2.3 billion market cap, to N0. 21 with a $9.0 billion market cap.

That’s right behind Dai, the No. 20 crypto (and No. 4 stablecoin, behind Tether, USDC and Binance USD).

Ever since Terra’s Columbus-5 upgrade took effect in late September, minting TerraUSD coins has involved burning LUNA tokens – so as TerraUSD grows in popularity, that drives the price of LUNA upward.

Crypto market up 0.3%

Overall the crypto market was at US$2.21 trillion, up 0.29 per cent from yesterday.

Bitcoin was up 0.3 per cent to US$47,100 and Ethereum up 0.6 per cent to US$3,937.

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Decred has been the biggest gainer in the top 100, rising 27.6 per cent to $85.

Arweave and Harmony were both up around 15 per cent.

Decentraland has been the biggest loser, dropping 8 per cent to $3.28.

The author holds Avalanche and Solana tokens (but not Luna coins, alas).

For more crypto news, follow the author on Twitter, Stockhead’s crypto-themed Twitter account, and its Facebook page.

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