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By staking market cap, Terra LUNA dethrones Ethereum 2.0 as the second most valuable cryptocurrency

Despite recent market instability, Terra native cryptocurrency, LUNA, has seen a robust surge. The LUNA cryptocurrency is aiming for a new all-time high, and it is presently trading 7.5 percent higher at $95.36 with a market capitalization of $35.7 billion.

According to the most recent data from staking incentives, Terra’s LUNA has overtaken giants like Ethereum 2.0 to become the second-largest Proof-of-Stake (PoS) network.

With increased demand among DeFi protocols, Terra’s LUNA has emerged as a significant challenger to Ethereum. Terra LUNA, on the other hand, trails Ethereum in terms of total value locked (TVL), which is presently $23.7 billion.

Among the top ten cryptocurrencies, LUNA has gained the most in the last week, with a rise of 77 percent. It has surpassed giants like Solana (SOL), Cardano (ADA), and Avalanche to become the seventh-largest cryptocurrency by market capitalization (AVAX).

Last week, the Luna Foundation Guard (LFG) announced a LUNA cryptocurrency over-the-counter sale. This investment, according to the Luna Foundation, will be used to “create a Bitcoin-denominated Forex Reserve for UST.”

In terms of user acceptance, Terra has been one of the fastest-growing Layer-1 protocols. The price of its own cryptocurrency, LUNA, has mirrored this.

Terra is also on track to cut into Ethereum’s DeFi market cap. In such a short amount of time, the Terra ecosystem now hosts 13 DeFi protocols. This year, a huge number of DeFi protocols are expected to enter the Terra ecosystem. LUNA’s price has also risen due to the burning mechanism of Terra’s native stablecoin, UST.

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Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.