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.”
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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