Terra: Fast Growing into the Next Big Thing in DeFi

Terra is an open-source blockchain-based network for creating stablecoins pegged at their corresponding fiat currencies. Its native tokens are Luna (LUNA) and TerraUSD (UST).

The project was developed by South Korea-based firm Terraform Labs in 2018, being built on Cosmos SDK. 

The network has since then welcomed a lot of products which has seen it grow massively within its four years of development, even overtaking the well renowned Binance Smart Chain (BSC).

In late December last year, the total value locked (TVL) in Terra had hit an all-time high of $20 billion in TVL, having risen by 68% from its $11.9 billion value on the 1st of December – a growth that occurred within a month.

Three months later, it has now grown by 55% and shows no signs of slowing down anytime soon. This goes to prove that more crypto enthusiasts and traders in recent times are utilizing the Terra project, especially in the areas of staking and miscellaneous DeFi activities as provided by its product offerings.

As of the time of writing, one of Terra’s native tokens LUNA has a price of $69.81 with a market valuation of $23.8 billion, putting it in the 9th position in market rank and market dominance of 1.86% according to CoinMarketCap.

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