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Ethereum (ETH) competitor Terra (LUNA) is surging in terms of both the price of its native asset and its network’s total value locked (TVL).
LUNA, the 9th-ranked crypto asset by market cap, is up more than 123% in the past 30 days and is trading at $97.36 at time of writing. The project’s market cap has skyrocketed past $35 billion on the heels of its price increase.
Terra is a network of several fiat-pegged stablecoins. It’s used for e-commerce payments and DeFi (decentralized finance) services, with LUNA underpinning the price of the stablecoins. LUNA can also be used for investments and savings.
Binance listed Terra’s own stablecoin, TerraUSD (UST), this week, and Kraken recently listed the LUNA token.
LUNA’s price rise also comes as TVL in the Terra ecosystem hit $20 billion, according to crypto insights platform DeFi Llama.
The TVL of a blockchain or DeFi protocol represents the total capital held within its smart contracts. TVL is calculated by multiplying the amount of collateral locked into the network by the current value of the assets.
LUNA’s TVL is ahead of Binance Smart Chain ($16.9 billion) and Avalanche ($12.68 billion). Ethereum (ETH) remains the largest blockchain in terms of TVL ($157.28 billion).