Terra (LUNA) hits record $20B TVL, surpassing Binance Smart Chain

In terms of TVL, Terra is now the second-largest DeFi network below Ethereum and above Binance Smart Chain. For reference, BSC has 225 products in its DeFi ecosystem and a TVL of $16.7 billion, which has been decreasing all month, while Ethereum has $155.7 billion in TVL.

Related: Price analysis 12/22: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, AVAX, DOT, DOGE

Terra is an application-specific blockchain built on the Cosmos SDK and Tendermint consensus. Users can mint U.S. dollar-pegged stablecoins and convert those stablecoins into LUNA, the native staking and governance asset of Terra.

Within the Terra ecosystem, savings protocol Anchor (ANC) is topping the charts for the application with the highest TVL, which at the time of publication is $8.7 billion, according to DeFi Llama. Activity within ANC has most likely contributed to Terra's value increase.

The migration is complete and the $bLUNA contracts + the web app have been updated successfully. https://t.co/lncy6y8yCs

— Anchor Protocol (@anchor_protocol) December 22, 2021