Cryptocurrency Market Zoom on decentralized networks
Cryptocurrency market zooms are known as the best guide on the cryptocurrency market. Here’s one for you.
If you want an update on cryptocurrencies, you need to follow the cryptocurrency market zoom. Today, we will be discussing decentralized payments and the TVL (total value located).
Among these decentralized networks, Terra, Ethereum, and crossed Binance Smart Chain (BSC) are the most talked-about networks. And now Terra has surpassed BSC, that’s the latest update right now.
The TVL for 13 projects is valued at $18.2 billion, shows different sources. This amounts to $1.4 billion for each of these protocols, and it is quite high compared to BSC. BSC has an average of $73 million per protocol, and the value is $16.5 billion for 225 protocols.
For both these networks, the value has increased by an impressive 42000% against December 2020. But Terra has a very low amount, $42 million compared to BSC, back them.
The most locked-in cryptocurrency is Ethereum, the value of $152 billion for 361 protocols. These protocols are used for lending, transacting, and trading/ borrowing.
According to TVL charts, Anchor is the most popular cryptocurrency protocol on Terra. It is mainly used for savings and is considered a low-yield one, as it works on Terra Stablecoin deposits.
Anchor alone is valued at $7.7 billion, which is 42% of the TVL.
Why is Anchor so popular?
Users can receive staked rewards through different platforms and proof-of-stake Blockchains.
The second position goes to Lido, whose value is $5.4 billion in TVL. Terraswap occupies 3rd position, an impressive run from its last position. The overall run is 95% improvement, and again it’s a massive success.
Terraswap is a decentralized exchange (DEX) and allows peer-to-peer trading using smart contracts.
All these coins offer maximum liquidity, and users are solely responsible for contributing to that. They get token rewards in return, depending on the liquidity of the trading pair.
Terra has received recognition from the big names themselves, such as Metaverse, and other gaming companies. StarTerra, a notable launchpad that offers extensive support for NFTs, is valued at $21 million.
LoTerra, which allows users to run decentralized lotteries, is valued at $311000.
Experts believe that the price increase is related to the sudden surge in the prices of LUNA tokens. Prices are up by 54%, with an all-time high of $83, as per data collected from various sources.
LUNA is quite successful in its approach due to its internal mechanism and DeFi applications. They are in high demand, because of the algorithm works in the background and is used for burning Luna.
Terra is also popular because it’s not fully controlled by swap protocols. It has tokens for savings, and other bonds as well. These tokens are high-yielding too.
Like Solana and Avalanche, Luna has also seen massive gains. These three tokens have a zealous run of 400%, against Bitcoin and Ether combined.
So, they can redefine the history of cryptocurrencies. If you want to learn about these tokens, then you must check out the cryptocurrency market zoom.
