Ethereum (CRYPTO: ETH) may be the blockchain network that provided us with DeFi, but it’s definitely not the most popular DeFi network — if popularity is measured by actual participation and can’t stand the hype. .. In fact, the number of accepted leaders in this area is unknown. 2 spots.
According to Steaking Rewards, Terra’s Luna (CRYPTO: LUNA) Token stakes total more than $ 26 billion. Solana (CRYPTO: SOL) is betting $ 32 billion to stay on top and push Ethereum to no. $ 324 billion was bet.
Due to increased activity, LUNA generated a 30% rebound, down from the December 2021 high of $ 106.
On March 9, LUNA reached a high of nearly $ 100. Similar rises have been seen on other DeFi networks, but with an average of about 15%, LUNA rockets appear to contain more fuel. At the time of writing this, the LUNA token is hanging near $ 94.
What are Terra Labs? Terraform Labs, which claims to be “programmable money for the Internet,” in 2018 Kondo Kwon When Daniel Singh.. A Korean startup has launched the Terra blockchain protocol.
According to the website, “Terra is a public blockchain protocol that deploys a suite of distributed stablecoins of algorithms.”
Algorithm stablecoins are coins that track the price of certain assets, such as fiat currencies. These stablecoins use their own set of algorithms to maintain price pegs and allow users to mint their underlying assets by burning Luna.
The Terra protocol utilizes Terra and Luna tokens. Terra features stable coins that create Luna tokens for tracking the price of tethered fiat currencies. For example, TerraUSD tracks to USD.
What is DeFi? • Decentralized finance
Luna is a staking token that rewards you for putting money into the ecosystem. Luna also provides governance for future projects.
Luna can be cast or incinerated to control the price. It’s more complicated than that, but let’s say it’s a thriving ecosystem with many potential forms of active interaction and active participation in the community.
So the community has grown.
The network ecosystem itself seems to be healthy and growing, as more people are betting and becoming validators. Terra Swap, Terra’s leading exchange, has seen nearly $ 1.5 billion in USDT trading over the last 30 days.
Terra boasts numerous projects in the ecosystem, including Play to Earn (P2E) gaming platforms, Metaverse, NFT projects, loans, lotteries, gift cards, and investments. In fact, it sounds like a convenience store counter, but it’s a commerce. This is happening with real users and active use cases.
Interoperability issues need to be addressed before blockchain can create its own Amazon or Fortnight for viewers around the world on a large scale, and there is certainly room for multiple players to participate.
But now that the “alternative DeFi” network has surpassed Ethereum in staking, and competitors like Polkadot, Algorithm, Solana, or Layer 2 solutions like Polygon are aggressively closing the functional gaps that Ethereum leaves behind. Is a good time for the “King of DeFi”. Show me a little more about what you can do.
