While other cryptocurrencies are barely performing, LUNA from Terraform Lab stacks the numbers. LUNA smashed a new price on the chart; its new ATH where it raked in a 10% increase. The new all-time high benchmark means the cryptocurrency is set on $81 and above range.
Technical analyst says over the week, LUNA gained 31%. The remarkable performance means the digital asset is set to give the top ten digital assets a wake-up call. The new increase in LUNA moved the digital asset into the top ten, meaning that the least performing crypto, DOT, gave up its spot. The price chart shows a bull movement where LUNA stretches $80 breakout level. Technical analysts are confident that LUNA is heading towards huge gains soon.
Apart from the green movement of LUNA, Terraform Labs are benefiting from the positives as a hub for DeFi. Ran Neuner, a popular crypto pundit said that ASTROPORT locked $1 billion in LUNA. The assets were locked for a year to stimulate growth.
The implosion of Tier-1 AMM on LUNA is a catalyst for new participants. The locked-in assets will attract investors and developers to build products for Terraform Labs. The Tier 1 AMM program has its own incentives to reward investors, users, and developers on the platform.
The move is a win/win for Terraform Labs where minted UST is predicted to increase and native projects hosted on its protocol are likely to rise. Analysts describe the development as a pivot for $LUNA. Last week, LUNA gained 30%. Its value has moved up several places in the market to position nine judging by market capitalization.
Continued Growth For Defi
Terraform Labs smashed another milestone where the total value locked (TVL) of the DeFi entered larger brackets. TVL in the DeFi space has seen continuous growth, holding more than $250 billion. Ethereum has always been ahead of the park in terms of total value locked. It seems others are gradually catching up, especially LUNA. Now, total value for TVR for LUNA moved to second place at $17.2 billion, just behind Ethereum. The digital asset outperformed Binance Smart Chain in terms of Total Value Locked. LUNA, from Terraform Labs, is ahead of other digital assets such as Avalanche, Solana, and Tron.
Fastest Growing Defi
The growth of LUNA crowns it as the fastest-growing DeFi ecosystem. The growth results from its active and savings protocol. First, users receive yields by locking their funds in Anchor, a savings protocol from Terra. In terms of active protocols, Terra runs 13. However, BSC had incubated more than 200. Its active protocols stand at 222. Terraform Labs predicts 140 new protocols next year. This year, gamers are of the opinion that LUNA offered an incredible altcoin value. No one would have thought the digital asset would achieve such a feat so soon. In the first quarter of the year, LUNA struggled to cross $1. Presently, the cryptocurrency had recorded 8700% gains in under a year.
Technical analysts believe LUNA is ending the year on a high note, saying the digital asset is clinching a top-five spot. LUNA will rally next year, likely ending amongst the top five cryptos.