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Crypto Outliers: Terra (LUNA) Amasses $16.9 Bln & Surpass BSC, Avalanche (AVAX) Aims for 1 Million Daily Transactions
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While the broad crypto market is getting hammered, some coins emerge as outliers.
Bitcoin and Ether are stuck in a range and are currently sitting around $46k and $4,800, respectively, while the total crypto market is at about $2.2 trillion.
But this past week, Yearn Finance (YFI), Arweave (AR), Hedera (HBAR), and Spell Token (SPELL) posted 20% to 60% gains. YFI -10.19% yearn.finance / USD YFIUSD $ 7,709.19
-$785.57-10.19% Volume 87.91 m Change -$785.57 Open $7,709.19 Circulating 36.64 K Market Cap 282.45 m 5 mon Cryptocurrencies Sees Fresh Signs of Green, But Will It Last This Time? 5 mon Crypto Outliers: Terra (LUNA) Amasses $16.9 Bln & Surpass BSC, Avalanche (AVAX) Aims for 1 Million Daily Transactions 6 mon CREAM Price Crashes as Team Announces Distribution of 1,453,415 Tokens to the Victims of the 3rd Hack of the Year AR -6.80% Arweave / USD ARUSD $ 13.76
-$0.94-6.80% Volume 44.86 m Change -$0.94 Open $13.76 Circulating 33.39 m Market Cap 459.5 m 5 mon Is This The Beginning of the Santa Rally? Markets Jump in Asia Session 5 mon Cryptocurrencies Sees Fresh Signs of Green, But Will It Last This Time? 5 mon Crypto Outliers: Terra (LUNA) Amasses $16.9 Bln & Surpass BSC, Avalanche (AVAX) Aims for 1 Million Daily Transactions SPELL -10.54% Spell Token / USD SPELLUSD $ 0.00
$0.00-10.54% Volume 20.55 m Change $0.00 Open $0.00 Circulating 91.24 b Market Cap 112.85 m
YFI went above $35,000, a level last seen in early November, after the team announced that it would start “massively buyback” YFI tokens. Also, the Yearn Finance team is revising its tokenomics to distribute fees to holders and is looking at veCRV model and xSushi models for inspiration.
Among the outliers are two more names, Ethereum competitors Avalanche (AVAX) and Terra (LUNA), whose token value is rising along with their blockchain usage.
LUNA, a $28.5 billion market cap coin, actually hit a new all-time just above $81 today. LUNA 21,296.88% Luna Coin / USD LUNAUSD $ 1.20
$255.1021,296.88% Volume 343.36 K Change $255.10 Open $1.20 Circulating 1.71 m Market Cap 2.04 m 4 mon Bitcoin and Ether Dump More Going Into Year-End, ETH Killers Showing Great Momentum 4 mon UST Grows 55x to Become the 4th Largest Stablecoin, Terra DeFi Ecosystem Amasses $18B in Assets 5 mon Is This The Beginning of the Santa Rally? Markets Jump in Asia Session
Terra’s stablecoin UST’s supply is on a continued incline, currently above $9 billion, while it was not even $3 billion earlier last month.
“The biggest surprise to me over the past 18 months of Terra wasn’t the success of UST, it was the speed at which Terra was able to bootstrap a full-fledged smart contracts ecosystem. Just under one year to build a viable contender among Ethereum, Solana, and Avalanche,” noted Ryan Watkins of crypto data provider Messari.
The total value locked (TVL) in the Terra ecosystem has also surged past $16.9 billion, a new high, and up from just $1 billion in April this year, as per DeFi Llama. With this, Terra has become the second biggest decentralized finance (DeFi) ecosystem, taking over Binance Smart Chain (BSC)’s $16.4 bln.
Ethereum meanwhile continues to lead the space, having amassed $146.9 billion.
With over 42% dominance, money market protocol Anchor is leading Terra’s TVL, followed by Lido ($4.95 bln), Terraswap ($1.86 bln), and Astroport ($1.08 bln).
Solana (SOL) has fallen to fifth place with its TVL at $11.39 bln, having slid from over $15 bln ATH in early December. SOL -11.20% Solana / USD SOLUSD $ 43.02
-$4.82-11.20% Volume 2.27 b Change -$4.82 Open $43.02 Circulating 339.4 m Market Cap 14.6 b 4 mon Coinbase Predicts Substantial Growth of Newer L1 Chains & Institutionalization of Regulated DeFi 4 mon Bitcoin and Ether Dump More Going Into Year-End, ETH Killers Showing Great Momentum 5 mon Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows
Meanwhile, Avalanche has taken fourth place as its TVL remains high at $11.63 bln but down from almost $14 billion earlier this month. Popular lending protocol Aave is leading this TVL at $3.13 bln followed by TraderJoe at $2 bln then Benqui at $1.58 bln, and Curve at $1.13 bln.
The bokeh is also recording high usage with daily transactions on Avalanche C-Chain climbed to 756k while four months back in August, it was doing a mere 10k transactions. Its unique addresses have also been on a continuous uptrend, now nearing 1.3 million.
In comparison, Ethereum blockchain has processed 1-1.4 million transactions daily since June while its ATH is just above 1.7 million transactions on May 11. Its unique address meanwhile is now at almost 181.5 million.
AVAX meanwhile, a $25 billion market cap coin, is trading at $103.4, down about 29% from its ATH a month back. AVAX -16.66% Avalanche / USD AVAXUSD $ 23.12
-$3.85-16.66% Volume 1.01 b Change -$3.85 Open $23.12 Circulating 270.8 m Market Cap 6.26 b 4 mon Coinbase Predicts Substantial Growth of Newer L1 Chains & Institutionalization of Regulated DeFi 4 mon StarkWare Proposes to Deploy Aave on its ZK-Rollup L2 StarkNet 5 mon Bitcoin Aims for $50k Ahead of Low-Liquidity Holiday Season as Girls Who Code Refuse to “Miss Out” on Crypto
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