Ethereum’s competitor soars over 11,956% this year and enters the top 10 crypto assets by market cap

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An Ethereum (ETH) rival is causing a stir after printing massive gains this year and listing the top ten crypto assets by market cap.

Terra (LUNA) is a fiat-anchored multi-coin network used for e-commerce payments and decentralized finance (DeFi) services.

The network’s reserve currency, LUNA, supports the price of stable coins and can be used for payments, investments and savings.

LUNA is up this year, opening 2021 at $ 0.65 and hitting an all-time high of $ 78.37 on Dec. 4 to represent gains of over 11,956%. With Terra’s outstanding performance this year, challenger Ethereum has usurped the same crypto Dogecoin (DOGE) and is now the 10th largest crypto asset with a market cap of $ 25.70 billion.

The coin’s rise in valuation follows its parabolic growth in total locked-in value (TVL) on the chain. Blockchain news platform DeFiLlama shows Terra’s TVL rose from $ 53.15 million at the start of the year to $ 13.32 billion at the time of writing, marking a staggering increase of nearly 25,000% in less than 12 months.

Source: DeFiLlama

When it comes to TVL, Terra is the third largest blockchain behind Ethereum’s $ 169.47 billion and Binance Smart Chain’s $ 16.88 billion.

Guy, a pseudonymous cryptocurrency trader and host of the Coin Bureau, says the demand for stablecoins on Terra’s platform is the main catalyst for the recent rise in the value of the crypto asset, in addition to its latest protocol upgrade.

“These dynamics sent LUNA to the moon.

And while there was a small correction over the weekend, if LUNA can get back to $ 75 in the next few days, a $ 90 LUNA will be coming soon.

As of this writing, Terra was trading hands at $ 67.33, up almost 4% in the past 24 hours.

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