Terra (LUNA<\/a>), an open-source stablecoin network, hit<\/a> an all-time high of $20.05 billion in total value locked, or TVL, across its 13 product offerings, according to industry data. On Dec. 1, Terra’s TVL was at $11.9 billion, signifying a 68% increase in less than a month. This means that the platform’s users are investing in large quantities into the protocol to receive staking rewards.\u00a0<\/p>\n The price of LUNA, Terra’s native token, is also steadily trending upwards, trading above $94 with a 31% increase in one week, according to Cointelegraph Markets Pro<\/a>. The coin now has a total market capitalization of $34.8 billion, placing it in the top 10 crypto projects.<\/p>\n In terms of TVL, Terra is now the second-largest DeFi network below Ethereum and above Binance Smart Chain. For reference, BSC has 225 products in its DeFi ecosystem and a TVL of $16.7 billion, which has been decreasing all month, while Ethereum has $155.7 billion in TVL.<\/p>\n Related:\u00a0Price analysis 12\/22: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, AVAX, DOT, DOGE<\/a><\/em><\/strong><\/p>\n Terra is an application-specific blockchain built on the Cosmos SDK and Tendermint consensus. Users can mint U.S. dollar-pegged stablecoins and convert those stablecoins into LUNA, the native staking and governance asset of Terra.<\/p>\n Within the Terra ecosystem, savings protocol Anchor (ANC) is topping\u00a0the charts for the application with the highest TVL, which at the time of publication is $8.7 billion, according to DeFi Llama. Activity within ANC has most likely contributed to Terra’s value increase.<\/p>\n The migration is complete and the $bLUNA<\/a> contracts + the web app have been updated successfully. https:\/\/t.co\/lncy6y8yCs<\/a><\/p>\n \u2014 Anchor Protocol (@anchor_protocol) December 22, 2021<\/a><\/p><\/blockquote>\n<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2021-12\/e76535cc-416f-4085-89f4-471f4b172f99.png\")
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