Altcoin Built on Terra (LUNA) Rallies 50% in One Week As Total Value Locked Surpasses $11,000,000,000

As its ecosystem grows, the price of decentralized finance (DeFi) altcoin is skyrocketing. On the Terra (LUNA) blockchain, the Anchor Mechanism (ANC) is a lending and borrowing protocol. Altcoin Built on Terra (LUNA) Rallies 50% in One Week As Total Value Locked Surpasses $11,000,000,000 – The Daily Hodl https://t.co/BkoRiCJNz7 🚀 Bet with $BTC via ⟶ https://t.co/4h0cyuWSHk √ pic.twitter.com/D0NcHLY3Xg — Crypto Trader Pro 🇺🇸 (@CryptoTraderPro) March 1, 2022 The project’s governance token, ANC, has risen 51.52 percent in just one week, from a seven-day low of $2.64 to a high of $4.00. Since then, Anchor Protocol has corrected and is now trading at $3.46. According to cryptocurrency tracker DeFi Llama, Anchor Protocol’s total value locked has reached a new high of $11.21 billion. This is up from $7.36 billion a month ago, representing a 53 percent rise. In terms of TVL, Anchor is now the most used protocol on Terra. The total capital contained within a blockchain’s smart contracts is represented by its TVL. The current value of the assets is multiplied by the amount of collateral locked into the network to calculate TVL. Anchor seeks to offer low-volatile rates on Terra stablecoin deposits, backed by a diversified stream of staking rewards from other major blockchains. The current APY on the protocol is 19.38 percent. The project received a $450 million cash injection in mid-February. Funded. pic.twitter.com/NLvnSa0bBu — Do Kw...