Terra overtakes Binance Smart Chain to claim second-largest DeFi platform

Terra has overtaken Binance Smart Chain to claim the number two position for largest smart contract platform by total value locked (TVL), second only to Ethereum.

The data, from DeFi Llama, shows Terra’s total value locked as having reached US$16.57 billion, and has grown almost 16 per cent over the past 24 hours. Terra has seen a TVL growth of 34.55 per cent over the last seven days.

The most popular protocol on the Terra network is Anchor, which describes itself as a savings protocol offering low-volatile yields on Terra stablecoin (UST) deposits.

Anchor has US$7.14 billion worth of value locked, making up a 43.06 per cent dominance of the total value locked on Terra. The liquid staking platform Lido comes in second place, with a TVL of US$4.86 billion.

Terra has a way to go to reach the top spot for TVL, Ethereum dominates with US$149.59 billion in total value locked, claiming a 62.88 per cent dominance. Terra, by comparison, makes up 6.97 per cent.