Terra, the rapidly expanding DeFi toolkit based on Cosmos, is now the second-largest decentralized financial ecosystem. This is approximately twice as much as the second and third place finishers, BNB Chain and Fantom.
Ethereum, still controls 54 percent of the DeFi market, worth $111 billion. According to CoinGecko, LUNA has increased by roughly 38.8% in the last week. Over the same time frame, Anchor Protocol (ANC), Terra's largest DeFi project's native token, rose by more than 70%. Anchor is a money market similar to Ethereum's , where users may earn up to 19.49% on Terra UST.
As a result, there's a lot of price activity boosting the Terra ecology. The causes for the recent increase are several. Last month, for example, the LUNA token debuted on the FTX Exchange.
The protocol is making $1 billion for a Bitcoin treasury, obtained through a LUNA token sale, was more significant. The funds will reportedly be used to establish a “UST Forex Reserve,” according to Jump Crypto and Three Arrows Capital, who led the raise on February 23.
I really am bullish in DeFi, that’s why my main investments are in DeFi, making sure I diversify across multiple networks, like Terra on cosmos, AGFI on ethereum, CAKE on the bnb chain and so on. I think this cannot stop from growing rapidly until one outperforms all the others. What is your opinion on this aspect of defi, will there be one winner or will they all win?