The crypto market slightly dipped on Friday but the decentralized finance (DeFi) ecosystem in Terra continues to grow with Anchor Protocol leading the way.
See related article: Terra bullish trend continues; rest of crypto top 10 in red
- Bitcoin and Ethereum have fallen by 4.7% and 6.2% respectively in the past 24 hours, while Anchor Protocol’s ANC rose by 7.3% as part of its 30-day 200% explosion, according to CoinGecko.
- Total value locked (TVL) in Terra DeFi grew by 27% in the past week to US$23.4 billion, with Anchor contributing around half of that value, according to Defi Llama data.
- Anchor is a DeFi savings protocol built on the Terra blockchain and ANC is its governance token.
- Anchor’s DeFi surge has helped Terra further its position as the second-largest DeFi chain, now almost double the value locked in third place BNB Chain of Binance.
- Ethereum still dominates 55% of the DeFi market while Terra controls 11% of the pie.
- Terra was up 0.3% in the past 24 hours leading to press time, to cap off its 42%-week rally.