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TerraForm Labs Has #2 Spot In Sights

The move has not been a surprise for some, who have long been predicting this rise.

Blockchain Battle as Terra Surpasses BSC

Terra has now become the second-largest blockchain for DeFi protocols with regard to the total value locked (TVL). The move sees it muscle past Binance Smart Chain (BSC) into second place behind Ethereum.

TVL currently sits at $20.72 billion at the time of writing for Terra according to DeFi Llama, this comes with the added caveat that the TVL is provided by only 13 protocols meaning on average each protocol provides over $1.5 billion in TVL. To put this into perspective BSC has $16.91 billion in total value locked shared over 224 protocols, which averages out at just $70 million per protocol.

The developing metrics highlight the incredible growth Terra has enjoyed in just 12 months. The TVL sat under $50 million this time last year, listlessly teetering along. Who could have imagined what was to come?

Source: DeFi Llama 

Some of your most favored crypto analysts have however been highlighting Terra’s incredible potential for several months now. 

Just how far they can keep going is another matter but one thing is for sure, BSC will be very much aware of the capabilities of the impressive market competitor.

Terra has continued its astounding growth and ranks among top L1 with regard to the total value locked (TVL). The move sees Terra battling with BSC (Currently #2 in TVL) and AVAX.

Currently the 'flip' is inconclusive with many publications reporting on it. DeFi Llama shows the crown is still with BSC - when accounting staked and borrowed assets on the chain.

Public Attention for Terraform

Terraform is currently embroiled in a much-publicized spate with the SEC of the United States. The US regulator is after the Singapore-based company despite decentralization being a lynchpin to Terraform’s existence. The potential litigation from this lawsuit could have ripple effects on larger crypto actions within the US.

The CEO of Terraform, Do Kwon, was subpoenaed in a wildly public spectacle that has since ushered Kwon into an echelon of celebrity.  Kwon was recently named one of CoinDesk's top 10 most influentials figures in crypto and also had very awkward interview with Christine Lee of CoinDesk that got major circulation on social media. Kwon's proactive effort in his battle with the SEC has made him a rogue champion among some circles.

“If we really are fighting for a revolution, I think for people at the vanguard it is incumbent on us to make sure that we speak out, make sure that the views of the industry are heard,” Kwon told CoinDesk's Daniel Kuhn.

What is Terraform Labs? 

Terra is a permissionless blockchain network that offers high-speed transactions, bringing cryptocurrencies to mass adoption. As of this writing, the Terra ecosystem has over $5billion in Total Value Locked (TVL). 

Terraform labs have helped build useful applications for top projects like Anchor protocol, Mirror protocol, and Pylon protocol. In addition, the blockchain has accelerated projects like Apollo Dao, Spectrum Finance, and Orion Money. In summary, the Terra blockchain is developer-friendly, permissionless, and easily accessible. 

Where to find Terraform Labs:

Website | Twitter | Telegram | Medium |  Discord |

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