The Terra Total Lock Value (LUNA) project has outperformed popular smart contract-backed blockchains such as Binance, Fantom, Avalanche and Solana.
Terra Network managed to start the month of March with about $22 billion in closed value:
Given that Terra opened on the first day of the second month of 2022 with a total value of $13 billion, the protocol was able to beat competition from some of the most sought-after blockchain networks this March.
Project Terra Continues Scaling Towards Millions of Decentralized Finance Enthusiasts:
Since its launch in 2018, Project Terra has continued its goal of helping facilitate the adoption and adoption of digital currencies as DeFi protocols become more attractive to users.
Within the first few years of its launch, Terra hosts more than 73 projects in its ecosystem, and continues to deploy DeFi protocols and DApps, helping to highlight why it moved from having a $2.5 million TVL locked value in mid-November from 2020 to $982.5 million by the end of the first quarter of 2021, a staggering 39,200% increase over a four-month period.
By the fourth quarter of 2021, Terra's TVL closed value increased significantly by 248%, closing in June with an all-time high of $3.42 billion.
New projects will be launched on "Terra"?
Last October, co-founder Do Kwon hinted that there are approximately 160 new projects to be launched at the end of 2022 on the protocol.
In his discussions of the platform's prospects after a successful network upgrade, he said:
The Columbus-5 update sought to bring several new and updated features to Terra, specifically a change in the operating mechanics behind its LUNA cryptocurrency.
As for what's happening on the network, Do Kwon revealed that as of March, there are a total of 73 projects running on the network, with at least 87 more projects launching on the network by the end of 2022.
With expected launches, it is fair to assume that TVL for Terra will continue to rise to all-time highs throughout 2022.
