Terra’s TVL Hits $31 Billion As Luna Price Continues to Surge

According to a report from Wu Blockchain, Terra’s TVL has increased by 17% in just the past seven days. Moreover, the TVL is more than double that of BSC and just a quarter of Ethereum’s. The increase in total value locked indicates that the DeFi space is gaining adoption.

Terra TVL Hits $31 Billion

Today, Wu Blockchain tweeted about Terra’s massive TVL gain in value in the past few days. According to Wu Blockchain, Terra’s TVL increased by over 17% in just the past seven days. Wu Blockchain’s tweet is based on a Defi Llama statistic showing that Terra’s TVL is over $31 billion. 

Wu Blockchain’s tweet says, “Terra TVL has risen by 17% in the past 7 days, reaching $31 billion, which is close to 1/4 of Ethereum and more than twice that of the third-ranked BSC. Anchor accounts for 50% of TVL.” 

When writing this report, Ethereum’s TVL was about $128 billion, while BSC was about $13 billion. Hence, the tweet by Wu Blockchain truthfully indicates that Terra’s TVL is about a quarter of Ethereum.

The TVL of the entire Defi space has also largely increased in the past one week, from $214 billion seven days ago to about $230 billion today. The actions on Terra’s and Defi’s TVLs indicate that the Defi world is growing fast. The number of Dapps on Terra has also been increasing fast recently. The price actions seen on Luna could be the main factor behind Terra’s TVL.  

Luna’s Price Actions Impact Terra TVL

One of the main contributors to Terras TVL today is the increasing prices of the Luna token. In just the past week, Luna has gained over 23%. It’s trading currently at about 112, an increase from $90 seven days ago. 

Luna has been in a constant bullish turn for most of the past week. Many analysts say that Luna is the best performing altcoin in the crypto ecosystem. 

According to Tradingview, Luna is currently in a buy situation, with the moving averages indicating a strong buy in the past week. Luna prices actions are likely going to continue bullish in the meantime. If Luna takes a bearish turn, the TVL coils also are slightly affected. 

According to Barcharts, Luna will be open to further price gains if it surpasses the resistance at $119. Barcharts sets the support level at about $100. Taking a long bearish could send Luna to the support level, instantly impacting the TVL.

The Crypto Market is Bullish

Already, there are many factors contributing to Luna bulls. However, the recent Luna bulls are majorly a result of the entire crypto market taking a bullish turn. The bulls began in mid-March with bitcoin. Bitcoin purchases have also been increasing, contributing to the bullish patterns noticed. Since Terra bought BTC for backing UST, Luna prices have benefited vastly. Most of the crypto market has been bullish in the past week due to the BTC impact.