In recent market volatility, Terra’s native cryptocurrency, LUNA, has seen a tremendous surge. The LUNA cryptocurrency is going for a new all-time high and is now trading 7.5 percent higher at $95.36 with a market valuation of $35.7 billion. In the last few days, staking rewards have shown that Terra’s project, LUNA, has overtaken Ethereum 2.0 to become the second most popular Proof of Stake (PoS) network by staking rewards.
With increased demand for DeFi protocols, Terra’s LUNA has emerged as a significant challenger to Ethereum. However, Terra LUNA is behind Ethereum in terms of total value locked (TVL), which is presently $23.7 billion. Of the top 10 coins, Luna gained the most in the last week. It went up 77%. It is now the seventh-largest cryptocurrency by market value, having beaten big names like Solana (SOL), Cardano (ADA), and Avalanche (AVL) (AVAX).
The Luna Foundation Guard (LFG) launched an over-the-counter sale of the LUNA cryptocurrency earlier this week. In terms of user acceptance, Terra has been one of the fastest-growing Layer-1 protocols. The price of its own cryptocurrency, LUNA, has mirrored this.
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