Despite the market turbulence, LUNA has outperformed almost every top-ranking cryptocurrency this week, including Bitcoin.
LUNA prices have risen despite a grim outlook elsewhere in the crypto market, driven by the Russian military’s invasion of Ukraine, which discouraged investors’ risk-on sentiments.
The announcement about the $1 billion raised by LUNA Foundation Guard (LFG) to establish a Bitcoin reserve for Terra’s stablecoin UST may also have contributed to LUNA’s recent strong performance.
Under Terra’s influence, Anchor Protocol (ANC), which recently obtained a $450 million UST from the Luna Foundation Guard (LFG), increased by over 70%.
Terra has also enjoyed remarkable recent success in the Decentralized Finance (DeFi) market. Terra surpassed Binance Smart Chain (BSC) to become the second largest DeFi blockchain on December 20, 2021, gaining significant market share.
Unlike its competitors, which have lost value in total value locked (TVL) over the last seven days, the second largest DeFi blockchain has gained market share with a 27.78 percent increase, with Fantom (FTM) coming in second with 24.15 percent.
As of February 25, 2022, there are around 20 projects on the blockchain payment network that use decentralized stablecoins and have locked in a value of $21.97 billion.
Terraform is currently embroiled in a legal battle with the US Securities and Exchange Commission (SEC). The Lab and its CEO, Do Kwon, have been compelled to cooperate with subpoenas issued by the Securities and Exchange Commission by the United States District Court in New York (SEC).