Terra hits a new record on total value locked before 10% of LUNA consumption

  • Terra’s money ecosystem has received its first game, Flokiverse, which offers players passive income.
  • Over 100 projects are ready to start in the Terra network, a new wave of TeFi.
  • Proposal 128 to initiate IBC on Terra was accepted; DeFi interchain highways for the Cosmos ecosystem are here.

The Terra network has important updates pending and is expecting over 100 projects on the blockchain. Proponents refer to the new projects as TeFi and share an optimistic outlook for LUNA.

Terra improves interoperability with the Cosmos ecosystem and increases the UST utility value

Terras Inter-Blockchain Communication (IBC) is now live. Protocol 128 enables sovereign chains to communicate with each other and enables interoperability with blockchains such as Cosmos. Proponents expect the company’s stablecoin UST to see a surge in utility and on-chain activity as it enables the transfer of tokens between blockchains that adopt the protocol.

Prior to the introduction of IBC, Terra achieved an important milestone with the addition of Wormhole to its network. The Wormhole Cross-Chain Bridge makes it possible to transfer Terra’s native assets to Binance Smart Chain, Ethereum and Solana. The offering of UST is likely to be expanded and adapted to the growing cross-chain environments and asset exchanges in the network.

The total value of Terra has peaked at $ 10.32 billion, based on data from the decentralized financial data aggregator DeFi Llama. The top 4 protocols on the network, Anchor, Lido, Mirror and Terraswap, contributed $ 9.62 billion and together made up 93% of Terras TVL.

Total value locked in Terra.

The Terra Ecosystem Metaverse has its first earnable game, Flokiverse. The game is based on an NFT-as-a-subscription model.

The game features 1020 planets and players are expected to earn by renting the planets to other players. With the growing popularity of passive income generation through play-to-earn games, Flokiverse will continue to increase the TVL of the Terra network.

Interestingly, Do Kwon, Founder and CEO of Terraform Labs revealed that Proposal 44 for the incineration of 90 million LUNA (nearly 10% of the supply) in the communal pool would be upheld next week. The shortage in LUNA supply is likely to trigger a rally in altcoin price.

@Taner_Crypto, a cryptocurrency analyst and YouTuber, rated the LUNA price trend. He predicted that the altcoin would hit a new all-time high if it survived the retracement at $ 45.19.

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