Cryptocurrency markets have turned red again and Bitcoin slumped below the $46,000 level. However, this altcoin has crossed an important threshold despite the decline in the market. The amount invested in Terra (LUNA)’s Anchor Protocol, which is also the trigger of the latest rise in cryptocurrencies, has reached a new record.
It is a multi-chain DeFi ecosystem on Anchor Protocol (ANC), Terra (LUNA) and Avalanche (AVAX). Of all the popular mainstream DeFis, Anchor offers the highest returns on stablecoin deposits. Exactly for this reason, the increasing need for UST has been the driving force in the LUNA price.
Famous blockchain entrepreneur Do Kwon, the founder and CEO of Terraform Labs, the firm behind Terra (LUNA) and the UST stablecoin, announced another amazing milestone for his ecosystem via his social media account. Terra’s flagship DeFi product, Anchor Protocol (responsible for 51.8% of the total volume locked into Terra-based DeFis), has more than $12 billion in Terra USD (UST) deposits.
Invested by 226,000 Terra users, this figure surpasses the combined TVL of Avalanche (AVAX), Polygon and Fantom DeFi ecosystems. Anchor provides a 19.5% annual return on investments made in UST. So far, this rate has no rival among reliable smart contract platforms.
The Terra (LUNA) platform has been on the agenda for a long time due to an aggressive Bitcoin (BTC) buying strategy. If they achieve their goal of 10 billion dollars, they can put their names on the top as the largest institutional investor.
LUNA has not lost the $100 zone despite the recent drop, while the RSI has relaxed into the neutral zone. If the $92 level is not lost in the short term, a new rally to $156 could start. Strong support levels are at $87 and $75. In the worst-case scenario, LUNA will hold onto the $43 support. If Bitcoin exceeds $ 48,000 again, the levels of $ 118 and $ 156 can be seen, respectively.