Not just Luna, Terra Defi apps shed more than $31 billion from all-time highs in April

The collapse of LUNA is etched as a nightmare for crypto investors, as the loss has been heavy across the ecosystem. It’s not just a disaster in LUNA, in fact, DeFi protocols on Terra wiped out the lofty market value from its all-time high reached in April.

According to DefiLlama data, in real time, the total value locked (TVL) in Defi protocols on Terra was $139.27 million, down more than 2% in the last 24 hours.

On April 5, when LUNA hit an all-time high, Terra Defi apps had a TVL of $31.21 billion. The highest TVL in Terra Defi apps was April 6 at $31.35 billion, according to the data. Since then, there has been a loss of over $31 billion in these protocols.

The data showed that every Terra defi protocol suffered massively with a drop ranging from 93% to 100% in one month.

Anchor (ANC), which accounts for the largest portion of TVL on Terra, has fallen over 69% in the past seven days, while down over 99% in one month. Risk Harbor and Astroport (ASTRO), which ranks second and third in TVL on Terra, plunged more than 93% and 99%.

In one month, Terraswap, Spectrum Protocol, White Whale (WHALE) and (SPEC) fell around 98%, while Mars Protocol (MARS), Pylon Protocol (MINE), Aperture Finance and Kujira (KUJI) fell by about 99%.

Anchor is a lending and borrowing protocol that offers crypto natives, fintech companies and investors a stable high interest rate, offering up to 19.5% returns on stablecoin deposits .

As Terra’s US dollar-pegged stable coin terraUSD (UST) lost its 1:1 peg to the US greenback amid broader bear markets, it was a bloody massacre for LUNA and its Defi protocol. . This ultimately led to a bloodbath in the crypto market, with even the leader of the Bitcoin board dealing with the shock to the point that it fell below $25,000 in the first two weeks of trading. may. Ether has also corrected and is struggling to sustain a pace above $2,000.

So what happened to LUNA? He descended directly into the hole and reached zero level. Many crypto exchanges removed trading from LUNA following its dramatic flash-like crash. It is currently around $0.0001856.

On April 5, LUNA hit an all-time high of $119.18. Since then, LUNA has plunged 100%. According to CoinMarketCap, LUNA’s ROI is down 99.99%. Simply put, LUNA investors have seen their wealth shrink to a mere fraction or even zero.

Meanwhile, Terra UST is currently trading near its all-time low of $0.05086, seen on May 21, 2022. It is currently hovering around $0.05533. In Indian rupee, UST is as cheap as 5 rupees.

According to data from Coinbase, over the past seven days, the UST has fallen by more than 58.5%. While in one month, it plunged almost 94%. In one year, the UST has plunged more than 93%.

Unlike most blockchains, Terra’s ecosystem includes a native algorithmic stablecoin, TerraUSD (UST). Being a scalable and yield-bearing coin, the UST is pegged to the US dollar.

Due to its mining mechanism which is a decentralized network with its own decentralized currency, Terra has met the requirements of DeFi protocols which are now commonly referred to as TeFi.

To subscribe to Mint Bulletins

* Enter a valid email

* Thank you for subscribing to our newsletter.

Comments are closed.