As Terra’s influence in decentralized finance (DeFi) grows, traders are now equipped with new tools to track it.
Popular wallet profiler and analytics platform Nansen announced on Thursday that it has expanded its coverage to Terra, now the sixth blockchain the service analyzes.
The coverage comes at a time when Terra is emerging as a DeFi powerhouse and its native token, LUNA, is bucking wider market trends.
Terra is currently the second-largest chain in terms of total value locked (TVL) at $25.6 billion, comfortably outstripping Binance Smart Chain’s $11.9 billion. Likewise, LUNA is up 65% on the month, while ETH has fallen by 5%.
Part of the popularity of the chain is attributable to its high performance. Per a press release provided to CoinDesk, “research from Nansen shows that the total number of transactions on Terra hover around 50% of Ethereum’s total transactions while gas fees paid are between 0.2%–0.6% of that paid on Ethereum.”
However, detractors say that much of the volume that Terra has attracted is due to Anchor, a stablecoin minting protocol that yields over 19% to depositors.
The protocol is often referred to as pyramidal or “ponzinomic” in nature, and high-profile Twitter personalities have been engaging in bets about the price of LUNA in part as a proxy for Anchor’s success.
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