It is the popular data platform’s sixth blockchain to be supported.
Traders now have additional tools to track Terra’s influence in decentralised finance (DeFi) as it grows.
Nansen, a popular wallet profiler and analytics tool, revealed on Thursday that it has expanded its coverage to include Terra, the service’s sixth blockchain.
The news comes at a time when Terra is establishing itself as a DeFi powerhouse, and its native coin, LUNA, is outperforming the market.
Terra is now the second-largest chain in terms of total value locked (TVL), with $25.6 billion compared to $11.9 billion for Binance Smart Chain. Similarly, LUNA is up 65 percent month to month, while ETH is down 5%.
The chain’s success can be attributed in part to its exceptional performance. “Research from Nansen shows that the total number of transactions on Terra hover around 50% of Ethereum’s total transactions, while gas prices paid are between 0.2 percent and 0.6 percent of Ethereum’s gas fees,” according to a news statement.
Detractors, on the other hand, claim that Anchor, a stablecoin minting mechanism that pays depositors over 19 percent, is to blame for much of Terra’s popularity.
The protocol’s nature is commonly described as pyramidal or “ponzinomic,” and high-profile Twitter celebrities have been betting on the price of LUNA as a proxy for Anchor’s success.
Since @cobie has tweeted he is setting up multisig
We owe it to the culture to put some actual real size/conviction on this bet, as was initial spirit
Offering to double this up to 20 million with @stablekwon
— GCR (@GiganticRebirth) March 17, 2022
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.