https://twitter.com/MessariCrypto/status/1507001530020417542
1/ It’s safe to say @terra_money has captured the attention of the crypto community.
$LUNA has broken away from the gravity of general smart contract platforms price movements & has firmly planted itself on the moon.
2/ Smart contract tokens, exclusive of $LUNA, are down 12% over the last 30 days.
Meanwhile, $LUNA is up over 76% in the same period.
Two core reasons are driving the repricing of the asset:
- Risk Rerating: $BTC Added As Reserve Asset
- Increased Usage & Fundamentals
3/ @terra_money 's TVL growth (+49%) is largely due to the price of $LUNA substantially increasing as well as the continued expansion of the UST supply.
As such, the make-up of TVL share in the emerging smart contract ecosystems has changed.
4/ Even with @terra_money 's 30d price increase of 76%, its CMC has not kept pace with its relative TVL growth, implying that investors are either intentionally discounting this TVL growth or unintentionally failing to grasp its competitive positioning.
5/ Debt protocols account for roughly half of the entire network’s TVL, and at nearly 96% growth in 90 days, they are the fastest-growing DeFi sector in TVL.
@anchor_protocol 's high-yield deposit rate and lagging borrowing volumes are clearly the main drivers.
6/ @terra_money 's ultimate success is $UST adoption, whether on the growing Terra ecosystem or abroad on CEXs and other chains.
$UST is the clear decentralized stable frontrunner in several categories:
+Largest supply +Fastest growing circulating supply +Fastest growing usage
