UST, Terra blockchain’s stablecoin, recently surpassed DAI to become the biggest decentralized stablecoin. In addition, the token has achieved another milestone by reaching 10 billion dollars in market capitalization.
CoinGecko, the well-known cryptocurrency pricing website, the UST market breached above the 10 billion dollar mark on Sunday. However, the coin barely passed 200 million dollars at the start of 2021.
UST also surpassed MakerDao’s decentralized stablecoin DAI that amassed 9.4 billion dollars worth of market capitalization. DAI has been in the market since 2017; thus, an emerging coin surpassing it shook the industry.
Terra has been gradually improving its market position in the DeFi sector. A major reason behind its growth is the importance stablecoins hold, given their use-cases in yield generation, liquidity management, and staking.
UST is the first decentralized stablecoin to complete the milestone as it dominates 0.40% of the market. Besides UST, Terra has also amassed great success via LUNA token as it surged 15x in price.
The token reached 34 billion dollars in market cap, according to Messari, a crypto data website. A week ago, Terra surpassed BSC (Binance Smart Chain) to acquire the second rank in TVL. The metric is used to compare decentralized finance activity on multiple networks or individual projects.
DeFi LLama, a renowned data provider, stated that Terra holds more than 17 billion dollars in locked assets. Comparatively, Binance Smart Chain has 17.3 billion dollars while Ethereum still leads the lot with 162 billion dollars in TVL.
Currently, Anchor is the most well-known DeFi project within the Terra network. The lending protocol boasts more than 9 billion dollars in total value locked, covering for more than 50% of all decentralized finance activity on Terra.