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Terra's LUNA token continues to grow (up 70% in the last 30 days) with no sign of slowing down. It is presently trading around $94 USD, down 11% from its all-time high of $104. Terra's DeFi, unsurprisingly, is increasing in tandem with the token.
Since February 1st, the Do Kwon-led chain's TVL has doubled, rising from 13 billion to 26 billion USD. The surge can be attributed to a number of factors, including the widespread use of the UST token, the popularity of Anchor Protocol (which accounts for 50% of TVL on Terra), and several cross-chain integrations.
Despite the fact that LUNA has recently risen sharply — and outperformed its peers — the token's growth is still seen as sluggish by some.
LUNA is still undervalued, according to Terra DeFi.
As Messari reminds us, “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.”
It’s difficult to conceive of Terra as underperforming right now, especially given how the rest of crypto has performed, much alone other smart contract protocols.
It’s hard to think of Terra right now as underperforming, especially considering how the rest of crypto has done, let alone fellow smart contract protocols. “Smart contract tokens, exclusive of $LUNA, are down 12% over the last 30 days,” Messari noted forth. “Meanwhile, $LUNA is up over 76% in the same period.”
LUNA last touched an all-time high on March 13th, before plummeting to $83. It’d make sense if the protocol’s significant TVL increase assisted LUNA in breaking past the obstacle the second time around.
