According to data provided by Defi Llama, Terra has become the second largest smart contract platform in terms of total value locked, reaching $16.6 billion, surpassing Binance Smart Chain.

Terra's TVL grew 19.46% in the last 24 hours, ahead of its competitors.

Ethereum Terra Bnb

Anchor, a savings protocol that enables low volatile returns by investing the UST algorithmic stablecoin, ranks as the most popular protocol in the Terra network with a locked value of $7.14 billion.

Liquid staking protocol Lido and decentralized exchange Terraswap are second and third, respectively. Automated market maker Astroport is also a billion-dollar protocol.

Two other popular smart contract platforms, Solana and Avalanche, lag behind Terra and Binance Smart Chain with $11.92 billion and $11.84 billion in TVL, respectively.

With the broader cryptocurrency market in recession, Terra network's token LUNA is up 22% in the past week.

Terra (Luna)-1

With a market cap of over $27 billion, it remains the ninth largest cryptocurrency by market cap. Avalanche (AVAX) is just behind it in 10th place.

However, Decred (DCR), the token of the hybrid blockchain of the same name, has now come under the spotlight with a sudden 52.73% price spike that has allowed it to re-enter the CoinMarketCap top 100.