The native currency of the Terra ecosystem, LUNA, ranks second in value staked with approximately $31.42 billion. Leading the list is Solana with approximately $31.55 billion according to data provided by Staking Rewrds. Ethereum has dropped to the third position after occupying the first position for a long time. The total value staked on Ethereum is estimated at $26 billion.
The numbers don’t lie. Ethereum killers are winning from various perspectives. The ETH ecosystem needs to support thousands of transactions per second to eliminate the high cost and poor performance that currently stifle its scalability.
Thanks to the Beacon chain, which introduced participation in the Ethereum ecosystem, there is hope that the veteran of smart contracts will return in the future. Mind you, according to data provided by etherscan in a participation contract, there are 10,035,650,000069000000000069 Ether on balance, valued at approximately $26 billion.
What was once a rumor is now the reality in the cryptocurrency industry. Terra (LUNA) is heading for the first seat and is likely to emerge as the winner.
The Terra ecosystem offers its users a complete and robust way to earn passively through participation. LUNA’s fast-growing market has been attributed to its genius way of balancing its stablecoin pool through supply and demand. Additionally, it costs relatively less to send value on the Terra blockchain than it does in the Ethereum ecosystem.
The smart contract market is on fire with projects that want to lead the growth of users and developers. Of note, the Cardano ecosystem (ADA) is also in the running and has approximately $18.6 billion in value staked.
AVAX, DOT and BNB follow closely behind with $15bn, $11bn and $6bn in value bet, respectively.
The overview of the growth of the Terra market and the smart contracts sector
The Terra Ecosystem (LUNA) has a market capitalization of approximately $36.5 billion, which corresponds to about 2 percent market dominance. The asset has gained around 773%, 69% and 48% in the last year, 30 days and 14 days respectively according to CoinGecko.
After hitting an all-time high of around $103 earlier this week, the asset is now up roughly 79.615% from its all-time low in mid-March 2020.
As for its native stablecoin Terra UST, it now ranks 14th in terms of market cap. With a market capitalization of approximately $14.4 billion, Terra UST is now aiming for the top position after dethroning Dogecoin, BUSD, and DOT.
However, it is not a clear and guaranteed path with other projects working smarter to retain or progress up the rankings.
However, the Terra project has an experienced team of designers and leadership working to achieve its mission.