Broader Market Rally, LUNA 2.0 Leads the Charge
In early Friday trading sessions, the cryptocurrency market experienced widespread gains. Bitcoin jumped 9.4% to break above the $21,000 level, while Ethereum rose 4.9% to exceed $1,700. Amid this bullish momentum, Terra's new LUNA 2.0 token stole the spotlight with a staggering 200%+ surge in 24 hours, climbing from a low of $1.90 to a high of $6.87 before pulling back to around $5.41.
Key Metrics for LUNA 2.0
At press time, LUNA 2.0 still recorded a 175.2% gain for the day. Over the past 14 days, the token has surged 224.1%, boasting a market capitalization of approximately $978 million. The 24-hour global trading volume reached $2.55 billion, ranking seventh among all cryptocurrencies. This high level of activity signals intense market interest in Terra's revived blockchain.
Diverging Performances: LUNC and USTC
Terra Classic's LUNC token rose 69.5% over the past seven days but fell 13.6% in the last 24 hours, underperforming LUNA 2.0. The former stablecoin USTC (previously UST) is currently trading near $0.047 (about a nickel), gaining 4% on Friday. Over seven days, USTC advanced 27.3%, and over 14 days, it climbed 55.9%. USTC holds a $461.67 million market cap with $211.24 million in 24-hour trading volume.
Trading Pair Distribution: USDT Dominates
Among LUNA 2.0 trading pairs, 57% of volume was paired with USDT, followed by BUSD at 32%, Turkish lira (TRY) at 7.15%, USDC at 2.27%, and the U.S. dollar at just 0.83%. Other pairs including EUR, ETH, and USDD accounted for smaller shares.
DeFi TVL Doubles Overnight
Terra 2.0's decentralized finance ecosystem is also showing signs of revival. According to DefiLlama, the total value locked (TVL) on Terra 2.0 doubled from $24.72 million to $51.48 million on Friday. Riskharbor leads with $33.59 million in TVL, followed by Astroport at $16.7 million, and Stader at $2.61 million. These figures indicate capital is flowing back into the Terra ecosystem.