Not just LUNA, Terra Defi apps lost over $31 bln from all-time highs of Apr
The collapse of LUNA is engraved like a nightmare for crypto investors as the loss has been heavy across the ecosystem. It's not just a disaster in LUNA, in fact, DeFi protocols on Terra have wiped out hefty market value from its all-time high that was witnessed in April.
As per DefiLlama data, on a real-time basis, the total value locked (TVL) in Defi protocols on Terra, stood at $139.27 million down by over 2% in the last 24 hours.
On April 5, when LUNA had touched an all-time high, the Terra Defi Apps had a TVL of $31.21 billion. The highest TVL in Terra Defi apps was on April 6th to the tune of $31.35 billion, as per the data. Since then, there has been a loss of more than $31 billion in these protocols.
The data showed that every single Terra defi protocol suffered massively with a decline ranging from 93% to 100% in a month.
Anchor (ANC) which accounts for the highest portion of TVL on Terra, has slumped by over 69% in the last seven days, while the drop has been more than 99% in a month. Risk Harbor and Astroport (ASTRO) which hold second and third rank in the TVL on Terra, have plunged by over 93% and 99%.
In a month, Terraswap, Spectrum Protocol, White Whale (WHALE), and (SPEC) dipped around 98%, while Mars Protocol (MARS), Pylon Protocol (MINE), Aperture Finance, and Kujira (KUJI) plummetted by around 99%.
Anchor is a lending and borrowing protocol that provides crypto natives, fintech companies, and investors a stable high-interest rate, offering up to 19.5% yield on stablecoin deposits.
The moment Terra's US dollar-pegged stable coin terraUSD (UST) lost its peg of 1:1 against the American greenback amidst broader bearish markets, it was a bloody massacre in LUNA and its Defi protocol. This eventually led to
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