Terra Leads Layer 1 Resurgence Targeting $100

Share this article

Terra is continuing to trend higher amid a resurgence of Layer 1 chains. NEAR, Fantom, and Cosmos are also showing strong recoveries after trending lower since the beginning of December. 

Terra Targets $100

Layer 1 season may be back for a second round.

Several Layer 1 chains have posted double-digit gains today following a wider market recovery. Terra has led the charge, climbing higher after a series of new all-time highs. The chain’s native LUNA token is closing in on the $100 milestone, reaching a high of $97.90 this morning according to CoinGecko. 

LUNA/USD chart. Source: CoinGecko

As a result of Terra’s continuing rally, the network’s DeFi ecosystem recently overtook Binance Smart Chain to become the second-biggest behind Ethereum. Terra’s native UST stablecoin has also outpaced MakrDAO’s DAI token, becoming the largest decentralized stablecoin in existence.

Elsewhere, other Layer 1s are starting to rally. NEAR appears to have broken from its downtrend, surging 22% over the past 24 hours. Yesterday’s news that Terra is partnering with NEAR to bring its UST stablecoin to the NEAR and Aurora ecosystems is likely the main catalyst behind the rise. 

Fantom has also moved higher, up 13.3% on the day. The FTM token has held onto its bullish momentum despite Fantom DeFi project Grim Finance suffering a $30 million hack over the weekend. 

Other base-layer blockchains such as Cosmos have also gained pace today. Like NEAR, the ATOM token appears to have broken out of its December downtrend, climbing 11%. Osmosis, a decentralized exchange for IBC connected coins on the Cosmos SDK, has seen similar appreciation, gaining 10.6%, indicating a wider recovery in the Cosmos ecosystem. 

Several more Layer 1s such as Solana and Avalanche are also looking strong heading into the end of the year. However, whether the current upward momentum will be able to continue remains uncertain. Layer 1 chains did well during August and September as Bitcoin recovered from its summer lows. If Bitcoin starts heading lower, a similar downward move from Layer 1s could follow. 

Disclosure: At the time of writing this feature, the author owned LUNA, SOL, and several other cryptocurrencies. 

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Terra Climbs to New Highs Becoming the Second-Largest DeFi Network

Terra has overtaken Binance Smart Chain in total value locked, becoming the second-largest DeFi network behind Ethereum.  Terra Takes Second Rank DeFi on Terra is booming. The network surpassed Binance…

Fantom DeFi Project Grim Finance Suffers $30M Hack

Grim Finance, a DeFi protocol built on Fantom, has become the target of a $30 million hack. Fantom Project Hit By $30 Million Hack  Grim Finance has been hacked. This…

Layer 1 Coins Lead Market Rally After Fed Meeting

Avalanche, Fantom, Kadena, Terra, and other Layer 1 coins have posted double-digit gains today.  Layer 1 Projects Rally on Fed Meeting  Layer 1 projects are leading the market again.  According…

How SocialGood Is Offering 100% Crypto Cashback on Online Shopping

In recent years, the rise of Bitcoin and tokenized assets has made the cashback vertical ripe for disruption. Within the cashback market, blockchain-based loyalty networks are rising in popularity among…


Recommended For You

About the Author: wp4crypto

Leave a Reply

Your email address will not be published. Required fields are marked *