Wonky Mars Protocol launch shows ecosystem expansion may not add to network value -Breaking
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Every day, new protocols are launched on various networks within the crypto space. This trend will likely continue throughout the year. When looking at the top five networks by total value locked (TVL) — (ETH), (LUNABinance Smart Chain, (BSC)AVAX(SOL) — AccordingData from DeFiLlama shows that Ethereum currently has 579 protocols (including the L1 and L2 versions); Terra has 25, Terra and BSC have 348; Avalanche has 187 protocols and Solana 64 protocols. Terra has a low number and high TVL, which is why it stands out.
Terra’s TVL reached an all-time high at $20 billion in December 2021 before dropping to $13 billion during the January 2022 crash. To date, the system has seen its liquidity rise to $26 Billion.
LUNA ensures that the UST-USD peg is maintained
The new launches of protocol protocols are strongly correlated with LUNA’s price.
ASTRO volume and price after launch
After the launch, Mars volume and price
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