During the day, the price of the Terra platform’s LUNA token increased by 17.5%. This is with Terra USD (UST) placing third in terms of capitalization among stablecoins.

On April 18, the total value of UST exceeded $17.53 billion, allowing the asset to outperform Binance USD (BUSD). LUNA is at the heart of securing an algorithmic stablecoin.

At the time of writing, LUNA is trading near the $90 mark. Despite a significant increase during the day, the price of the coin remains about 25% lower than the historical maximum recorded on April 5.

According to the Delphi Digital research firm, Terra has become the largest holder of the Convex token (CVX) in the past 30 days. The platform has accumulated 649,000 CVX (~$17.7 million) over the period, outperforming Frax Finance.

one/ @Terra_money I had a great collection $CVXIt is on track to become the largest CVX held by the DAO every 4 months.

They’ve accumulated around 649k CVX over the last 30 days, putting them ahead of their competitors. @FraxFinance Being CVX’s largest DAO holders. pic.twitter.com/zjEEEBF4ZJ

— Delphi Digital (@Delphi_Digital) April 18, 2022

According to DeFi Llama, the protocol ranks sixth among TVL’s DeFi projects with $12.18 billion.

Recall that in January, Terraform Labs, the company behind Terra, founded the non-profit Luna Foundation Guard to enhance the project ecosystem and increase the sustainability of UST.

In April, the project announced that it had purchased $100 million worth of AVAX tokens from the Avalanche network.