- DeFi-based
cryptocurrencies SOL and LUNA have surged by 40% in the last two days to an all-time high. - The altcoins are witnessing renewed interest alongside Bitcoin and Ethereum.
- Both the projects enjoy generous funding from A-list investors such as Andreessen Horowitz and Galaxy Digital.
- Like Cardano and Polkadot,
Solana intends to challenge Ethereum's dominance in building and deploying decentralised applications. Terra is a platform with a plethora of stable coins pegged to different fiat currencies.
Solana ($SOL) is up 40%, valuing the token at more than $70. It has managed to break past its peak of mid-May and has a market cap of more than $20 billion.
Meanwhile, Terra's token, called Luna ($LUNA), is also up by almost 40% and priced at a little more than $26.
Both the DeFi projects have witnessed trading volume rise by a whopping 50%. Despite a massive hack on Poly Network, which resulted in the theft of more than $600 million, investors aren't afraid about DeFi's future at a macro scale.
According to crypto-intelligence firm, CipherTrace, DeFi-related attacks have nearly tripled since last year, and so far this year — excluding the Poly Network hack — their value made up for three-fourths of the major hacks of 2021.
DeFi projects aim to use blockchain — the technology which underpins most cryptocurrencies — to replicate traditional financial services like loans and trading. However, it has become a prime target for attacks, and according to CipherTrace, hackers managed to steal $361 million in just the first seven months of 2021.
In contrast, the Poly Network hack is nearly double the size.
The overall