Dfinity’s Internet Computer has launched a cross-chain bridge connecting it to the Ethereum network, allowing ERC-20 tokens to exist natively on its network. Internet Computer is a blockchain built by the Dfinity Foundation to facilitate a “decentralized layer of web infrastructure.”

The total value locked in decentralized applications built on top of the Terra ecosystem has now surpassed $21 billion, making it the second-largest decentralized finance ecosystem behind only Ethereum, which has over $160 billion in total value locked.

Turkey’s President Recep Tayyip Erdoğan is reportedly set to send parliament the country’s draft crypto bill. While Erdoğan hasn’t revealed much about the bill, in September he said the government has “absolutely no intention of embracing cryptocurrencies.”

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Top stories in the Crypto Roundup today:

• Dfinity’s Internet Computer Launches Ethereum Bridge
• Terra Becomes Second-Largest DeFi Network With $21 Billion in TVL
• Turkey’s President to Send Crypto Law to Parliament
• Sponsored: Crypto.com - The World’s Fastest Growing Crypto App

Dfinity’s Internet Computer Launches Ethereum Bridge

Dfinity’s Internet Computer has launched a cross-chain bridge connecting it to the Ethereum network, allowing ERC-20 tokens to exist natively on its network. Internet Computer is a blockchain built by the Dfinity Foundation to facilitate a “decentralized layer of web infrastructure.”

The network is backed by prominent funds including a16z and Polychain Capital. The cross-chain bridge, called Terabethia, enables cross-chain contract communication, asset mirroring, and transfer across different chains.

Harrison Hines, the founder of the Web 3 development studio behind Terabethia, Psychedelic, said:

“Similarly to how Ethereum extended the functionality, usefulness, and value of Bitcoin, we believe the Internet Computer has the potential to do the same for Ethereum assets and applications, and could even potentially become the best L2 for Ethereum long term.”

Internet Computer launched in 2021 with a “reverse gas model” to focus on scalability. The model sees developers supply the funds needed to run applications and smart contracts to use their gas.

Terra Becomes Second-Largest DeFi Network With $21 Billion in TVL

The total value locked in decentralized applications built on top of the Terra ecosystem has now surpassed $21 billion, making it the second-largest decentralized finance ecosystem behind only Ethereum, which has over $160 billion in total value locked.

According to data from DeFiLlama, the total value locked on Terra has grown  55% over the last seven days, while the total value locked on Ethereum moved up 7% during the same period. Terra’s rise saw it surpass the value locked on the Binance Smart chain, which over the last week increased 3.7% to $17 billion.

It’s worth noting that while Ethereum has hundreds of DeFi protocols deployed on top of it and being tracked, the Binance Smart Chain has 225 and Terra has 13. Anchor ($ANC) leads Terra’s DeFi ecosystem with over $9 billion in total value locked.

Terra is an open-source blockchain payment platform that accommodates algorithmic stablecoins, the largest one being TerraUSD (UST). It uses a Proof-of-Stake (PoS) consensus algorithm, and its native token LUNA is “used in the issuance of stablecoins (TerraSDRs), as a price stability mechanism, as well as for staking and network governance.”

Turkey’s President to Send Crypto Law to Parliament

Turkey’s President Recep Tayyip Erdoğan is reportedly set to send parliament the country’s draft crypto bill. While Erdoğan hasn’t revealed much about the bill, in September he said the government has “absolutely no intention of embracing cryptocurrencies.”

At the time, Erdoğan said the country would “move forward” with its own currency. Despite the president’s stance, an all-out cryptocurrency ban isn’t expected. The country’s Minister of Treasury and Finance, Lütfi Elvan, ruled one out in May following comments he made after two local crypto exchanges disappeared overnight.

The status of cryptocurrency and its exchanges in the country matters because Turks have been increasingly embracing them as the Turkish lira’s value has plunged over the last few months. Dollar-pegged stablecoins are reportedly used in the country as a store of value.

In a bid to get people the invest in the lira, Turkey has launched government-backed savings accounts indexed to the price of the U.S. dollar

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