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Terra (LUNA) has become the second-largest ecosystem in decentralized finance (DeFi), with the total value locked on the network surpassing $22 billion. It’s second only to Ethereum, which has over $110 billion locked on its smart contracts.

Popular burger chain Shake Shack (NYSE: SHAK) is running a promotion where it’s offering customers cryptocurrency rewards for purchasing items through Block’s Cash App.

The prices of dozens of tokens plunged after prolific developer, Andre Cronje, announced that he was going to stop developing in the decentralized finance space along with his frequent collaborator Anton Nell.

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Top stories in the Crypto Roundup today:

  • Terra Becomes Second-Largest DeFi Network
  • Shake Shack Trials Offering Bitcoin Rewards Using Cash App
  • Dozens of Tokens Plunge After Prolific Developer Announces Departure
  • Crypto Market Movers – UMA, KEEP, KNC
  • Sponsored: Register for a Rewarding Bybit Experience

 
24 hours chart of the price of BTC
 

Terra Becomes Second-Largest DeFi Network

 

Terra (LUNA) has become the second-largest ecosystem in decentralized finance (DeFi), with the total value locked on the network surpassing $22 billion. It’s second only to Ethereum, which has over $110 billion locked on its smart contracts.

Data from DeFiLlama shows that Ethereum’s total value locked is seen across 556 different DeFi protocols, while Terra only has 21 being tracked by the platform. Behind Terra comes the Binance Smart Chain, with $11.5 billion locked across 327 protocols.

Looking at Terra’s total value locked expressed in LUNA, the network’s native token used to pay for transaction fees and to vote on governance, the recent spike appears to be more related to LUNA’s rising price.

LUNA’s price surged after the protocol created Bitcoin-denominated reserves as an additional layer of security for its decentralized stablecoin UST. The Luna Guard Foundation (LFG) has also recently injected $450 million into one of Terra’s DeFi protocols, Anchor, to subsidize its roughly 20% yields.

 
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Shake Shack Trials Offering Bitcoin Rewards Using Cash App

 

Popular burger chain Shake Shack (NYSE: SHAK) is running a promotion where it’s offering customers cryptocurrency rewards for purchasing items through Block’s Cash App.

Purchases made with Cash Card, the app’s debit card, and via the Cash Boost rewards program, receive 15% back in BTC on the app, which has added support for Bitcoin and its layer-two scaling solution, the Lightning Network.

The offer is set to end mid-March and is available for Cash App users under the Cash Boost program in the app. The trial is both meant to attract younger customers and to test for the broader adoption of cryptocurrencies by the business.

 
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Dozens of Tokens Plunge After Prolific Developer Announces Departure

 

The prices of dozens of tokens plunged after prolific developer, Andre Cronje, announced that he was going to stop developing in the decentralized finance space along with his frequent collaborator Anton Nell.

Some market observers saw the move coming as Cronje had deleted his Twitter account and updated his LinkedIn profile to reflect he was no longer an advisor to the Fantom Foundation. Despite the warning signs, tokens associated with projects Cronje worked on plunged.

Solidly, a hybrid automated market maker (AMM), lost 75% of its value on the announcement while automation platform Keep3r lost 25%. Lending platform Iron Bank lost 50% of its value as well.

While Cronje was no longer involved in the day-to-day operations of Yearn Finance, a yield vault protocol he turned over to a DAO, its YFI token plunged as much as 12% on the announcement. Likewise, tokens from the Fantom ecosystem tumbled, despite Cronje not being known for significantly being involved in their development.

 
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Chart of the Week: RUB and UAH Volumes

 

Cryptocurrency trading volumes denominated in the Russian Ruble ($RUB) and the Ukrainian hryvnia ($UAH) have soared after Russian President Vladimir Putin announced a “special military operation” in Ukraine that turned out to be a full-scale invasion.

The largest volume spikes can be seen trading against Tether’s USDT stablecoin, likely as residents move away from their devaluing fiat currencies in the face of the conflict and grab strengthening USD.

Ukrainian cryptocurrency exchange, Kuna, saw its trading volume explode after Russia’s invasion was launched. On average the exchange’s trading volume was hovering around 45 million Ukrainian hryvnias (UAH) per day. On the day Russian forces entered Ukraine, its trading volume exploded to 150 million UAH, equivalent to around $5 million.

Ukraine has so far raised over $50 million in cryptocurrency donations.

 
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