Ever since Terra’s (Luna) decline started, it has severely dented the crypto market on a global scale. The price of Bitcoin went below US$30,000 on 12 May, leaving it high and dry. And not just Bitcoin, the global crypto market cap went drastically down to US$1.21 trillion at one point in time last week.
Besides, large withdrawals from Anchor Protocol further dented TerraUSD investors, eventually leading to Terra losing its peg. Terra decided to pull the plug on many apps, including the Anchor, which happens to be the most significant DeFi protocol on the chain.
As of 17 May, Terra has lost almost 100% of its value ever since it achieved its all-time high. On Tuesday, it was trading at US$0.0001851, with a trading volume of US$3,03,39,79,091. The global market is still down by 0.14% and was placed at US$1.30 trillion in the past 24 hours.
However, amid all Terra’s doom, one crypto that seems to be benefitting from this is Polygon Network.
Also read: What does Terra’s (LUNA) realistic revival plan look like?
Polygon vs Terra
Terra’s drastic decline has now forced the…
