Despite attempts to align Terra Classic (LUNC), the rebranded cryptocurrency within the Terra (LUNA) ecosystem, with other crypto projects and blockchains, the network’s total value locked (TVL) is steadily dropping.
As per the latest info from DefiLlama, a decentralized finance analytics platform, Terra Classic’s TVL has hit its lowest point since its launch, with approximately $2.11 million in staking value currently.
Comparing to August 9 data, the underlying blockchain’s total value locked (TVL) had reached $20.49 billion in May 2022. However, it faced a significant drop due to LUNA and TerraUSD (UST) collapsing, along with challenges in managing large withdrawals. This year alone, the staking value has fallen by 63.87%.
Terra Classic’s current TVL is notably lower compared to other top cryptocurrencies. Solana (SOL), for instance, boasts over $300 million in staking value, which is 150 times more than Terra’s. Meanwhile, Terra Classic’s price is at $0.000078, marking a 1.11% increase in the last 24 hours despite a 2.32% decrease over the past week and a 3.78% decrease in the monthly chart, based on the latest data.
Effects of LUNC Developments!
Back in July, the Common L1 Task Force (L1TF), Terra Classic’s core developer group, revealed their intentions to reduce the circulating supply of LUNC and TerraClassic stable cryptocurrency (USTC). They planned to achieve this by recovering burned LUNC tokens through validators.
Around the same time, Binance, the world’s largest cryptocurrency exchange, declared its support for the Terra network upgrade.
CEO Changpeng Zhao mentioned that Binance had invested $3 million in Terra back in 2018 and hadn’t accessed LUNC assets since then.
In late June, an anonymous group of blockchain developers called the “Six Samurai” put forth a proposal to aid in the genuine revival of the Terra ecosystem and assist the chain in reaching its rightful position.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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