- The Terra Luna Classic (LUNC) rebranded from the original Terra chain following the May collapse.
- According to the project’s official website, Terra has 33 DeFi and Dapps.
Intense fear or anxiety may be the first emotion a crypto investor may have after seeing Terra Luna update. After all, a $40 billion loss was a significant blow to the industry. However, the Terra Luna developers are optimistic the narrative may change with time. Hence the reason for the stealth development of DeFi and Dapp projects on top of the Luna ecosystem.
Projects including Illiquid Labs, Eris Protocol, and Pulsar Finance, among others, have chosen the Terra blockchain as the preferred building place.
The Terra Luna Classic (LUNC) rebranded from the original Terra chain following the May collapse. Ranked 34 by market capitalization, the new Terra ecosystem takes pride in a vibrant online community. For instance, the official Twitter account for Terra Classic has 1.1 million followers.
As such, the Terra LUNC has a market capitalization of $1,715,221,212, with its 24-hour trading volume at $200,320,460.
Terra market outlook
The cryptocurrency market is in the second decade of existence, giving hope to projects like Terra for a second chance. As a new technology being deployed globally, it was expected to have some technical difficulties along the way.
Nevertheless, global regulators are concerned with developers taking advantage of the nascent technology industry to rip off investors.
At the moment, all eyes are on Do Kwon, with an international arrest warrant issued by South Korea issued by Interpol. Although the rebranded Terra markets itself as community-owned and managed, Kwon’s effects are still visible with developments around his investigations affecting market prices.
Terra Classic still advertises algorithmic stablecoins, despite the May collapse. In fact, the project has some algorithmic stablecoins in existence. For instance, the Terra stablecoin tracks the price of the IMF’s SDR, named TerraSDR, or SDT. Other stablecoin denominations include TerraUSD or UST and TerraKRW or KRT.
“The Terra protocol is the leading decentralised and open-source, public blockchain protocol for algorithmic stablecoins. Using a combination of open market arbitrage incentives and decentralised Oracle voting, the Terra protocol creates stablecoins that consistently track the price of any fiat currency,” its website reads.
According to the website, Terra has 33 DeFi and Dapps. Of note, the projects provide real case utility that is arguably an investment opportunity for investors.
As LUNA makes headways, investors are encouraged to do comprehensive research and take the necessary precautions before investing hard-earned money in the crypto ecosystem.
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