In a surprising turn of events, Terra Classic, the blockchain that emerged from the ashes of Terra’s multi-billion-dollar collapse in 2022, is making significant strides towards recovery. Recent updates from the Terra Classic Foundation reveal that the network has experienced a remarkable surge in user transactions and an upward trend in the staking ratio, indicating renewed confidence in the project.
Terra Classic recently hit a new milestone with a record-breaking 589,000 transactions
On November 22, Terra Classic hit a new milestone with a record-breaking 589,000 transactions in a single day, a substantial increase from the previous month’s average of 300,000 transactions. This surge in network activity suggests a growing user engagement and interest in Terra Classic’s ecosystem.
~ 589k transactions yesterday. Wow 😲 pic.twitter.com/c1m22P7fRC
— Terra Classic Foundation (@TCF_Terra) November 23, 2023
LUNC staking ratio
One key metric reflecting the community’s commitment to decentralization is the staking ratio, which measures the proportion of a cryptocurrency’s circulating supply that users lock up to support network security and earn rewards. After a brief decline in mid-November, Terra Classic’s staking ratio has rebounded above 15%, indicating a renewed interest in supporting the network’s stability.
The positive developments in transaction volume and staking ratio align with efforts from the Terra Classic community to restore the project’s former glory. The community’s long-term ambition is evident in recent achievements, signalling a potential comeback for Terra Classic in the broader blockchain ecosystem.
To gauge the project’s health and sustainability, the observed growth must be maintained over an extended period. The recent surge in network usage and staking ratio suggests improved user sentiment towards Terra Classic, laying the foundation for a possible sustained recovery.
USTC And LUNC Display Positively
In terms of token performance, both LUNC (Terra Classic’s native token) and USTC (Terra Classic’s stablecoin) have shown positive signs in the past month. LUNC, which experienced a dramatic rise earlier in the month, has settled around $0.00007485, reflecting a 24% increase on the monthly chart. Similarly, USTC is trading at $0.0133, marking a 13% gain over the past month. These positive price movements indicate a gradual recovery in the value of Terra Classic’s native tokens, aligning with the community’s long-term goal of bringing them back to their previous highs.
As Terra Classic continues on its path to recovery, the blockchain community will be closely monitoring its progress, looking for sustained growth and positive indicators that could solidify its standing in the blockchain space. The recent achievements, including the surge in transactions and staking ratio, provide optimism for Terra Classic’s supporters and demonstrate the resilience of the community in overcoming past challenges.