In a surprising turn of events, the Terra Classic (LUNC) community has managed to breathe new life into the abandoned LUNC and USTC chains, surpassing the performance of the original Terra (LUNA). After Do Kwon departed from LUNC and USTC, the Terra Classic community, comprising dedicated validators and developers, spearheaded efforts to revive the struggling chains and repeg USTC.
Impressive Performance of Terra Classic Tokens: LUNC and USTC
Over the past two months, Terra Classic ecosystem tokens LUNC and USTC have exhibited remarkable growth, leaving Terra (LUNA) trailing behind. LUNC prices soared by an impressive 300%, reaching a peak of $0.000275, supported by substantial trading volumes following listings on Binance and other major crypto exchanges. The current trading price stands near $0.000150.
Similarly, USTC witnessed an astounding surge of over 500% within two months, fueled by the introduction of new perpetual contracts and pairs on Binance. This move has facilitated easier trading for the crypto community involved.
Although both LUNC and USTC experienced a slight retracement from their recent highs, they continue to trade significantly higher, with LUNC up by 150% and USTC up by 200% from their lows. Analysts suggest that the temporary squeeze in prices might soon come to an end, leading to a potential rebound and recovery of some losses.
Struggles of Terra (LUNA) Despite Ongoing Efforts
Contrary to the success of Terra Classic, Terra (LUNA) has faced challenges throughout the year. Despite rallying nearly 150% during the LUNC and USTC surge, LUNA’s price has now dropped to just 70%, even amidst a broader crypto market recovery. Despite concerted efforts, including inter-blockchain communication (IBC), governance-approved chain upgrades, and staking and token burns, Terra has been unable to match the performance of Terra Classic.
Furthermore, Do Kwon’s partial loss to the US Securities and Exchange Commission (SEC) has cast a shadow over the Terra (LUNA) community, with the court ruling that LUNA and MIR tokens are considered securities.
Terra Classic Community Initiatives and Future Prospects
Meanwhile, the Terra Classic community remains proactive in its efforts to restore utility and revive tokens through various projects on the chain. Renewed staking and burn narratives are being emphasized, and discussions with crypto exchanges, especially Binance, regarding USTC repeg are underway.
As Terra (LUNA) grapples with regulatory challenges, the success of Terra Classic raises questions about the significance of community-driven initiatives and resilience in the rapidly evolving blockchain landscape. The coming months will be crucial as both Terra and Terra Classic navigate their respective paths, and the crypto community watches closely for further developments.