After Do Kwon established a new Terra (LUNA) chain, leaving behind LUNC and USTC, the Terra Classic community, comprising independent validators and developers, has endeavored to revive LUNC and stabilize USTC. This year, the community-supported Terra Classic ecosystem tokens LUNC and USTC have outperformed the new Terra (LUNA) by a significant margin.
Terra Luna Classic (LUNC) saw its prices soar by over 300% in the last two months, following new pair listings by Binance and other cryptocurrency exchanges, reaching $0.000275 with substantial trading volumes. Currently, LUNC trades around $0.000150. Meanwhile, USTC experienced a surge of over 500% in response to Binance’s announcement of new perpetual contracts and pair listings, facilitating transactions within the crypto community.
While LUNC and USTC have retracted some of their gains, prices remain at elevated levels, with LUNC still up 150% and USTC up 200% from their lowest points. The market congestion could end soon, potentially leading to a price recovery and compensation for some losses. In contrast, Terra (LUNA) has continued to face losses this year, with its price rising nearly 150% during the LUNC and USTC rally but now down to 70% despite the broader crypto market recovery.
Both projects have made concerted efforts to rejuvenate their chains, including inter-blockchain communication (IBC), governance-approved chain upgrades, and staking and token burning initiatives. Despite a lack of dedicated developers and funds, Terra Classic has outperformed Terra in these efforts.
The partial loss of Terra and Do Kwon against the U.S. SEC could further impact the Terra (LUNA) community, with the court ruling LUNA and MIR tokens as securities. Meanwhile, the Terra Classic community plans to restore utility and revitalize tokens through a series of upcoming projects, renewed staking and burning narrative, and USTC’s rejection of discussions with cryptocurrency exchanges, primarily Binance.
The Terra Classic community’s resilience and proactive measures have led to a remarkable performance of LUNC and USTC, contrasting the struggles faced by Terra (LUNA). The community’s commitment to reviving the ecosystem showcases the potential for decentralized initiatives to overcome adversity and drive recovery in the volatile cryptocurrency market.