After Do Kwon abandoned LUNC and USTC (formerly UST) and established a new Terra (LUNA) chain, the Terra Classic community, comprised of dedicated validators and developers, made numerous efforts to revive LUNC and repeg USTC. This year, Terra Classic ecosystem tokens LUNC and USTC backed by the dedicated community have outperformed Terra (LUNA) substantially.
Terra Classic (LUNC) Community Beats Terra (LUNA)
Terra (LUNC) prices rallied over 300% in the last two months after Binance and other crypto exchanges listed new pairs. LUNC hit a hit of $0.000275, supported by massive trading volumes. The price currently trades near $0.000150.
Whereas, USTC also skyrocketed more than 500% in two months in response to new perpetual contracts and new pairs announced by Binance, making trading easy for the crypto community.
While LUNC and USTC pared earlier gains, the prices are still trading higher. LUNC is still up 150% and USTC is up 200% from the lows. The squeeze could end soon and prices will rebound and recover some losses.
Meanwhile, Terra (LUNA) continued to suffer this year. LUNA price rallied nearly 150% during the LUNC and USTC rally, but has now dropped to just 70% despite a massive crypto market recovery.
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Upcoming Developments on Terra Classic
Both projects have made many efforts to revive the chain including inter-blockchain communication (IBC), governance-approved chain upgrades, and staking and token burns. However, among the two Cosmos-based chains, Terra Classic has performed better than Terra despite a lack of dedicated developers and funds.
Terra and Do Kwon’s partial loss to the US SEC may have further repercussions for the Terra (LUNA) community. The Court ruled that LUNA and MIR tokens are securities.
Meanwhile, the Terra Classic community is looking to bring back utility and revive tokens through a number of projects coming on the chain, renewed staking and burn narrative, and USTC repeg discussion with crypto exchanges, especially Binance.
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