Several tokens tied to the two Terra ecosystems, Terra 2.0 and Terra Classic, have more than doubled over the past week, extending year-to-date gains to over 10,000% in what could represent one of the best project reversal stories in the cryptocurrency industry. .
Three symbols, classic color [LUNC]terra 2.0 [LUNA] The classic TerraUSD [USTC]by up to 70% over the past 24 hours, expanding weekly gains to more than 300%.
Terra Classic is the original network created by Terraform Labs, and it continues as a standalone blockchain network instead of Terra 2.0, which is a forked version created After the collapse of Terra . Terra 2.0’s LUNA token is now actively trading on the market, as are Terra Classic’s LUNC and USTC tokens, the original tokens.
These pumps work with many catalysts. Last week, Terraform Labs He said he had allocated $15 million to two projects in the Terra ecosystem to store liquidity, making certain trading pools on those platforms more attractive to cross-chain traders.
Last month, Bitcoin-focused payments project Mint Cash said it was working on a USTC renewal plan that would use Bitcoin. [BTC] To support its expected stability linked to the dollar. The team said it will also have an airdrop plan for LUNC and USTC holders.
Meanwhile, cryptocurrency exchange Binance has pursued a burn plan that permanently removes LUNC from circulating supply based on transaction fees earned on LUNC trading pairs.
In June, six engineers named themselves the “Six Samurai.” Propose a plan to revitalize the Terra Classic ecosystem For blockchain, such as the TerraUSD testnet for testing financial services, an application to generate yield for token holders, and a plan to reward developers for user activity generated by their applications.
The infamous Terra Network, run by Do Kwon, collapsed in May 2022 when a mechanism to support the algorithmic stablecoin TerraUSD (UST) failed, causing Terra LUNA and UST tokens to drop by 99% in the following weeks.
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