Terra Luna Classic Surges 48.50% on V22 Protocol Upgrade
Within twenty-four hours, Terra Classic, a rebranding of the former Terra chain, soared by approximately 62%. Last Thursday On Thursday, the token outpaced the whole cryptocurrency market including big names such as Bitcoin and Ethereum. Its monthly value appreciation is already in triple-digits in percentages. In the meantime, the latest Terra chain known as Terra Luna rose by more than 17%. Terra Classic is now one of the most popular tokens on the cryptocurrency market.
While preparing this report, as per Coingecko, Terra Classic (LUNC) was trading at $0.00038265, up 48.5% in last 24 hours. It is valued at approximately $2.64 billion. Currently, Terra Luna is changing hands at $1.99, an increase of 17.24%, with a market capitalization of $253.32 million.
According to the exchange, Terra Classic has increased by 168% during the last week in real-time. Within a month, the token’s value has increased by more than 165%. The optimistic feeling around Terra coins may be attributable to LUNC’s V22 network upgrade.
Additionally, the upward trend in the Lunc may be ascribed to Terra’s creation of a brand-new Governance Alert Bot that will notify investors of the most recent governance activities occurring on Terra. The Governance Alert Bot provides investors with the most recent governance-related information about Terra (LUNA).
Furthermore, last week, Terra’s plan for funding $50,000 in LUNA for development of Entropy Beacon by Entropic Labs was approved. The Entropy Beacon is a free and community-based utility for generating safe random numbers.
Via its Twitter account, Entropic Labs claimed that its initial objective is to offer the same simplicity of development to the Entropy Beacon system that Luna programmers are used to.
In addition, 40% of the money, or 20,000 LUNA, are designated for the establishment of a subsidization pool. Entropic Labs stated, “This will transform the Beacon more affordable for developers and users.” Additionally, they are building a ‘Vault’ agreement for the safekeeping of the money.
Entropic Labs asserts that the launch of the “Entropic Community Vault” makes possible the development of other innovative decentralized framework technologies for the terra environment. These are presently in the preliminary phases of planning.
Today, we’re excited to roll-out a new Governance Alert Bot 🤖 that will alert you to the latest governance activity happening on Terra 👇
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) August 29, 2022
The worldwide crypto market is presently valued at $1.034 billion, up 1% from the previous day. The overall cryptocurrency market transaction volume over the past 24 hours has decreased by 13.15 percent, reaching $64.64 billion. The 24-hour transaction volume of DeFi is presently $5.80 billion, or 8.97% of the cumulative 24-hour trading volume of all cryptocurrencies. According to CoinMarketCap, the transaction volume of all stablecoins is currently $59.31 billion, or 91.76 percent of the 24-hour trading volume of the whole cryptocurrency market.
With the passing of @terra_money proposal #979, the Entropy Beacon has secured funding for development and establishment of the incentive/subsidization pool.
What’s next? A thread 🧵
— Entropic Labs (@Entropic_Labs) August 31, 2022
In the past twenty-four hours, Bitcoin and Ethereum have declined by roughly 2%. Bitcoin’s price is below $20,000, while Ethereum’s is about $1,530. The stunning gains of Terra Classic has gone viral on Twitter, prompting many to question if the token possesses what it is needed to hit the $1 peg.
Will never happen. https://t.co/cvqgVIGTAe
— Michaël van de Poppe (@CryptoMichNL) August 31, 2022
In May of this year, Terra tokens USD and old Luna apparently crashed, wiping approximately $40 billion in market value and leaving many speculators penniless. The aftermath of the sudden decline in old Terra tokens induced panic in the cryptocurrency market, and the market, speculators, and businesses all went berserk. The fall of Terra is a warning of how delicate and susceptible the cryptocurrency market is.
The cryptocurrency market continues to struggle to stay abreast with the fluctuations that started with Terra’s May meltdown. There is a liquidity crisis on the marketplace, with several cryptocurrency exchanges ceasing trade and others filing for bankruptcy. While hedge firms such as 3AC were liquidated. The conflict is severe.
Do Kwon, co-founder of Terraform Labs, introduced Terra 2.0 in May 2021 to recoup the value of previous Terra coins. As per 2.0, the old Terra chain has been renamed Terra Classic, and the latest chain was named LUNA.
Michael Van De Poppe, CEO and Founder of Eight Global, tweeted in response to a Lunc investor that whether Terra Lunc will ever reach $1 again. He stated, “will never occur”.
Terra tokens are now away from the peg of $1. Nevertheless, it will be closely monitored whether or not these tokens have the ability to construct a new narrative.