27, 2021, and achieving a market capitalization of $38 billion, despite the bearish sentiment in the broader crypto market. LUNC then peaked by the end of 2022, reaching a new all-time high above $90 on Dec. LUNC’s growth was perpetuated by Terra’s Columbus-5 upgrade in September, sending the coin to a new all-time high of $46.73 on Oct. The price of LUNC jumped again as the market entered the Layer-1 speculative frenzy in August. LUNC was then trading sideways until late July. That 3,200$+ rally was followed by an 81% drop in May 2021. Ассording to our LUNC USD live price chart, LUNC coin saw its first major spike in Q1 2021, when it rose from $0.65 on Jan. LUNC and UST may find it virtually impossible to recover in the face of continued community backlash and loss of trust in the ecosystem's digital assets. 25, 2022, according to Footprint Analytics, and the major projects are reportedly moving off the network. Yet, the future of Terra Classic is now bleak as 98% of TVL was sucked from the ecosystem by May. Boasting high transaction throughput and network scalability, Terra Classic was the second-largest layer-1 ecosystem by total value locked (TVL), accumulating more than $30 billion in its protocols by May. Prior to the collapse of UST stablecoin and the network’s native token, Terra was viewed as a prominent “Ethereum killer”. The old blockchain was renamed to Terra Classic, and its native token name was changed to LUNA Classic (LUNC), in the same manner as Ethereum Classic. In response to the crash, the community approved the proposal by Do Kwon to launch a new blockchain called Terra 2.0 without UST stablecoin as a part of the revival plan. Its implosion sent the entire crypto market into panic mode, with BTC falling below $30,000.
By May 2022, UST was the largest algorithmic stablecoin by market capitalization and the third-largest of all stablecoins. dollar and led to a collapse of the broader Terra ecosystem. In May 2022, Terra’s UST stablecoin, supposed to trade at $1, lost its parity with U.S.
It was launched in 2018 by entrepreneurs Do Kwon and Daniel Shin. Terra Classic is a proof-of-stake (PoS) layer-1 blockchain for decentralized applications with a native coin LUNA Classic (previously known as LUNA) and a suite of algorithmic stablecoins pegged to fiat currencies, such as USD, GBP and KWT.
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