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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Terra Classic (LUNC) Chances Of Revival Grow Slimmer, Here’s Why

Best Owie
Best Owie
1 year ago
3 mins read
Terra Classic (LUNC)

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Terra Classic (LUNC) has suffered persistent declines since the network’s collapse back in 2022. These declines have ranged from its price through to the network’s Total Value Locked (TVL). And even while development abounds among its community members to try to restore it to its past glory, the numbers point to a low possibility of recovery.

Terra Classic TVL Falls To All-Time Low

After Terra’s crash in 2022, the network lost a significant chunk of its TVL due to investors pulling out their funds as well as developers moving their decentralized applications and protocols to other networks. Over time, there seemed to be a stable trend but once again, the network has lost out against its better counterparts.

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Data from the on-chain tracker DeFiLlama shows that as of Thursday, the total Terra Classic (LUNC) TVL is sitting at $2.11 million. This is notable because this is the lowest that the network’s TVL has ever been. It is also a long way from the over $20 billion all-time high TVL of the Terra blockchain before its tragic collapse.

Terra Classic (LUNC) TVL

LUNC TVL falls to new all-time low | Source: DeFiLlama

The vast majority of its meager TVL is spread across just two DeFi protocols: Terraswap and Astroport Classic, with $1.07 million and $933,527 in TVL, respectively. The highest that Terra’s TVL has been in 2023 is $12 million back in April 2023.

Terra’s TVL has now declined by over 83% from its 2023 peaks. In the same vein, DeFiLlama shows $0 decentralized exchange (DEX) volumes over the last week, meaning that trading activity on the network has grounded to a halt.

The Road To Recovery For LUNC

Over the last year, the Terra community has been consistent about trying to help the network recover. However, the kind of decline that the cryptocurrency suffered as a result of the crash is not easy and near impossible to recover from.

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Throwing in the fact that the network’s activities are almost non-existent, the chances of recovery have become even slimmer. But perhaps the biggest hindrance to its recovery is the fact that LUNC’s supply ballooned to over 6 trillion coins. Given this, even a surge to the $1 mark is out of reach for the token, unless there is a significant reduction in its supply.

LUNC’s price continues to struggle at this time, trading at $0.00007746 at the time of writing. Its market cap is currently sitting at $450 million, making it the 80th-largest cryptocurrency by market cap.

Terra Classic (LUNC) price chart from Tradingview.com

LUNC price trading over 99% below all-time high | Source: LUNCUSDT on Tradingview.com
Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from Finbold, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

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Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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