Although there have been recent attempts to align Terra Classic (LUNC), the rebranded native cryptocurrency of the disgraced Terra (LUNA) ecosystem, with other crypto projects and blockchains, the total value locked (TVL) on its network is continuously declining.
In fact, Terra Classic has recently dropped to the lowest TVL levels since its launch, amounting to only around $2.11 million in staking value at press time, according to the most recent data retrieved by Finbold from the decentralized finance (DeFi) analytics platform Defi Llama on August 9.
By comparison, the TVL of the underlying blockchain in May 2022 amounted to a whopping $20.49 billion, after which it plummeted dramatically with the catastrophic collapse of LUNA and TerraUSD (UST) and failure to keep up with the ensuing mass withdrawals. This year alone, its staking value has declined 63.87%.
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As it happens, Terra Classic’s current TVL is also significantly lower than that of other prominent crypto assets, including Solana (SOL), which has over $300 million in staking value (specifically $319.87 million, which is more than 150 times higher than that of Terra Classic), as well as Cardano (ADA), which currently measures $179.12 million (nearly 85 times more than Terra Classic).
Terra Classic price analysis
Meanwhile, Terra Classic was at press time changing hands at the price of $0.000078, recording a 1.11% gain in the last 24 hours, albeit losing 2.32% across the previous seven days and declining 3.78% on its monthly chart, as per the latest data retrieved on August 9.
That said, Finbold reported in July on Terra Classic core developer group Joint L1 Task Force (L1TF) sharing plans to shift focus on reducing the circulating supply of LUNC and stablecoin TerraClassic (USTC) through the restoration of the LUNC burning by validators.
Around the same time, Binance, the world’s largest crypto exchange, announced it would support the Terra network upgrade, and its CEO Changpeng Zhao stated that his crypto trading platform had poured $3 million into Terra in 2018 and has left its LUNC holdings untouched since then.
In late June, an anonymous group of blockchain developers, known as the “Six Samurai,” released a proposal for “a true revival” of the Terra ecosystem and “help push this chain where it deserves to go,” but these efforts, along with the above updates, have failed to prevent the collapse of its staking values.
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