After the fallout from the Terra blockchain and the massive event of terrestrial reservoir decoupling, the Terra network ecosystem is now a wasteland of nearly worthless tokens and protocols. While UST and LUNA were among the top ten competitors for cryptocurrency market cap, Terra’s decentralized finance presence was second only to Ethereum in terms of total locked value. Today, it appears that the remaining Terra token holders and Challenge Protocol operators are waiting for a miracle.
Terra’s token economy has lost 96% of its value
There has been an abundance of news about the Terra blockchain failing and how the team handled the Terrausd (UST) explosion. Many people know that the original LUNA for UST and Terra has lost a lot of value over the past two weeks. The 24-hour floor tanks are priced between $0.068 and $0.054 per unit, well below the $1 parity they were in before the crash.
LUNA is also down a lot as it traded at $72 per coin on May 7 and is now down 99.99849% at $0.00010853 per LUNA. But Terra also had a whole ecosystem of tokens such as ANC, MIR, ASTRO, MARS, and more.
The Anchor (ANC) governance token for the Defi protocol is down 96% in the past two weeks, and Astroport’s ASTRO token is down 98%. The Mirror Protocol’s MIR lost 80.4% while the Pylon Protocol’s MINE lost 96.9% in the last 14 days.
Likewise, Protocol Finance (MARS) has exercised 97.6% and Loop Finance LOOP token has fallen 98.3% in the past two weeks. On March 7, 2022, the stats show that the Terra token ecosystem was worth $44 billion, and today it is down 96.70% to $1.45 billion.
From the second largest in the challenge to the 33rd – Terra’s Defi’s presence eliminated
Terra’s presence in the decentralized finance space was once so large that it held the second largest Total Lock Value (TVL) of all the existing blockchains. On April 5, 2022, Terra’s TVL value was $31.21 billion and today, it’s down to $118.81 million.
Each Terra defi protocol experienced 90-99% losses in terms of TVL per protocol. The apps are ghost towns and block explorers like finder.terra.money Show very low activity per Terra defi protocol.
The same can be said for applications such as Terra Name Service (TNS) and non-fungible tokens (NFT) markets such as Random Earth, Knowhere, Talis, Luart, Curio and One Planet. Whereas TNS domain name service was once $16 per name, it now costs $0.91 to register a name.
In terms of Terra-based NFT markets, some markets are still selling NFTs that were once very expensive, but now tokens are being sold at lower prices. Some NFT collectors have removed their listings and may be waiting for Terra to be reborn. Most Terra NFT markets are ghost towns by activity.
Hope for Tira’s rebirth
Revival is likely the hope for many members of the Terra community, as project founder Do Kwon and many other Terra supporters have put together a revival plan to revive Terra from the ashes. The plan is to fork the chain in a snapshot before the ground tank unlinking event and drop the new tokens to the ground tank holders and LUNA.
in this time Rebirth vote vote Four more days but the number of ‘yes’ votes crossed the threshold at 62%. 21.10% abstained, 0.42% voted “no”, and 16.48% voted “no with a veto”.
What do you think of the rest of the Terra blockchain ecosystem? Tell us what you think about it in the comments section below.
photo credits: Shutterstock, Pixabay, Wikicommons
Not giving an opinion: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services or companies. Bitcoin.com It does not provide investment, tax, legal or accounting advice. Neither the Company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
“Reader. Infuriatingly humble coffee enthusiast. Future teen idol. Tv nerd. Explorer. Organizer. Twitter aficionado. Evil music fanatic.”