After the downfall of the two most popular crypto assets on the Terra blockchain, digital currencies Terrausd (UST) and Luna Classic (LUNC) have recently gained significant value against the US dollar. Over the past seven days, LUNC has gained 96.3%, while the once stablecoin UST has gained 472.4% this week.
Luna Classic and the once stablecoin UST have gained significantly against the US dollar
It is fairly well known that some crypto assets never die in the digital currency world. That seems to be the case with two notorious crypto assets Luna Classic (LUNC) and Terrausd (UST), the former stablecoin sometimes called Terra Classicsd (UST).
LUNC took the name luna classic because Terra’s new token is now called LUNA; UST was once stable and held $1 parity from October 2020 to May 9, 2022; when UST de-pegged below the U.S. penny, hitting a low of $0.006 per unit on June 18, 2022.
However, since the $0.006 per unit low, USTs have surged 617.5% from that range. This week, on June 29, UST swelled 472.4% to $0.0926 per unit. After that rise, the UST dropped in value, but still held a 24-hour trading range of about $0.04217516 to $0.081822 on Thursday, June 30.
When the UST de-pegged on May 9, LUNC had already fallen in value, but four days earlier it was trading at $82 a unit; on the day the UST de-pegged, LUNC was trading at its highest price that day at $61 a unit, but The next day it was trading at $27 per unit.
LUNC then reached an all-time low of $0.000000999967 on May 13, four days after the depegging incident. Miraculously, not only is the LUNC up 96.3% this week, it is up 10577% from its all-time low. As of this writing, the LUNC’s daily trading volume is $545.87 million and USTs have hit $522.6 million in the past 24 hours.
LUNC’s market valuation is approximately $812,399,236 and today’s circulating volume is 6,907,072,876,045 LUNCs. Right now, there are 10,254,324,366 USTs in circulation and the market valuation of USTs is approximately $477.73 million.
573,636,728 USTs are locked into the system, so UST holders are still using the Anchor protocol. The Anchor Savings Protocol for TerraStation wallets promises an annual percentage yield (APY) of 16.26%.
In addition,defillama.comstatistics show that $9.23 million in LUNCs are held in Risk Harbor, a decentralized financial (defi) risk management market. The Terra Classic chain and Luna Classic (LUNC) still have fairly active communities, as can be seen by observing their social media posts.
Terra Classic also still has an active validator, and just recently agovernance proposalwas submitted that would give the validator a universal minimum fee of 10%. one particular validator, LUNC DAO told its 29,000 Twitter followers that itopposes the 10% minimum fee rate.
As of this writing, 37.04% voted in favor and 24.80% voted against. Meanwhile, the new LUNA 2.0 token had a lackluster week compared to its digital currency siblings.
While LUNA 2.0 is up 7% this week, the new crypto asset derived from the Terra Phoenix blockchain is down 76.6% over the past month. Of the more than 13,000 crypto assets in existence today, LUNA 2.0 occupies the 124th position with a market cap of $273 million. Meanwhile, the market cap of the once stable Coin UST ($477.73M) holds the 87th position.
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