Less than a month ago, the Terra ecosystem experienced a real disaster, but it seems that the number of unique addresses containing assets in the new chain – Terra Classic – has increased by more than 500%.
- As Crypto Potato As previously reported, there are many lessons to be learned from the collapse of the algorithmic stablecoin UST and the intertwined LUNA, whose burning was supposed to help stabilize the peg.
- Unfortunately, many people lost a lot of money as tens of billions were wiped from the market in a matter of days in an event that had never happened before in recent history – the two largest cryptocurrencies by market capitalization were completely wiped out in less than a year. a week.
- However, this apparently led to an influx of new holders into the already old network – Terra Classic (LUNC).
- LUNC is the former LUNA token before the creation of a separate blockchain – Terra 2.0 – the original LUNA, as some call it.
- CoinMarketCap data shows that the total number of unique addresses holding assets on the Terra Classic network has increased by approximately 560% in one month.
- One possible reason for this is the steep drop in price, coupled with a lack of fundamental understanding of how the UST peg algorithm works.
- It is entirely possible that unsuspecting investors bought LUNA for pennies in hopes of making huge profits once the algorithm stabilized, which ultimately did not happen.
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Credit : cryptopotato.com