The Terra ecosystem went through a terrible catastrophe less than a month ago, but it appears that the number of unique addresses holding assets in the new chain – Terra Classic – has increased by over 500%.
- as cryptopotato As previously reported – There are many lessons to be learned from the crash of the UST algorithmic stablecoin and the interconnected Luna, the burning of which will help stabilize the peg.
- Unfortunately, many people lost a lot of money as tens of billions were wiped out of the market in a matter of days in a way that had never been seen before in recent history – the two top cryptocurrencies by market cap in less than one time. were completely destroyed from existence. Week.
- However, it apparently saw an influx of new holders into the now old network – Terra Classic (LUNC).
- The LUNC is the pre-LUNA token, as some refer to it, before the creation of the separate blockchain – Terra 2.0 – the original LUNA.
- Data from CoinMarketCap shows that the total number of unique addresses holding assets on the Terra Classic chain has increased by about 560% in a one-month period.
- One of the possible reasons for this is the fall in prices and a lack of fundamental understanding of how the UST pegging algorithm works.
- It’s entirely possible for investors to buy LUNA for pennies in hopes of massive returns once the algorithm stabilizes – which ultimately won’t happen.
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