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After Do Kwon established a new Terra (LUNA) chain leaving behind LUNC and USTC, the Terra Classic community, consisting of private validators and developers, made countless efforts to revive LUNC and replicate USTC. This year, the Terra Classic ecosystem tokens LUNC and USTC, supported by the private community, performed significantly better than Terra (LUNA).
LUNC Price Movement
Terra Luna Classic (LUNC) prices have shown an increase of over 300% in the last two months following the listing of new pairs by Binance and other cryptocurrency exchanges. LUNC reached $0.000275 with the support of massive trading volumes. The price is currently trading around $0.000150. On the other hand, USTC showed an increase of more than 500% in two months in response to new perpetual contracts and new pairs announced by Binance, facilitating transactions for the cryptocurrency community.
While LUNC and USTC are pulling back from their previous gains, prices are still trading at high levels. LUNC is still up 150% and USTC is up 200% from its lowest levels. The congestion may soon end, and prices could recover and compensate for some losses. Additionally, Terra (LUNA) continued to lose this year as well. LUNA’s price nearly increased by 150% during the LUNC and USTC rally but has now dropped to 70% despite the major recovery in the cryptocurrency market.
Effects of Token Burns
Both projects have made numerous efforts to revitalize the chain, including inter-blockchain communication (IBC), governance-approved chain upgrades, and staking and token burns. However, between the two Cosmos-based chains, Terra Classic has performed better than Terra despite the lack of private developers and funds.
Terra and Do Kwon’s partial loss against the US SEC could have more impact on the Terra (LUNA) community. The court ruled that LUNA and MIR tokens are securities. Meanwhile, the Terra Classic community plans to bring back utility and revitalize the tokens through a series of projects on the chain, renewed staking and burning narratives, and USTC’s rejection of discussions with cryptocurrency exchanges, primarily Binance.
