The balance owned by the Terra Luna Classic community has surpassed the all-time high of 5 billion LUNC, as noted by developers and other contributors who emphasize the importance of keeping more funds available. However, according to the chain’s TVL and commitment data, there is a noticeable decline in development activities.
Terra Luna Classic (LUNC) Accumulation
Looking at data provided by StakeBin regarding the Terra Luna Classic community pool, there are currently 5,005,468,596 LUNC and 11,803,526 USTC in the pool.
However, the existing funds by the community are not being fully utilized, and it seems there are fears that this might represent a withdrawal from efforts to strengthen the network.
According to data from DefiLlama, development activities are at a very low level. The total commitments on the network were calculated at 760 in March 2023, while in March 2024, this number had dropped to 371.
The total number of commitments this month is currently only 79. This situation is attributed to the Terra Luna Classic community’s transition to necessary KYC for developments on the chain.
Moreover, the proposed pay-per-job (PPJ) proposal led to rejections, cancellations, or developers refusing to accompany development work on the chain.
Additionally, the total value locked (TVL) on the chain has also declined from $7.51 million to $2.27 million as of the date this article was written.
During this period, contributions to projects such as Astroport Classic, Terraswap, Eris Protocol, Soluna and others also saw decreases between 5% and 8% in the last 24 hours.
On the other hand, the community also rejected a proposal to create a new and special team for the Terra Classic chain.
The network’s validators appear to oppose the proposal due to potential centralization risks, conflicts with pay-per-job, and unspecified developer KYC requirements.
LUNC and USTC Price Drop
In the last 24 hours, the price of LUNC has found buyers at $0.00009742 after a 7% drop. The high and low values within 24 hours were $0.0001048 and $0.0000962, respectively.
On the other hand, trading volume has also decreased by more than 32% in the last 24 hours, indicating a decrease in interest among traders.
Moreover, the USTC price also experienced a 7% drop and is currently finding buyers at $0.01649. The low and high values within 24 hours were $0.0163 and $0.0177, respectively.
