After the downfall of the two most popular crypto assets on the Terra blockchain, the digital currencies terrausd (UST) and luna classic (LUNC) increased a great deal in value against the U.S. dollar in recent times. During the last seven days, LUNC has risen 96.3% and the once-stable coin UST has increased 472.4% this week.
Luna Classic and Formerly Stable Coin UST Surge Significantly Against the US Dollar
It is quite well known in the world of digital currencies that some crypto assets never die. This seems to be the case with the two notorious crypto assets luna classic (LUNC) and terrausd (UST), a former stablecoin sometimes referred to as terraclassicusd (USTC).
LUNC took the name luna classic because Terra’s new token is now referred to as LUNA. UST was once stable and held the $1 parity from October 2020 up until May 9, 2022. When UST depegged it dropped below a U.S. penny, and tapped a low of $0.006 per unit on June 18, 2022.
However, since the low of $0.006 per unit, the UST has jumped 617.5% from this range. The UST inflated 472.4% this week to hit $0.0926 per unit on June 29. While the value of UST fell after this rise, it still held a 24-hour trading range of around $0.04217516 to $0.081822 on Thursday, June 30.
When UST depegged on May 9, LUNC was already dropping in value, but four days prior, LUNC was exchanging hands for $82 per unit. The day UST depegged, LUNC changed hands at a high that day at $61 per unit, but by the following day, it was trading for $27 per LUNC.
Since then, LUNC hit an all-time low four days after the depegging incident at $0.000000999967 on May 13. Miraculously, not only was LUNC up 96.3% this week, it was up 10,577% from the all-time low. At the time of writing, LUNC recorded a daily trading volume of $545.87 million, while UST recorded $522.60 million in the last 24 hours.
LUNC has a market valuation of around $812,399,236 with 6,907,072,876,045 LUNC in circulation today. There’s 10,254,324,366 UST circulating right now, which gives UST a market valuation of around $477.73 million.
UST holders are still using the Anchor protocol as 573,636,728 USTs are locked in the system. The Anchor Savings Protocol on the Terra Station wallet promises an annual percentage yield (APY) of 16.26%.
Furthermore, defillama.com statistics indicate that there’s $9.23 million in LUNC held on the decentralized finance (defi) risk management marketplace Risk Harbor. The Terra Classic chain and luna classic (LUNC) still have a fairly active community by observing posts on social media.
Terra Classic also still has active validators, and just recently a governance proposal was introduced that would give validators a universal 10% minimum commission. A special validator called LUNC DAO Told its 29,000 Twitter followers that the validator was against the 10% minimum commission rate.
At the time of writing, 37.04% voted in favor of the proposal and 24.80% said no to the idea. Meanwhile, the new LUNA 2.0 token has had a lackluster week compared to the digital currency’s siblings.
LUNA 2.0 is up 7% this week, but the new crypto asset that stems from the Terra Phoenix blockchain is down 76.6% in the past month. Out of over 13,000 crypto assets in existence today, LUNA 2.0 ranks 124th with a market capitalization of $273 million. The once-stable market cap of the UST coin ($477.73 million), on the other hand, ranks 87th.
