The value of Terra Classic (LUNC) has been decreasing consistently since the collapse of its network in 2022. This decline is evident in both its price and Total Value Locked (TVL). Despite the efforts of its community members to revive it, the current data shows a low chance of successful recovery.
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Terra Classic's Revival Chances Diminish, Here's Why. Terra Classic TVL Falls To All-Time Low
In 2022, Terra experienced a crash which resulted in a significant loss of TVL as investors withdrew their funds and developers moved their decentralized applications and protocols to other networks. Although the network showed signs of stability over time, it has once again fallen behind its competitors. Terra Classic's Revival Chances Diminish, Here's Why.
According to data from DeFiLlama, as of Thursday, the total Terra Classic (LUNC) TVL is currently at $2.11 million, which is the lowest it has ever been. This is a significant drop from the network's all-time high TVL of over $20 billion before its collapse.
Terra's total value locked (TVL) is primarily concentrated in two DeFi protocols, namely Terraswap and Astroport Classic, with $1.07 million and $933,527 in TVL, respectively. The TVL of Terra reached its highest point of $12 million in April 2023, but has since declined by more than 83%.
Moreover, DeFiLlama reports that there have been no decentralized exchange (DEX) volumes on the network in the past week, indicating that trading activity has come to a halt.
The Road To Recovery For LUNC
The Terra community has been making consistent efforts to help the network recover over the past year. However, the decline in the cryptocurrency's value due to the crash has been severe and it seems difficult to recover from. The network's activities have also reduced significantly, which has further reduced the chances of recovery. The biggest hindrance to its recovery is the fact that LUNC's supply has increased to over 6 trillion coins. This makes it almost impossible for the token to reach the $1 mark unless there is a significant reduction in its supply. Currently, LUNC's price is struggling at $0.00007746, and its market cap is $450 million, making it the 80th-largest cryptocurrency by market cap.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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