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Digital currencies terrausd (UST) and luna Classic (LUNC) have recently surged against the U.S. dollar following the collapse of two of the most popular crypto assets on the Terra blockchain. Over the past seven days, LUNC is up 96.3%, and the once-stable coin UST is up 472.4% this week.
As we all know in the digital currency world, some crypto assets will never die. This seems to be the case for two notorious cryptoassets, luna classic (LUNC) and terrausd (UST), a former stablecoin sometimes referred to as terraclassicusd (USTC).
LUNC is named luna classic because Terra’s new token is now called LUNA. From October 2020 to May 9, 2022, UST was stable and maintained a parity of $1. When UST decoupled, it fell below 1 cent and hit a low of $0.006 per unit on June 18, 2022.
However, since the low of $0.006 per unit, UST has gained 617.5% from that range. UST gained 472.4% for the week to $0.0926 per unit on June 29. Although UST fell in value after rising, it remained within a 24-hour trading range between $0.04217516 and $0.081822 on Thursday, June 30.
LUNC had fallen in value when UST delinked on May 9, but four days earlier, LUNC had changed hands at $82 per unit. The day UST was delinked, LUNC changed hands at a high of $61 per unit, but by the next day it was trading at $27 per LUNC.
Since then, LUNC has fallen to an all-time low of $0.000000999967 four days after the May 13 decoupling event. Miraculously, LUNC is not only up 96.3% this week, but up 10,577% from its all-time low. At the time of writing, LUNC’s daily trading volume is $545.87 million, while UST has recorded $522.6 million in the past 24 hours.
The market valuation of LUNC is approximately $812,399,236 and the amount of LUNC in circulation today is $6,907,072,876,045. There are currently $10,254,324,366 of UST in circulation, giving UST a market valuation of approximately $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 Terra Station Wallet promises 16.26% Annual Yield (APY).
Additionally, statistics from defillama.com indicate that the decentralized finance (defi) risk management market Risk Harbor holds $9.23 million in LUNC. Terra Classic chain and luna classic (LUNC) still have fairly active communities by looking at social media posts.
Terra Classic still has active validators and just recently introduced a governance proposal that would give validators a general minimum commission of 10%.A specific validator called LUNC DAO Tell Its 29,000 Twitter followers believe validators have violated the 10% minimum commission rate.
At the time of writing, 37.04% voted for the proposal and 24.80% opposed the idea. Meanwhile, the new LUNA 2.0 token has had a lackluster week compared to its digital siblings.
LUNA 2.0 is up 7% this week, but the new crypto asset originating from the Terra Phoenix blockchain is down 76.6% over the past month. Out of the 13,000+ crypto assets in existence today, LUNA 2.0 ranks 124th with a market cap of $273 million. On the other hand, the market cap of the once-stable token UST ($477.73 million) took the 87th spot.
What do you think of the recent rise in value of UST and LUNC over the past 7 days? Let us know what you think about this topic in the comments section below.
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