Despite the market-wide havoc, which has seen the top two crypto-assets collapse to new lows, BTC is down 10%, trading at $16,665, and ETH is also down 9%, trading below $1200, but the former Do Kwon project has held up where its peers have failed, rising by 7% over the last 24 hours, per data on Coinmarketcap.
After Binance declared it would not be filling the hole in FTX’s balance sheet by acquiring the troubled exchange, citing “mishandled customer funds” and “alleged US agency investigation,” fear spread across the markets. The impacts of the FTX fiasco are still being felt.
Some spectators contend that Terra’s performance in the face of fear is evidence of the chain’s advancements in incorporating utility and its burn mechanism.
However, community members on Twitter stated that Terra’s Classic’s ability to print daily green candles has been because it is the most decentralised project in the face of continuous regulatory scrutiny of big centralised exchanges.
The first Dapp, which the community added, and FCF Pay, a cryptocurrency payment gateway, which added support for Terra Classic (LUNC) to allow people to use the token as a payment method, are just two examples of the utilities added by the community to encourage adoption, as fxcryptonews previously reported. Due to the fact that the transactions will be performed on-chain, the 0.2% tax burn will also be applied to all LUNC payments, adding to the program’s ongoing burn.
Notably, it was reported that the lottery Dapp transferred more than 10.5 million LUNC to the burn wallet in its first week of operation. The programme has been designed to encourage burn support among users while balancing functionality and burn mechanism.
Terra Rebels anticipates that the Terra Classic V23 upgrade will launch in December.
A quick scan of the #LUNC hashtag reveals that the community has been focused on reducing supply and promoting adoption despite a decline in investors’ risk appetite.