After the Terra blockchain crash and the great UST-de-pegging event, the Terra network’s ecosystem is now a wasteland of almost worthless tokens and protocols. While both UST and LUNA were in the top ten competitors for crypto market values, Terra’s decentralized finance (defi) presence was second only to Ethereum in terms of total value locked. Today, it seems that the remaining Terra-based token holders and defi-protocol operators are waiting for a miracle.
Terra̵[ads1]7;s token economy has lost 96% of its value
There has been an abundance of news surrounding the Terra blockchain failure and how the team handled the terrausd (UST) implosion. Many people know that UST and Terra’s original token LUNA has lost significant value in the last two weeks. UST has had a 24-hour price range between $ 0.068 to $ 0.054 per unit, which is much less than the $ 1 parity it had before the fall.
LUNA is also down a good deal as it traded at $ 72 per coin on May 7, and is now down 99.999849% to $ 0.00010853 per LUNA. But Terra also had a whole ecosystem of tokens like ANC, MIR, ASTRO, MARS and more.
The Anchor (ANC) governance token for the defi protocol has been down 96% in the last two weeks, and Astroport’s ASTRO token is down 98%. Mirror Protocols MIR lost 80.4% while Pylon Protocols MINE has dropped 96.9% in the last 14 days.
Similarly, the Mars Protocol (MARS) has lost 97.6% and the Loop Finance token LOOP is down 98.3% in the last two weeks. Statistics show on March 7, 2022 that the Terra ecosystem of tokens was worth $ 44 billion and today it is down 96.70% to $ 1.45 billion.
From the 2nd largest in Defi to the 33rd – Terra’s Defi presence has been eradicated
Terra’s presence in decentralized finance was once very large, as it kept the second largest total value locked (TVL) of all existing blockchains. On April 5, 2022, Terras TVL was defi $ 31.21 billion, and today it is down to $ 118.81 million.
Each Terra defi protocol has suffered 90-99% loss in the form of TVL per protocol. The applications are ghost towns and block explorers that finder.terra.money shows extremely low activity for each Terra defi protocol.
The same can be said for applications like Terra Name Service (TNS) and non-fungible token (NFT) marketplaces like Random Earth, Knowhere, Talis, Luart, Curio and One Planet. While name service domains on TNS were once $ 16 per name, they now cost $ 0.91 to register a name.
When it comes to NFT marketplaces built on Terra, some markets still sell NFTs that were once quite expensive, but now tokens are sold at the lowest prices. Some NFT collectors have removed their entries and are possibly waiting for a Terra rebirth. Most Terra NFT marketplaces are ghost towns when it comes to activity.
The hope of Terra’s rebirth
A revival is probably the hope for many Terra community members, as the project’s founder Do Kwon and many other Terra supporters have put forward a revival plan to revive Terra from the ashes. The plan is to split the chain into a snapshot before the UST-de-pegging event and release new tokens for UST and LUNA holders.
At the moment, the rebirth proposal has four more days, but the number of “yes” votes has passed the threshold of 62%. 21.10% abstained, 0.42% voted “no” and 16.48% voted “no”.
What do you think about what is left of the Terra blockchain ecosystem? Tell us what you think about this topic in the comments section below.
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