terra luna Classic Community Pool Reached 5 Billion LUNC, Is It a Big Cause for Concern?
Terra Luna Classic community pool balance reached an all-time high of 5 billion LUNC; This is a turning point for the community as more funds become available for developers and other contributors. But the decline in development activity is a big cause for concern, according to TVL and the chain’s underwriting data.
LUNC Balance Surge in Terra Luna Classic Community Pool
Terra Luna Classic’s community pool has 5,005,468,596 LUNC and 11,803,526 USTC, according to current data from StakeBin. However, the community was unable to use available funds to its capacity, risking capitulation and losing progress in revitalization efforts.
DefiLlama data shows that development activity is quite low, with total commitments falling from 760 in March 2023 to 371 in March 2024. The total number of commits this month is currently 79. This is probably due to the lack of KYC developers like Terra Luna Classic. The community is moving to KYC required for on-chain developments. In addition, pay-per-work (PPJ) bidding has led to bids being rejected and terminated, or developers being unable to agree to on-chain business development.
Moreover, the total value locked on chain (TVL) has also dropped from $7.51 million in December 2023 to $2.27 million at the time of writing. Efforts to bring the utility back are ongoing by multiple groups but appear to have failed to bring more developers and projects onto the chain.
Contributions from Astroport Classic, Terraswap, Eris Protocol, Soluna and other projects have dropped by 5-8% in the last 24 hours.
Meanwhile, the community also rejected the offer to form a special team for the Terra Classic chain. Validators opposed the proposal, claiming centralization risks, conflicts with pay-for-work, and no mention of developer KYC requirements.
Read More: Terra Luna Classic (LUNC) Core Team Bid Failed, Here’s Why
Decline in LUNC and USTC Prices
LUNC price is down 7% in the last 24 hours and the price is currently trading at $0.0000990. The 24-hour high and low are $0.0000962 and $0.0001048 respectively. Additionally, the 23% decrease in trading volume in the last 24 hours shows that investors’ interest has decreased.
Meanwhile, USTC price is also trading 7% lower and the price is currently trading at $0.0167. The 24-hour low and high are $0.0163 and $0.0177 respectively. Investors are short on LUNC and USTC.
Also Read: Crypto Market Sell-Off — $330 Million Was Liquidated As Bitcoin Price Dropped Below $62K, Here’s Why
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