The prices of USTC and LUNC on the Terra Classic network have suddenly recorded significant increases amid positive developments in the network.
Are USTC and LUNC experiencing a revival?
At the time of composing this article, the USTC/USDT exchange rate is currently trading at 0.037, marking a remarkable 176% increase in the past 24 hours. Similarly, the price of Terra Luna Classic (LUNC) has also surged by nearly 30%, currently sitting at 0.0000968 USD. One of the main reasons attributed to the sudden growth of this notorious pair is believed to be the initial outcomes of community-driven efforts to restore the Terra Classic ecosystem to its golden days in 2021.
Specifically, some figures indicate positive signs for USTC and LUNC regarding network activity.
Firstly, according to data shared by the Terra Classic Foundation, the network has achieved new highs in transaction volume in recent days. Most notably, on November 22nd, the Terra Classic network reached a record-breaking 589,000 transactions. This figure represents a significant increase compared to the monthly average of 300,000 transactions recorded in the past month.
Secondly, the betting ratio on the Terra Classic network is showing an upward trend. The betting ratio of Terra Classic has rebounded by over 15% following a brief decline in mid-November.
Thus, the increase in betting ratio and network usage on Terra Classic somewhat indicates the positive sentiment of users towards the project. This has set the ecosystem on a path to recovery.
However, it’s important to note that it still has a considerable way to go before reaching the glory it once established in previous phases. Clearly, such growth needs to be sustained over a significant period for Terra Classic to have a chance at reclaiming its position in the highly competitive blockchain ecosystem.
During the peak of 2021, Terra was among the most widely used blockchains, thanks to the introduction of the LUNA token and the TerraUSD (UST) stablecoin pair. However, the collapse of the billion-dollar empire and the legal entanglements of Do Kwon led to the emergence of two separate chains, Terra 2.0 and Terra Classic.