It has been 5 months since the Terra ecosystem collapsed as tens of billions of dollars in value disappeared from the crypto economy in just a few days after May 7. Terra’s new Phoenix blockchain has managed to launch revived the ecosystem to some extent and since the end of June the Total Value of Terra Locked (TVL) in decentralized finance (defi) has increased from $350,174 to $41.55 million nowadays.
A Look Back at Terra’s Blockchain Ecosystem Over the Last 5 Months Since Collapse
The collapse of the Terra ecosystem is a dark day for the crypto community as Terra’s stablecoin terrausd (UST), now known as classic UST (USTC), depends on the equivalent of $1. of the token. Prior to the crash, Terra’s luna, now known as luna classic (LUNC) was a top 10 crypto asset by market capitalization, and Terra’s stablecoin also held the top 10 spot. Before the crash, luna held seventh place in terms of crypto market cap and on April 28 the native crypto asset Terra was traded for $88 per cent.
Exactly one day before Terra’s stablecoin came out, USTC entered the top 10 crypto asset positions by market capitalization. Furthermore, in terms of TVL in defi, Terra has the second largest TVL under Ethereum (ETH) with about 29.29 billion USD held on April 29, 2022. Today is a completely different story and the Terra ecosystem is the shell of what it used to be five months ago.
For example, LUNC is trading for less than one US cent at $0.00025948 per unit, far below the $88 per coin recorded on April 28 and much lower than the $88 per coin recorded on April 28. with the coin’s all-time high of $119 per unit recorded two weeks earlier. Regarding the native asset of the new Terra Phoenix blockchain now using the name luna (LUNA), it is down 86.2% from the all-time high of $18.87 recorded five months ago. However, the TVL defi of the Terra Phoenix chain has seen growth over the past five months as it has grown 12,151% since the end of June.
At the time, TVL was $350,174 and since then it has grown to $41.55 million. While the classic Terra chain held $29.29 billion last April, today it stands at just under $10 million at approximately $9,493,635. While Astroport and Terraswap have about $3.5 million, the defi lending protocol Anchor has about $1.6 million.
On the Phoenix chain, in terms of TVL held in defi, decentralized exchange (dex) Astroport holds around $27.55 million, followed by Risk Harbor’s $14.76 million. Stader, Spectrum Protocol, and Eris Protocol trail Astroport and Risk Harbor respectively in terms of TVL statistics. Furthermore, while the Terra Bridge once held $1.4 billion in the first week of April, today the Terra Bridge is worth around $132 million.
Regarding the non-fungible token sales, the sales data of the new Terra chain is not recorded nor the NFT sales of the classic chain before the collapse. Despite the extremely low sales numbers, the Terra Phoenix chain is supported by over half a dozen NFT marketplaces. In terms of the total value between the two native coins LUNC and LUNA, Terra’s blockchain assets between the classic chain and the Phoenix chain are approximately $2.18 billion as of October 16, 2022, at 3:00 p.m. ET. .
Terraclassicusd (USTC) is trading for over a US cent today, at $0.03 per unit as of October 16, 2022, with a market valuation of approximately $378.49 million. Statistics show that at least as of today, the crypto market values USTC, LUNA, and LUNC at around $2.558 billion, and all three of these crypto assets are incorporated into the TVL held. keep on both strings.
While $2,558 billion is a lot for a collapsed blockchain ecosystem, it is still a shell of the $49.26 billion value that LUNC and USTC were worth before the blockchain collapsed today. May 7, 2022. In fact, the USD value of LUNA, LUNC and USTC today is 94.82% lower than the US dollar value of LUNC and USTC before Terra’s market crash.
What do you think of the current state of the Terra blockchain ecosystem 5 months after the stablecoin dependency crash and the collapse of the classic ecosystem? Let us know your thoughts on this topic in the comments section below.
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