TerraUSD Classic (USTC) and Terra Luna Classic (LUNC) prices soared amid positive developments for the Classic Terra (Terra) grid. The surges and many transactions on the network suggested that the Terra Classic ecosystem was coming back to life after its collapse in 2021.
On November 27, the USTC/USDT exchange rate rose 176% in 24 hours to $0.037 and, at the time of writing, had risen to $0.058. Terra Luna Classic rose almost 30% to $0.0000968 between November 26 and 27, and in the last 24 hours alone, it is up 27%.
Terra and LUNC revived?
These positive signs appear to be the result of a community effort to restore the Terra Classic ecosystem to its former glory. BeInCrypto has seen other indicators that bode well for the functioning of the network.
Read more: What is Terra (LUNA)?
LUNC/USD price action over the last seven days. Source: BeInCrypto
Data from the TerraClassic Foundation reveals that the number of Terra transactions hit a record high last week. On November 22, users initiated around 589,000 transactions on the network, almost double the average daily transactions of 300,000 the previous month.
At the same time, the number of tokens staked on the Terra Classic network has also increased. The proportion of LUNC tokens staked had increased to 15% of the total supply on November 24.
LUNC bet ratio. Source: LUNC Engagement Metrics
A higher number of staked tokens and higher usage point to positive user sentiment. They suggest a resurgence of interest in the Terra Classic ecosystem.
Read More: Effective Crypto Community Management – A Complete Guide
Terra still far from the peak
However, it’s worth noting that these numbers are still far from the heights they reached at the top of Terra. Furthermore, any increase must be sustained for a significant period for Terra to regain its position in a crowded crypto ecosystem. Since then, the percentage of staked tokens has fallen back to its low of less than 15%, as seen in mid-November.
In 2021, Terra was one of the most used blockchains due to the popularity of the TerraUSD stablecoin and its sister token LUNA. But Do Kwon’s capture, his run-ins with authorities, and the collapse of Terra’s multibillion-dollar ecosystem created two chains, Terra Classic and Terra 2.0.
