The value of the Terra blockchain’s most popular digital assets, UST and luna classic (LUNC), has increased a lot in recent days in comparison to the U.S. dollars. LUNC has risen 96.3% in the past seven days and UST has risen 472.4% this week.
Luna Classic and the Once Stable Coin UST both rise significantly against the US Dollar
In the world of digital currency, it is well-known that certain crypto assets don’t die. This is the case with two crypto assets, luna classic (LUNC), and terrausd(UST), which was once a stablecoin but is now sometimes called terraclassicusd or UTC.
LUNC was given the name luna classic, as Terra’s new token is now called LUNA. UST was once stable, and maintained the $1 parity between October 2020 and May 9, 2022. UST depegged the currency below a U.S. dollar and reached a low of $0.006 per unit in June 2022.
However, UST has risen 617.5% since the low of $0.006 per units. UST rose by 472.4% to $0.0926/unit on June 29. Despite the drop in UST’s value, it maintained a 24-hour trading range between $0.04217516 and $0.081822 on Thursday.
LUNC had already dropped in value when UST depegged May 9. However, LUNC traded for $82 per unit four days earlier. LUNC traded for $27 per unit the day UST depegged. It was trading at $61 per unit on that day.
LUNC dropped to $0.00000099996767 on May 13th, four days after the depegging incidents. Amazingly, LUNC has risen 96.3% in the past week and is now up 10,577% over its all-time low. LUNC currently has $545.87 million daily trade volume while UST has recorded $522.60 millions in the last 24 hours.
LUNC currently has a market value of $812,399.236. There are 6,907,072,876,045 LUNC. There are currently 10,254,324,366 UST in circulation, giving UST a market value of approximately $477.73 million.
UST holders still use the Anchor protocol, as 573 636 728 UST are locked in the system. The Terra Station wallet’s Anchor savings protocol promises an annual percentage yield of 16.26% (APY).
defillama.com statistics show that there are $9.23 millions in LUNC on the risk management platform Risk Harbor. The Terra Classic chain (LUNC), and luna classic (LUNC), still have a large community that monitors posts on social media.
Terra Classic has validators still active, and a governance proposition was recently introduced. This proposal would allow validators to receive a universal minimum of 10%. One validator, LUNC DAO , told his 29,000 followers on Twitter that the validator was against the minimum 10% commission rate.
As of this writing, 37.04% had voted for the proposal while 24.80% opposed it. The new LUNA 2.0 token is having a slow week compared with its digital counterparts.
LUNA 2.0 is up 7%, but Terra Phoenix’s new crypto asset is down 76.6% over the past month. LUNA 2.0 is the 124th most valuable crypto asset with a market capitalization of $273 million. The 87th spot is held by UST, a once-stable cryptocurrency with a market capitalization of $477.73M.