Following the fallout from the Terra blockchain and the big UST de-anchor event, the Terra network ecosystem is now a wasteland of nearly worthless tokens and protocols. While UST and LUNA were the top ten contenders for crypto market capitalization, Terra’s decentralized finance (defi) presence was second only to Ethereum in terms of total value locked. Today, fellow Terra-based token holders and defi protocol operators seem to be waiting for a miracle.
Terra’s token economy has lost 96% of its value
There has been an abundance of news regarding the Terra blockchain fiasco and how the team handled the terrausd (UST) implosion. Many people know that LUNA, the native token of UST and Terra, has lost considerable value over the past two weeks. UST had a 24-hour price range of between $0.068 and $0.054 per unit, which is well below the $1 parity it held before the fallout.
LUNA has also fallen significantly as it traded at $72 a coin on May 7 and is now down 99.999849% at $0.00010853 the LUNA. But Terra also had a whole ecosystem of tokens like ANC, MIR, ASTRO, MARS, etc.
Anchor (ANC), the defi protocol’s governance token is down 96% in the past two weeks, and Astroport’s ASTRO token is down 98%. Mirror Protocol’s MIR lost 80.4% while Pylon Protocol’s MINE lost 96.9% in the last 14 days.
Similarly, Mars Protocol (MARS) lost 97.6% and the Loop Finance token LOOP is down 98.3% over the past two weeks. Statistics show that on March 7, 2022, the Terra token ecosystem was worth $44 billion and today it is down 96.70% to $1.45 billion.
From Defi’s 2nd largest to 33rd – Terra’s Defi presence eradicated
Terra’s presence in decentralized finance was once huge as it held the second largest total value locked (TVL) of any blockchain in existence. On April 5, 2022, Terra’s TVL in challenge was $31.21 billion and today it has dropped to $118.81 million.
Each Terra defi protocol suffered losses of 90-99% in terms of TVL per protocol. Apps are ghost towns and block explorers like finder.terra.money show extremely low activity for every Terra defi protocol.
The same goes for apps like Terra Name Service (TNS) and non-fungible token (NFT) marketplaces like Random Earth, Knowhere, Talis, Luart, Curio, and One Planet. While name service domains on TNS once cost $16 per name, they now cost $0.91 to register a name.
As for the NFT marketplaces built on Terra, some marketplaces still sell NFTs that used to be quite expensive, but now the tokens are selling at low prices. Some NFT collectors have deleted their listings and may be waiting for a Terra revival. Most Terra NFT marketplaces are ghost towns in terms of activity.
Hope for Terra’s Rebirth
A revival is likely the hope of many in the Terra community, as project founder Do Kwon and many other Terra supporters have laid out a revival plan to raise Terra from its ashes. The plan is to fork the chain at a snapshot before the UST unpeg event and deposit new tokens to UST and LUNA holders.
Currently, the vote on the revival proposal has four days left, but the number of “yes” votes has passed the 62% threshold. 21.10% abstained from voting, 0.42% voted “no” and 16.48% voted “no with veto”.
What do you think of what’s left of Terra’s blockchain ecosystem? Let us know what you think about this topic in the comments section below.
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