The cryptocurrency market has been grappling with regulatory uncertainty, leading to lawsuits against major crypto businesses.
However, amidst this challenging backdrop, Terra Classic (LUNC), the original chain of the collapsed Terra (LUNA) ecosystem, has achieved a significant milestone.
Finbold reports that, according to a recent announcement by LunaClassic HQ's Twitter profile, the Terra Classic network has officially reached a milestone of 1 trillion staked LUNC tokens, equivalent to almost $90 million.
The staking ratio stands at an impressive 14.6%, as indicated by the chart of the staked supply and ratio of the LUNC cryptocurrency shared on June 10.
This achievement not only marks a historic development for the Terra community but also demonstrates the growing interest from the crypto public.
Despite the network's turbulent past, users are staking their LUNC tokens on the blockchain to earn rewards. This suggests a renewed confidence in the Terra Classic ecosystem.
The increasing interest in Terra Classic, combined with the reduction in circulating supply to 5.8 trillion tokens out of the total supply of 6.84 trillion, indicates positive movements within the network.
Furthermore, other developments such as the v2.1.0 parity upgrade, TerraClassicUSD (USTC) repeg, the introduction of the AI app chain "Block Entropy," and the relaunch of Terraport, all contribute to a more favorable outlook for LUNC's price.
However, as of June 12, Terra Classic is currently being traded at $0.00008733, marking a decline of 3.44% for the day. It has also experienced a loss of 10.25% over the past week and a drop of 5.02% on its monthly chart.
These figures indicate that the token's price has been affected by the current market conditions and regulatory uncertainties surrounding the cryptocurrency industry.
Despite these short-term challenges, the milestone of 1 trillion staked LUNC tokens showcases the resilience and growing interest in Terra Classic.
As regulatory frameworks become clearer and the market stabilizes, there is hope that the price of LUNC will move in a more positive direction. Investors and enthusiasts will be closely monitoring the developments within the Terra Classic ecosystem to gauge its future trajectory. [pc]
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