The Terra (LUNA) community has been busy in the past month with various developments and achievements in the cryptocurrency ecosystem. Here are some of the highlights:
The community has voted to burn 800 million USTC, the classic version of Terra’s stablecoin, which was created before the Columbus-5 upgrade. The burning will reduce the supply of USTC and increase the demand for UST, the new version of the stablecoin that is compatible with IBC and other Cosmos chains.
Terraform Labs, the company behind Terra, has released its latest community report, which showcases the progress and innovation of the Terra ecosystem. The report covers topics such as IBC Connect, Station Wallet, JAX, Cosmos Terminal, Cosmoverse 2023, Proposition 4765, and more.
Another exciting feature in the report is Cosmos Terminal, a web-based interface that allows users to interact with various Cosmos applications. Cosmos Terminal can now be used to trade fungible and non-fungible tokens (NFT) on Terra, as well as other chains connected via IBC.
TERRA’s LUNC and USTC Prices Reacted Positively
The cryptocurrency market is witnessing a recovery phase, with LUNC and USTC prices bouncing back from the recent market-wide sell-off. The burn of 800 million USTC tokens is a significant event that is expected to aid in the re-pegging of USTC and the revival of LUNC.
In the last 24 hours, LUNC’s price has seen a 1% increase, currently trading at $0.000056. Despite this increase, the price remains below the support level, with a 24-hour low and high recorded at $0.0000556 and $0.0000574 respectively.
On the other hand, USTC’s price has remained relatively stable in the past 24 hours, trading at $0.011. The 24-hour low and high for USTC are $0.0109 and $0.0111 respectively.