Terra Luna Classic community pool balance has hit a new all-time high of 5 billion LUNC, a milestone for the community as more funds remain available for developers and other contributors. However, the development activity decline is a big reason to worry, as per TVL and commits data of the chain.

LUNC Balance Rise in Terra Luna Classic Community Pool

Terra Luna Classic’s community pool has 5,005,468,596 LUNC and 11,803,526 USTC, as per current data by StakeBin. However, the community hasn’t been able to utilize the available funds to its capacity, risking capitulation and losing progress on revival efforts.

DefiLlama data indicates development activity is quite low as total commits fell from 760 in March 2023 to 371 in March 2024. The total number of commits this month is currently 79. The reason is likely to be a lack of KYC developers as the Terra Luna Classic community shifts to required KYC for developments on the chain. In addition, the pay-per-job (PPJ) proposal led to proposals rejected and terminated or developers failing to agree to development work on the chain.

Furthermore, the total value locked (TVL) on the chain has also dropped from $7.51 million in Dec 2023 to $2.27 million at the time of writing. The work on bringing back utility is ongoing by multiple groups, but seems to have failed to brings more developers and projects on the chain.

The contributions from projects such as Astroport Classic, Terraswap, Eris Protocol, Soluna, and others are low, falling 5-8% in the last 24 hours.

Meanwhile, the community has also turned down the proposal to make a dedicated team for the Terra Classic chain. Validators have opposed the proposal claiming centralization risks, conflicts with pay-per-job, and no mention of developer KYC requirements.

Read More: Terra Luna Classic (LUNC) Core Team Proposal Fails, Here’s Why

LUNC and USTC Price Plunge

LUNC price fell 7% in the last 24 hours, with the price currently trading at $0.0000990. The 24-hour high and low are $0.0000962 and $0.0001048, respectively. Moreover, trading volume further down 23% in the last 24 hours, indicating a decline in interest among traders.

Meanwhile, USTC price also trading 7% lower, with the price currently trading at $0.0167. The 24-hour low and high are $0.0163 and $0.0177, respectively. Traders are short on LUNC and USTC.

Also Read: Crypto Market Selloff — $330M Liquidated As Bitcoin Price Fell Under $62K, Here’s Why

The post Terra Luna Classic Community Pool Hits 5 Billion LUNC, Is It Good or Bad? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am