Terra Classic Foundation, a non-profit organization developing the Terra Classic protocol, has announced a surge in on-chain transactions to over 589,000 trades recorded in a day. Notably, this is the highest metric the project has seen in the past month.
Nearly 600k Trades in One Day
The latest metric shows that the uptrend in the global crypto market has rubbed off on the Terra Classic protocol. The Foundation got the data from StakeBin, an analytics platform for the Terra ecosystem.
Source: StakeBin
As shown in the chart above, the increased engagement in the network occurred on November 22nd.
The surge came two days after an upgrade was introduced to the Terra LUNA Classic community, the ecosystem comprised of one of Terra Classic’s native cryptocurrencies (LUNC). The upgrade came with the “Dynamic Minimum Commission,” a proposal aimed at improving the network’s decentralization and security.
On November 21st, the Foundation revealed that LUNC’s monthly volume on crypto exchange Binance surpassed one trillion, becoming higher than last month’s data, which was approximately 900 billion. These factors likely contributed to Terra Classic’s recent uptrend.
A Resurgence in Terra?
The Terra blockchain used to be a reputable network among the leading blockchains in the industry. It was known for its algorithmic dollar-pegged stablecoin UST and its sister cryptocurrency, LUNA. However, the network crashed in May 2022 following a massive depeg from its intended $1 mark for UST. It triggered a chain of events that swamped the global crypto market with bearish trends.
To revive the blockchain, developers forked the Terra blockchain to create Terra 2.0. The existing Terra network was then rebranded into Terra Classic. Aimed at rebuilding the Terra Classic ecosystem, the Terra Classic Foundation was formed months ago and registered in Estonia.
“We are looking for ways to help Terra Classic protocol become more sustainable by working towards common community goals in areas of demand, supply, volume, development and security,” the Foundation explained.
Terra Classic now has two primary cryptocurrencies, Terra Classic USD (USTC) and Terra Classic LUNA (LUNC). According to data from CoinStats, their current prices are $0.013 and $0.00007, respectively.
The latest increase in engagement with the protocol may imply that the ecosystem is likely seeing a resurgence in user engagement.
