A Look At What Remains of Terra’s Defi and Token Ruins – Bitcoin News

After the fallout from the Terra blockchain and the massive event of terrestrial reservoir decoupling, the Terra network ecosystem is now a wasteland of nearly worthless tokens and protocols. While UST and LUNA were among the top ten competitors for cryptocurrency market cap, Terra’s decentralized finance presence was second only to Ethereum in terms of total locked value. Today, it appears that the remaining Terra token holders and Challenge Protocol operators are waiting for a miracle.

Terra’s token economy has lost 96% of its value

There has been an abundance of news about the Terra blockchain failing and how the team handled the Terrausd (UST) explosion. Many people know that the original LUNA for UST and Terra has lost a lot of value over the past two weeks. The 24-hour floor tanks are priced between $0.068 and $0.054 per unit, well below the $1 parity they were in before the crash.

LUNA is also down a lot as it traded at $72 per coin on May 7 and is now down 99.99849% at $0.00010853 per LUNA. But Terra also had a whole ecosystem of tokens such as ANC, MIR, ASTRO, MARS, and more.

Crypto's Barren Wasteland: A Look At What Remains of Terra's Defi and Token Ruins
The entire terra ecosystem has been wiped out into a wasteland. Most of the tokens have lost a significant amount of value, trade has dwindled, and the tough ecosystem associated with Terra has been wiped out.

The Anchor (ANC) governance token for the Defi protocol is down 96% in the past two weeks, and Astroport’s ASTRO token is down 98%. The Mirror Protocol’s MIR lost 80.4% while the Pylon Protocol’s MINE lost 96.9% in the last 14 days.

Likewise, Protocol Finance (MARS) has exercised 97.6% and Loop Finance LOOP token has fallen 98.3% in the past two weeks. On March 7, 2022, the stats show that the Terra token ecosystem was worth $44 billion, and today it is down 96.70% to $1.45 billion.

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Crypto's Barren Wasteland: A Look At What Remains of Terra's Defi and Token Ruins
The entire Terra coin ecosystem has lost 96.70% of the value of the US dollar in the last 75 days. The screenshot was taken on May 21, 2022.

From the second largest in the challenge to the 33rd – Terra’s Defi’s presence eliminated

Terra’s presence in the decentralized finance space was once so large that it held the second largest Total Lock Value (TVL) of all the existing blockchains. On April 5, 2022, Terra’s TVL value was $31.21 billion and today, it’s down to $118.81 million.

Each Terra defi protocol experienced 90-99% losses in terms of TVL per protocol. The apps are ghost towns and block explorers like finder.terra.money Show very low activity per Terra defi protocol.

Crypto's Barren Wasteland: A Look At What Remains of Terra's Defi and Token Ruins
Terra’s TVL dropped from $31.21 billion to $118.81 million today. The screenshot was taken on May 21, 2022.

The same can be said for applications such as Terra Name Service (TNS) and non-fungible tokens (NFT) markets such as Random Earth, Knowhere, Talis, Luart, Curio and One Planet. Whereas TNS domain name service was once $16 per name, it now costs $0.91 to register a name.

In terms of Terra-based NFT markets, some markets are still selling NFTs that were once very expensive, but now tokens are being sold at lower prices. Some NFT collectors have removed their listings and may be waiting for Terra to be reborn. Most Terra NFT markets are ghost towns by activity.

Hope for Tira’s rebirth

Revival is likely the hope for many members of the Terra community, as project founder Do Kwon and many other Terra supporters have put together a revival plan to revive Terra from the ashes. The plan is to fork the chain in a snapshot before the ground tank unlinking event and drop the new tokens to the ground tank holders and LUNA.

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Crypto's Barren Wasteland: A Look At What Remains of Terra's Defi and Token Ruins
The proposal to re-birth Terra was voted on May 21, 2022.

in this time Rebirth vote vote Four more days but the number of ‘yes’ votes crossed the threshold at 62%. 21.10% abstained, 0.42% voted “no”, and 16.48% voted “no with a veto”.

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airdropAnd African National Congress PartyAnd astroAnd cipherAnd CryptocurrencyAnd decentralized financeAnd DeFiAnd do kwonAnd forkAnd ghost townsAnd LunaAnd MarsAnd mirAnd NFT MarketsAnd Terra BlockchainAnd Terra . Challenge ProtocolAnd Terra SupportersAnd terraform laboratoriesAnd USTAnd wilderness

What do you think of the rest of the Terra blockchain ecosystem? Tell us what you think about it in the comments section below.

Jimmy Redman

Jamie Redman is the head of news at Bitcoin.com News and a technology financial journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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