Terra Classic is still seen as one of the most important DeFi hubs
Cosmos Daily, a cryptocurrency analytics data provider, has shared an update about the performance of the decentralized finance (DeFi) ecosystem of the Terra Classic network.
Despite the collapse of the Terra project in May 2022, the Terra Classic network is still seen as a hub of decentralized finance activities in recent times.
Terra Classic’s TVL
Last month, the Total Value Locked (TVL) on various protocols on the Terra Classic network was around $12.36 million. According to data shared by Cosmos Daily, the top five DeFi protocols on the network were Terraswap ($5.24 million), Astroport ($4.47 million), Anchor Protocol ($1.6 million), Spectrum Protocol ($1.33 million), and Pylon Protocol ($587,240).
Other DeFi protocols that contributed to Terra Classic TVL include Loop Finance, Aperture Finance, INK Protocol, etc. Following the amount of TVL on Terra Classic, the network ranked as the 60th-largest blockchain by Total Value Locked, Cosmos Daily noted.
🌔Terra Classic Ecosystem by Total Value Locked (TVL) Last Month 🚀
🌔Total TVL: $12.36M
🌔 #TerraClassic ranked 60th
— Cosmos Daily ⚛️ (@CosmosATOMDaily) October 15, 2022
Terra Classic Investors Still Optimistic
Although the volume is nothing compared to Terra’s TVL before the collapse, the development suggests that the community is gradually reinstating their trust in the network.
The Terra community has been making significant efforts toward reviving Terra classic tokens, especially Luna Classic (LUNC). A 1.2% tax burn has already been implemented to reduce the token’s total supply.
However, Terra Rebels, a decentralized organization focused on revitalizing the Terra Classic ecosystem, is not prepared to rely only on the 1.2% tax burn. The team proposed an “effective way” it plans to adopt to accelerate LUNC burns.
However, prominent Terra whistleblower FatMan slammed Terra Rebels, describing the proposal as wrong and authoritative. Terra Rebels quickly responded to FatMan’s criticism as reported by TheCryptoBasic.