Terra Classic (LUNC) is doing well against the market.
Despite market-wide carnage, which has seen the top two crypto-assets tumble to new lows, BTC is down 10%, trading at $16,665 while ETH is also down 9%, trading below $1200, but the former brainchild of Do Kwon has held up where its peers have faltered, rising by 7% over the last 24 hours, according to data on Coinmarketcap.
The FTX debacle’s effects are still felt after Binance announced it would not be plugging the hole in FTX’s balance sheet by acquiring the distressed exchange citing “mishandled customer funds” and “alleged US agency investigation,” sending panic through the markets.
Some speculators assert that Terra’s performance in the face of panic is a testament to the progress the chain has made in adding utility and its burn mechanism.
On the other hand, according to community members on Twitter, In a sea of red, Terra’s Classic ability to print daily green candles has been because it is the most decentralized project in the face of ongoing regulatory scrutiny of large, centralized exchanges.
As was earlier reported by The Cryptobasic, some of the utilities added by the community to drive adoption have been its first Dapp and FCF Pay, a cryptocurrency payment gateway, adding support for Terra Classic (LUNC) to enable people to use the token as a payment method. As the transactions will be done on-chain, the 0.2% tax burn will also apply to all LUNC payments, thus contributing to the ongoing burn program.
Notably, the lottery Dapp in its first week, as shared by The Cryptobasic, sent over 10.5 million LUNC to the burn wallet. The initiative has been geared towards rewarding users for supporting the burn initiative, balancing utility and burn mechanism.
According to Terra Rebels, the terra classic v23 upgrade is scheduled to launch in December.
Despite a downturn in investors’ risk appetite, the community has been focused on eliminating supply and encouraging adoption, as indicated by a simple search of the LUNC hashtag.