©Reuters. Terra (LUNA): Project review, current developments, future events, community
- The newly launched 2.0 chain will undergo a major rebranding and development to reclaim its lost position.
- Terra launched Terra Docs, the official documentation for the project, and rebranded its website.
- SOLID, an over-collateralized and fully decentralized soft-bound stablecoin, was also launched on the Terra 2.0 chain.
- Growing interest in Terra 2.0 has helped LUNA tokens stage a recovery, hitting a new high of $7.06.
Terra is an open-source decentralized blockchain that hosts a vibrant ecosystem of decentralized applications (dApps) and offers cutting-edge developer tools. Since its famous implosion, Terra has been relaunched, inheriting the original Terra Classic chain.
Terra 2.0 (LUNA) and Terra Classic (LUNC) are now two separate chains that work independently. Terra 2.0 is powered by Terraform Labs, while Terra Classic is powered by the community, which took over governance of the chain after the fork.
The native token Terra (LUNA) was the network’s staking and governance asset. How has Terra evolved since its implosion in May?
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In an attempt to reclaim the position it once held, Terra has become one of the most actively developing projects. Over the last week, Terra passed a proposal to conduct its second airdrop of over 19 million LUNA tokens by October 14th.
Terra also launched Terra Docs, the official documentation for the project, and rebranded its website. The Terra Docs were created using Code Hike, a breakthrough visualization technology that displays Terra’s underlying code.
There are also basic developer tutorials in Terra Docs that teach people how to build on top of the blockchain. Developers can now easily learn how to set up a terrain, mint Non-Fungible Tokens (NFTs), and build a CW20 token factory using the docs.
Random Earth Version 2, an NFT marketplace for the Terra ecosystem, also launched on September 14th. The launch gives TFM NFT, the first decentralized exchange aggregator on Terra 2.0, more data to work with.
In line with NFTs, Terra recently launched Terrarity to provide users with a complete and detailed analysis of marketplaces and NFT collections. Terrarity allows users to check the rarity values of NFTs in their portfolio, on offer, or in a collection.
Launched without a decentralized stablecoin like its original chain, Terra has now received a new stablecoin, $SOLID. Developed by Capapault, SOLID is an over-collateralised and fully decentralized soft-pegged stablecoin on Terra.
September was one of the best months for Terra (LUNA) since its hard fork. LUNA opened the month at $1.8 and hit a high of $7.06.
The month-date price chart for Terra (LUNA). Source: CoinMarketCap
Despite the recent CPI report and Do Kwon’s arrest warrant forcing a major sell-off, LUNA is still trading better than at the start of the month. LUNA is now trading at $2.87 and is up 4.9% in the last 24 hours.
The 24-hour Terra (LUNA) price chart. Source: CoinMarketCap
There are also several Terra ecosystem projects in development. Terra users could get a new derivatives protocol that introduces new asset classes in decentralized finance (DeFi).
The Zodiac protocol was recently unveiled as a project that would allow LUNA holders to split their Liquidity Provider tokens (LUNAX) into principal and revenue components. The Zodiac protocol will work in a similar way to the Prism protocol in the original Terra chain.
On the flip side
- The weight of the May implosion still hangs over Terra with South Korean authorities issuance of an arrest warrant for Terra’s founder Do Kwon.
- Just hours after the announcement, South Korea’s foreign ministry announced plans to revoke Kwon’s passport.
Since the implosion, the Terra community has been split in two. Terra 2.0 community members refer to themselves as Lunatics, after the ticker of the ecosystem’s token.
Crazy people continue to believe in the project. One user, @lunatic317, wrote about Terra 2.0;
3 rules: Never fade Do Kwon @stablekwon Never fade TFL @terra_money Never fade #LUNATICS $LUNA
— MB (@lunatic317) September 9, 2022
In response to recent developments in the Terra 2.0 chain, @Kolomogrov2 wrote on Twitter (NYSE:);
Another hit at TERRA 2$LUNA 2.0 RULES! #LUNC $LUNA 2.0 https://t.co/EPBSxzdeJi
– @Analyst (@Kolomogrov2) September 16, 2022
In response to LUNA’s recent rally, popular Web 3 developer Control2XY wrote:
It’s just the beginning of Terra #LUNA pic.twitter.com/FSW99XfOHm