Terra adds $2M towards the DeFi mission but LUNC holds back in…

4 Min Read
  • An independent Terra development group has now raised $ 3 million with its focus on building projects around DeFi.
  • The development sparked excitement around the LUNC community but investor perception of the token was discouraging.

Recent actions from the Terra community signaled that it was more concerned about Terra Classic [LUNC], and has put the collapse of LUNA fully behind it.

This conclusion was a result of the 16 January announcement by TerraCVita. 

Read Terra Classic’s [LUNC] Price Prediction 2023-24

A journey already started

The funds raised would be pushed towards the proposed Terraport. Terraport is a project proposed by the independent development arm to push for Terra’s involvement in DeFi and also build a LUNC Decentralized Exchange (DEX). 

In November 2022, the group had said that a dApp would launch to that effect. Additionally, TerraCVita, who now oversees the Terra Classic station, had raised $ 1 million earlier.

It was noteworthy to mention that two communities were actively involved in the project— TerraCVita and the Italian LUNC community. However, information from Smartk Stake Analytics showed that TerraCVita had a higher voting power than LUNC Community ITALIA.

Despite the development, LUNC had not been able to match up with the greens recorded by counterparts in the crypto market. At press time, the token slightly increased its 24-hour value by 1.32%.

On the bright side, the dedication shown by the community was reflected in its status on-chain. According to Santiment data, LUNC’s development activity was extremely high at 15.81.

LUNC price and development activity

Source: Santiment

The simplification of the above chart indicates that the Terra community was serious about its proposition and could ship out new features soon. 

Realistic or not, here’s LUNC’s market cap in BTC’s terms

Keen on the future but…

Comments from the funding announcement showed that a large number of the community were enthusiastic about the project, and looked forward to the Terraport whitepaper. Rexyz, while pointing out that Binance CEO, CZ, and erstwhile LUNA founder, Do Kwon would be proud of the feat, the vocal member of the Terra community said,

“Over $2m investment in a bear market after our crash, shows LUNC & TerraClassic are definitely open for business and there is confidence in us. Funding the LUNC & TERRA furnace is underway.”

However, the LUNC community has been ineffectual in passing its excitement across social networks. At press time, its positive sentiment was 14.095. Although it was higher than the negative which was 8.905. The position implied that there was no notable increased search for LUNC neither was there a significant ardent aura around the cryptocurrency.

LUNC postive and negative sentiment

Source: Santiment

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