Terra Weekly Recap| May 16th – 22nd, 2022
This Terra Weekly Recap is solely for informational purposes and does not constitute investment advice. Terra’s new chain launch proposal is still in the voting process, and we will have the results on the 25th. Many projects support the fork chain, and many projects do not. Ecosystems take advantage of this opportunity to call Terra developers to work for them.
There are a total of 4,270,000 addresses in the Terra ecosystem this week. The number of newly-created addresses was 130,000, an approximately 30% increase from the number of addresses created in the previous week.
During week 19, there were about 114k active addresses per day. However, there are 53k active addresses per day this week, down approximately 53.1% compared to week 19. The main reason is that users have almost left the ecosystem and may be waiting for the proposed fork chain to be passed.
Total Value Locked
Terra’s total value locked continues to decrease. TVL dropped from $492.23 million to $121.46 million, down about 75.4% in just one week. This can come from projects and users starting to unlock in preparation for Terra’s new chain.
Terra Ecosystem Revival Plan 2
May 17, 2022. Do Kwon released a revised proposal for the new fork chain. Despite the advice from CZ that the fork chain is worthless, Terra decided to create a new chain. The new chain will be Terra (administration token is $LUNA) without algorithmic stablecoin; the old chain is Terra Classic (admin token is $LUNC). This change in the Proposal is mainly about the allocation of 1 billion USD of new LUNA.
- 25% for Community Pool
- 20% for Post-attack UST holders
- 35% for Pre-attack LUNA holders
- 10% for Pre-attack aUST holders
- 10% for Post-attack LUNA holders
This proposal was officially voted on May 18 but received mixed opinions about LUNA allocation.
Based on the information Validators voted, it can be seen that many “big hands” have not yet made a decision. On May 20, Orion Money, Hashed, and SmartStake are the names in the top 5 with the highest Voting Power yet to vote. But on May 21, Orion Money and SmartStake voted blank, meaning they did not oppose but disagreed. Hashed has not yet decided.
From that, it can be seen that the people with the highest voting power either disagree or have no opinion, and no one has an opinion.
Although the current results show that 62% of the votes are in favor. But time is still long, and there are nearly 80 Validators undecided. So it’s still not certain that the Terra 2.0 proposal will be passed.
Many projects support Terra.
When its core product, UST, fails, affecting the entire ecosystem. But many projects are not to blame; on the contrary, they volunteered to stay and rebuild Terra from scratch.
Many ecosystems launch incentives to attract developers of Terra
Knowing Terra is in a difficult situation, many ecosystems like Tron, BNB Chain, or Fantom began to offer incentives packages to support Terra’s devs, expecting that they would come to their side to build.
Other Ecosystems do so with two main purposes:
- When the downtrend occurs, building the ecosystem is much more difficult because the number of participants decreases, and the activities in the ecosystem also decrease. That means profits will decrease significantly. Therefore, strengthening talented developers to join the system is essential for an ecosystem to survive the downtrend.
- Terra ecosystem has extremely talented developers, and the community trusts the projects they build. This is reflected in the fact that Terra’s TVL has surpassed even BSC and ranked 2nd with TVL up to $30B. Therefore, other ecosystems are eager to have these Developers develop for them.
Top Gainers&Losers of Terra Ecosystem
Find more information about Terra
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DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.