Posted 12/4/2023, 12:23:00 PM
Terra Ecosystem Tokens See 300% Weekly Gains on Revival Plans After Collapse
- Several Terra ecosystem tokens (Luna Classic, Terra 2.0, USTC) jumped 70% over 24 hours, extending weekly gains to 300%
- Tokens pumped on catalysts like Terraform Labs' $15M liquidity funding, Mint Cash's USTC revamp linking to Bitcoin, and Binance's LUNC burn scheme
- Six engineers proposed a Terra Classic revival plan involving a UST testnet, yield generation, and rewarding developers
- Terra's collapse in May 2022 was due to a failed mechanism backing the Terra USD stablecoin
- Multiple projects are now working to rebuild parts of the Terra ecosystem after the 99% value drop