Investors Bullish on Terra 2
The first 24 hours of trading for Terra which is what exchanges have named the new Luna token despite Do Kwon calling it Luna and the previous token now known as Luna Classic has finally come to a close. It is definitely something to note for the history books and while there has been a significant decline in token value it hasn't completely zeroed out as some commentators were expecting which indicates Terra still has some strong support base.
Hope still on the horizon
Despite plummeting to the current price of $US5.70 at time of writing published by Coinmarketcap Terra did reach the $US20 dollar price point and holds steady around the $US5 dollar mark. The full wrath of people exiting won't be felt until more centralised exchanges list the token as KuCoin has been the leading exchange offering LUNA and USDT/USDC pairs and accounting for 54% of the total trading volume.
What does this mean for future price and value of Luna? well we first need to look at it's new system as it is no longer burn/mint as previously tied to UST.
Terra (Luna) opened with 1 Billion circulating supply and will continue to increase at a rate of 7% inflation in order to fund validators. There has been no news as of yet if there will be a token burn mechanism in place but it is probably something governance teams will be looking at initiating in order to make Luna more appealing to outside investors and regain confidence in the project.
dApps rebuild as Anchor is mentioned in a return
Many dApps are making a comeback on Terra 2 but caution must be provided as there is no telling what will happen over the next few weeks. But an interesting development was located on Astroports latest Medium blog that mentioned the flagship Terra (Luna) Network Anchor will also be making a come back.
This is exciting news for many because if anything can lift Terra back up it will be Anchor protocol and with its already functioning code it makes bridging assets across to the Terra network a breeze.
Astroport has also announced they will continue to validate and provide airdrops to stakers on Luna Classic.
Well, this is it. Time to see if Do Kwon can bring things back
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