Terra Classic and the entire Terra Ecosystem have experienced dreadful days ever since the tokens crashed due to a failure of their algorithm. This led to a massive crash within the markets, and the ripple effects have continued to prevail until now. Since then, multiple attempts have been made to revive the ecosystem, but no major impact has been witnessed.
Many proposals were passed, and the Terra burning mechanism was also introduced, but the price remained the least infected. However, Terra Luna Classic developer teams, the Joint L1 Task Force, and RedlinerDrifter-led Quant teams have geared up to make an effort to revive the ecosystem.
An ex-Terra Rebels and Quant team member, RedlineDrifter mentioned that they may work in coordination to convince the exchanges to support the cause. Interestingly, the team has already approached some of the major exchanges, and they have reacted positively to Proposal 11487, “USTC Incremental Repeg, Buybacks, Staking, Swaps,”
Meanwhile, the ongoing advancements have induced significant momentum within the Terra ecosystem as the algorithmic stablecoin, USTC, has gained significant value in the past 7 days, trading at $0.012 at the moment. Besides, Terra’s (LUNA) price has recovered from the monthly lows and is trading at $0.658 while the Terra Luna Classic (LUNC) price continues to trade under the bearish influence.