Following the Terra fallout and the great UST de-pegging event, the Terra network ecosystem is now a wasteland of almost worthless tokens. LUNA
Following the Terra blockchain fallout and the great UST de-pegging event, the Terra network ecosystem is now a wasteland of almost worthless tokens and protocols. While both UST and LUNA were top ten crypto market cap contenders, Terra’s decentralized finance presence was second to Ethereum in terms of total value locked. Today, the remaining Terra-based token holders and defi protocol operators seem to be waiting for a miracle.
Terra’s entire ecosystem has been obliterated down to a barren wasteland. Most tokens have lost a great deal of value, trade volume is dwindling, and the defi ecosystem tied to Terra has been eradicated. Similarly, Mars Protocol has lost 97.6% and the Loop Finance token LOOP is down 98.3% over the past two weeks. Statistics show on March 7, 2022, the Terra ecosystem of tokens was worth $44 billion and today its down 96.70% to $1.45 billion.
Every single Terra defi protocol has suffered from 90-99% losses in terms of TVL per protocol. The applications are ghost towns and block explorers likeTerra’s TVL dropped from $31.21 billion to today’s $118.81 million. Screenshot taken on May 21, 2022.
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