• The collapse of the Terra ecosystem in May of last year has created a stir in the crypto industry, with a new debate brewing around Terra Classic (LUNC).
• Terra Classic is often referred to as a ‚meme chain‘, but its market valuation is now above $1 billion.
• Allnodes, a staking service located in Los Angeles, provided support for the network before and after its demise, and currently manages staking for almost a third of validators across the whole Terra Classic network.
The $60 billion collapse of the Terra ecosystem in May of last year exposed holes in the crypto industry’s structure and set off a year of spiraling financial catastrophes that haven’t stopped since.
Another debate is currently brewing where Terra formerly stood, possibly serving as a red flag for the overall crypto scene. The issue involves Terra Classic (LUNC), the Cosmos-based network that sprang from the defunct Terra environment, and Allnodes, a significant staking network that is now essential to Terra Classic’s functionality. In the larger crypto world, Terra Classic is frequently referred to as a „meme chain,“ which indicates that it isn’t taken very seriously. Members of the Terra community revived the network more out of an experimental novelty spirit than out of a sincere desire to re-establish the failed behemoth designed by current international wanted man Do Kwon. Despite its modest outlook, Terra Classic is no laughing matter financially. According to CoinGecko, LUNC regularly clears $100 million in daily trading activity, and its market valuation is now above $1 billion.
Like an expanding number of other blockchains, Terra Classic is a proof-of-stake network. Users that contribute LUNC to Terra Classic’s transaction validation process are rewarded with newly created LUNC as compensation. Additionally, much like with any other proof-of-stake network, anyone unable or unwilling to set up a Terra Classic validator node on their own can pay a third-party service to take care of the complex technical procedure. Although many of these third parties originally provided support for the thriving Terra staking ecosystem before its demise in May of last year, most major staking services left when Terras reputation became tarnished.
Terra customers were still served by Allnodes both during and after Terras downfall; they are now managing staking for almost one third validators across all nodes within TERRA classic’s system . As TERRA fought its way back from oblivion ,Allnode rose with it .
The revival and maintenance of TERRA classic has been nothing less than phenomenal especially considering most people considered it only “a meme chain” when initially proposed . However ,the success story lies not only with those responsible for reviving this fading blockchain but also providing vital services such as ALLNODES who stayed loyal throughout .