As Bitcoin and Ethereum struggle to hold support, Terra 2.0 (LUNA) also faces significant bearish pressure from traders and investors. The Terra 2.0 (LUNA) price declined by over 20% in the past 24 hours and down over 58% the past week, currently trading at $2.83 and falling as traders remain impatient and fear is taking over. The good news is that Terra’s ecosystem continues to expand daily, with new projects joining the new chain. A new proposal has been launched to incentivize the ecosystem’s growth despite current market sentiment.
Even though the Terra 2.0 (LUNA) price and valuation have declined significantly over the past week, there has been no shortage of projects joining the new chain. Several NFT projects and marketplaces have joined the new Terra 2.0 ecosystem, and more are integrating daily.
On June 7th, Talis Protocol also announced its launch on Terra 2.0 and Terra classic, a highly underrated DAO marketplace for NFTs.
The NFT marketplace includes unique features for trading NFTs such as the sweep floor feature, which lets users define what price they’re willing to pay and get as many tokens as possible to fill their orders.
In addition, Talis Protocol added a print-on-demand feature that lets users print NFTs and send a physical poster to their house.
Terra’s ecosystem features some of the most unique and best-designed dApps on the market, and the long-term potential of Terra 2.0 (LUNA) is tremendous. Every day, more projects continue to integrate with the new chain and provide further utility and incentives for traders and investors.
To incentivize the ecosystem’s growth, a new proposal was launched yesterday, Prop 446, to establish the emergency allocation method for builders on the new chain.
According to the official proposal details on Terra.station:
“This proposal outlines parameters to distribute emergency relief to teams and to empower them with a runway to continue building on Terra 2.0. While far from perfect, it is the result of exhaustive discussion among builders and community members.”
The Emergency Fund has been established as part of Revival Plan 2 (the “Plan”) with an allocation of 0.5% of the total LUNA supply dedicated for projects immediately after the new network launch to provide an incentive for them to continue building their products. Any projects that receive emergency relief commit to returning the funds if the product hasn’t been launched within one year.
While Revival Plan 2 established the 0.5% Emergency Fund, it didn’t outline the specifics regarding how those funds should be distributed. Voting “YES” to Prop 446 will signal support for establishing a community-led council whose initial membership will consist of crucial Terra community members. The committee will oversee the allocation of funds to enable a rapid distribution to projects that most need it.
For the full details regarding the proposal, check out the discussion on the Agora forums.
Prop 446 was launched yesterday, and voting ends in six days. Over 93% have voted Yes, 6.03% voted Abstain, 0.01% voted No, and 0.01% voted No with a veto.
The new proposal will most likely pass as the Terra community heavily favors it.
Even with the relatively stark market conditions for Terra 2.0 (LUNA), the ecosystem continues to expand and move extremely quickly. Every day more projects are launching on the new chain with unique features, designs, and utility.
While the cryptocurrency market is currently struggling, making it impossible for LUNA to show any significant bullish momentum, the long-term potential for LUNA is evident.
LUNA’s current market capitalization is at $574 million, with a significantly rising 24-hour trading volume of $790 million. In the past 24 hours, the trading volume increased by over 71%, signaling high activity in the market.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency.
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