While it has lost 94% of its value since its collapse, Terra’s fragmented ecosystem is still worth $2.5 billion

Terra’s new Phoenix blockchain has managed to reboot the ecosystem to some extent and since the end of June, Terra’s total locked-in value (TVL) in decentralized finance (defi) has grown from $350,174 to $41.55 million today.

A look at Terra’s blockchain ecosystem over the past 5 months since the collapse.

The collapse of the Terra ecosystem was a dark day for the crypto community when Terra’s terrausd stablecoin (UST), now known as UST classic (USTC), lost parity at $1 token. Prior to the collapse, Terra’s luna, now known as luna classic (LUNC) was a top 10 crypto asset in terms of market capitalization and Terra’s stablecoin also held a top 10 position. Prior to the collapse, luna held the seventh position in terms of crypto-currency market capitalization, and on April 28, Terra’s native crypto asset was trading for 88 per coin.

Precisely one day before Terra’s stablecoin depreciated, USTC entered the top 10 crypto asset positions by market capitalization. Furthermore, in terms of TVL in defi, Terra had the second largest TVL under Ethereum with approximately $29.29 billion held on April 29, 2022. Today, the story is completely different and the Terra ecosystem is just a shell of what it was five months ago.

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Terra's blockchain ecosystem has lost 94% of its value in USD terms since the collapse, but it's still worth valuing.
Total value locked in on the Terra Phoenix blockchain on October 16, 2022, as measured by defillama.com.

For example, LUNC is trading at less than a U.S. penny, at $0.00025948 per unit, well below the $88 per coin recorded on April 28, and well below the all-time high of $119 per unit recorded two weeks earlier. In terms of the native asset of the new Terra Phoenix blockchain, which is now named luna (LUNA), it is 86.2 percent below the all-time high of $18.87 recorded five months ago. The Terra Phoenix blockchain’s TVL defi, however, has seen growth over the past five months, as it has swelled by 12,151 percent since the end of June.

Terra's blockchain ecosystem has lost 94% of its dollar value since the collapse, but it's still worth the value.
Total value locked in on the Terra classic blockchain on October 16, 2022, as measured by defillama.com.

At that time, the TVL was $350,174 and has since grown to $41.55 million. While the classic Terra chain held $29.29 billion last April, it now holds just under 10, or about $9,493,635. While Astroport and Terraswap own about $3.5 million, Anchor Challenge Lending Protocol owns about $1.6 million.

Terra's blockchain ecosystem has lost 94% of its value in USD terms since the collapse, but it's still worth the money.
Total value locked in on Terra Bridge on October 16, 2022, as measured by defillama.com.

On the Phoenix channel, in terms of TVLs held in defi, decentralized exchange (dex) application Astroport holds about $27.55 million, followed by Risk Harbor with $14.76 million. Stader, Spectrum Protocol, and Eris Protocol follow Astroport and Risk Harbor in terms of TVL statistics, respectively. Additionally, while Terra Bridge once held $1.4 billion in the first week of April, it now holds a value of approximately $132 million.

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In terms of non-fungible token sales, the sales data for the new Terra chain is not as well documented as the NFT sales of the classic chain before the collapse. Despite the extremely low number of sales, the Terra Phoenix chain is supported by more than half a dozen NFT marketplaces. In terms of total value between the two native currencies LUNC and LUNA, the Terra blockchain assets between the classic and Phoenix blockchain is approximately $2.18 billion on October 16, 2022 at 3:00 p.m. ET.

Terraclassicusd (USTC) is trading for more than a U.S. penny today, at $0.03 per unit on October 16, 2022, with a market valuation of about $378.49 million. Statistics show that at least for today, the crypto-currency market values USTC, LUNA, and LUNC at about $2.558 billion, and all three crypto-currencies are incorporated into the TVL held on both chains.

While $2.558 billion is a lot of money for a collapsed blockchain ecosystem, it’s still a shell of the $49.26 billion in value of LUNC and USTC before the blockchain collapsed on May 7, 2022. In fact, the U.S. dollar value of LUNA, LUNC and USTC today is 94.82% less than the U.S. dollar value of LUNC and USTC before Terra’s collapse.

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