- The launch of the Terra Luna Alliance Module was the epitome of development as multichain staking is now available via the Cosmos ecosystem.
- On-chain activity in the Terra Luna ecosystem has significantly increased in the last few weeks.
The Terra Luna ecosystem enjoyed a bullish outlook in the past months following a string of positive developments on the underlying blockchain. The young Terra Luna blockchain saw its overall value increase by about 20 percent in the past four weeks following a market reversal.
Moreover, LUNA price closed the last two weeks up approximately 12 percent despite the recent correction. The small-cap crypto ecosystem had a market cap of about $200 million and a 24-hour traded volume of approximately $29 million on Monday.
The vibrant online community of Terra Luna investors has helped the ecosystem thrive with promising decentralized financial protocols working together with other blockchains to ensure sustainable growth.
Closer Look at Terra Luna Updates
Undoubtedly, the Terra chain has made significant updates that have kept its community elated over the past few months. For instance, the Prism protocol – a layer one blockchain with a keen interest in yield farming – announced that it would integrate with the Alliance module – an open-source Cosmos SDK module that leverages interchain staking – and whitelist LUNA as an Alliance asset upon chain debut.
Similarly, Carbon network, a custom Layer 2 cross-chain protocol that acts as a building block for DeFi, recently announced the integration with the Alliance module to widen its market outlook through the Cosmos ecosystem.
During the past few weeks, the Terra Luna community also came together to approve key proposals for the future development of the network. For instance, Confio’s Community Pool spending proposal to support the development of CosmWasm and other projects that benefit Terra passed with a 77 percent approval rate. Additionally, Neptune Finance’s Community Pool spend proposal for an audit reimbursement passed with an 87 percent approval rate.
Notably, most of the Terra Luna activities revolved around the launch of the Alliance module. Moreover, more chains in the Cosmos ecosystem can harness the power of multichain capabilities to enhance their liquidity via inter-staking.
The new utility features gave the Terra Luna chain a turnover image after suffering a huge blowback earlier last year. As a result, crypto analysts are positive the Terra chain will continue attracting more users and value in future crypto bull markets. Furthermore, the crypto industry only has about 420 million people invested out of possible 7-8 billion people around the world.
With Terra chain offering fast finality, low transaction fees, and an increased burn rate, the community is bound to feel appreciated through value creation. For instance, Neptune Finance, a collateral-backed loan for the Cosmos ecosystem, launched its money market beta on Terra’s testnet.
Additionally, TFM, a pro-trading NFT tool on the Cosmos ecosystem, unveiled its new NFT aggregator, allowing users to research and buy NFTs across various marketplaces all in one interface.
Market Outlook
With Bitcoin struggling to rally beyond $31k, some crypto analysts think the altcoin industry could burst in the coming weeks. Moreover, LUNA price, which exchanged around $0.655 on Monday, formed a macro bullish pennant flag that often yields an uptrend breakout.
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