Charted: A billion dollars in blockchains
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Blockchains associated with Terraform Labs are still worth hundreds of millions of dollars.
- Our thought bubble: 🤯
Catch up fast: When terraUSD blew up, Terraform Labs initiated a fork of the blockchain, with the idea being that other apps built on it could live on, even if the stablecoin died.
- A group of diehards kept the original blockchain running, though, stablecoin and all.
By the numbers: Put those two chains together and you get tantalizingly close to a billion dollars in supposed value.
Reality check: The old Terra blockchain — the one that hosted the implosion — is worth much more today than the new one, this despite the fact that it's been maintained by a disparate group of grassroots users. Terraform Labs has continued to support the new chain.
- It hasn't published a community update since February, however.
Context: The value here is the collective worth of all the core coins issued by each chain.
- The old chain has luna classic (LUNC) and the new one held onto the terra (LUNA) brand.
Fun fact: There are 5.8 trillion LUNC tokens on the old chain, because when it originally failed, the chain started hemorrhaging out new tokens as it tried to buy UST stablecoins off the market to save the peg.
Yes, but: The stablecoin never recovered. It's worth about 2 cents. The best it's done since the collapse was a little over 4 cents.
What we're watching: If Terraform Labs still has a cache of LUNA and LUNC coins, that may be how it pays part of the legal bills above.
