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TerraCVita Raises $2 Million to Build Luna Classic Ecosystem

by BSCN

January 16, 2023

Small war chest raised for a growing Luna Classic project could be a spark for the resurging ecosystem.

TerraCVita Raise $2M for Luna

TerraCVita has raised $2 million in sales to help support building out the Terra Luna Classic ecosystem, including a new Decentralized Exchange (DEX) called Terraport.

The small war chest now at the disposal of the TerraCVita could prove to be a catalyst in developing new Decentralized Finance (DeFi) platforms on the Luna Classic blockchain. The investment, announced via tweet on January 15, came from recent private sales for the development of the Terraport DEX, and the team expects to host two public sales in the coming five weeks.

We are delighted that over $2m investment has been raised from recent Terraport sales that were mainly reserved for delegators in;@TerracVita @LUNC_Italia
We look forward to 2 public sales over the coming 5 weeks.
Thank you everyone for your kind support and trust in us.❤ pic.twitter.com/HSI3ikDm5C
— TerraCVita (@TerracVita) January 16, 2023

At this time, the project is prioritizing participating delegators in the initial sales. The TerraCVita validator reportedly has 1,728 unique delegates, and the LUNC Comunity Italia has 672 unique delegates, according to SmartStake.

TerraCVita has already released some details about the development of its Terraport DEX, like how it will have its own native reward token, TERRA, instead of using $LUNC. However, there is potential the DEX will have a $LUNC burn mechanism. The team confirmed it will be releasing a white paper soon.

I am looking forward to reading their whitepaper as I have got some concerns on the valuation on the launch Terra token which could mean a sell off like we usually see, being positive and waiting for more details! Wish you guys all the best 🙏
— WSB Trader Rocko 🚀🚀🚀 (@traderrocko) January 16, 2023

TerraCVita has been hyping the new DeFi platform for months since the project released its roadmap and has an expected launch in Q1 2023. Some users on Twitter have called the move a “big moment” for the LUNC and “massive” for the development of the LUNC ecosystem.

🚨MASSIVE🚨

Over $2m investment in a bear market after our crash, shows $LUNC & #TerraClassic are definitely open for business and there is confidence in us.

Funding the #LUNC & #TERRA furnace is underway.@stablekwon & @cz_binance would be proud... @TerraCVita BUILDs! ❤🔥 https://t.co/g2IFyi4zKf
— Rexyz (@RexYellerBelly) January 16, 2023

The Luna Classic chain has been on a slow recovery from its catastrophic collapse in Spring of 2022. The chain is experiencing a resurgence in recent weeks, exemplified by the chain’s market capitalization eclipsing $1 billion for the first time since the collapse.

What Is Terra Classic (LUNC):

Terra is a blockchain protocol that attempts to use fiat-pegged stablecoins to power price-stable global payments systems. According to its white paper, Terra combines the price stability and wide adoption of fiat currencies with the censorship resistance of Bitcoin (BTC) and offers fast and affordable settlements. The original native token — LUNA has also been renamed to LUNA Classic (LUNC). Moreover, all network stablecoins (UST, KRT, EUT) have been renamed to Terra Classic stablecoins (USTC, KRTC, EUTC). There are no Terra stablecoins on the new chain.

Where to find Terra Classic (LUNC):

What is TerraCVita:

TerraCVita, an independent group dedicated to developing the Terra Classic (LUNC) ecosystem. TerraCVita prides itself in recognizing the value of the whole ecosystem and endeavoring to support and contributes to its many areas. The stated mission of TerraCVita is to bring sustainable life to Terra Classic to maximize its value.