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LAGOS (CoinChapter.com) — Terra 2.0 token LUNA rallied unprecedentedly in the past seven days, reaching a monthly high of $2.55 before turning lower on Aug. 2, amid bullish developments triggered by non-fungible token (NFT) activities in its ecosystem.
In detail, LUNA’s price rose by nearly 30%. The rise, which pushed the altcoin above its July 10 highs, catapulted the token market cap above $330 million.
Moreover, LUNA stands strong despite today’s bearish trend registered across the crypto market. Its buying volume has also significantly grown over a week, aiding the token to gain more than 25%.
However, LUNA’s price is still down 87% from its all-time high attained in May.
LUNA’s price rally has been attributed to the recent migration of NFT platforms to the new Terra chain. Top among the list of NFT platforms is Galactic Punks, a unique set of 10,921 NFTs on the Terra blockchain.
Punks, a new chapter of our galactic journey begins now
What is more punk than surviving a chain collapse? We are a Collection with a story like no other
Head to https://t.co/GASoilezo9 to migrate #GalacticPunks from Terra Classic – Terra 2.0
Punks on Terra 2.0 👾
A Thread🧵 pic.twitter.com/bvmUy9rZK2
Due to the migration Galactic Punks holders can lock their NFTs on Terra Classic and redeem them on Terra 2.0. Additionally, users can migrate their Punks to Terra 2.0 by connecting their mobile wallet to Terra Classic and preparing UST for transaction fees.
After withdrawing NFTs, users can connect their Terra Classic wallet to illiquidlabs.io and migrate.
Galactic Punks has also announced plans to transition to a fully community-controlled DAO. Its DAO governance infrastructure will be relaunched on the new Terra chain, once all NFTs arrive on Terra 2.0.
Furthermore, Galactic Punks urge users to unstake their NFTs from Classic and migrate them to Terra 2.0. The team is awaiting the migration of all Galactic Punks to Terra 2.0 for further updates on staking and benefits on the Terra 2.0 chain.
Similarly, TerRarity an NFT analytics platform has also announced its migration to Terra 2.0. The platform has invited users to discover the NFT environment on the new Terra blockchain.
Terrarity has finally arrived to the NFT space! 🚀
Come and discover the nft environment on Terra 2.0 with Terrarity which gives you an overview of what is happening out there.
Make sure to join our discord and give us some feedback 😄 on our discord.https://t.co/Pmp85rIuUH
“Terrarity brings together all the activities of different marketplaces and collections in order to offer a global view of the NFT environment and data on Terra 2.0.”
📣📣📣 Hermes Protocol Web App is coming live on @terra_money 🌍
Never miss the on-chain activity that is relevant to you again. We look forward to connecting with all Terra Classic & 2.0 projects 🌐 pic.twitter.com/pENNXQk4ba
Furthermore, blockchain platforms like Hermes protocol and Stader Labs have also announced their migration to Terra 2.0. Crypto analytic platform MetricsDAO, in its announcement, noted that Terra’s new ecosystem would host its analytic program. The blockchain protocol said:
“We’re excited to bring our mission of transparent, publicly available data to the new @terra_money. In the proposal, we describe our plan to curate Terra 2.0 data – enabling it to be queried by builders and analysts for dashboards, insights, and app dev.”
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Daniel Abel is an experienced journalist and crypto enthusiast. He has been covering the blockchain and crypto industry since 2018 and believes digital currency is the future.
Founded in 2015, Coinchapter.com has become one of the leading resources for the crypto asset community. Created by a small group of cryptocurrency enthusiasts, Coinchapter.com was built to provide new members of the crypto asset community with unbiased listings of cryptocurrency exchanges and retail options that would allow them to buy the crypto assets that they wanted, how they wanted and at the price they wanted.
