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LUNA

LUNA On-Chain Metrics Show Drop In Development Activity Despite Upgrade

Christian Encila
by Christian Encila
2 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

LUNA recently underwent a successful upgrade to v2.3.1, thanks to a strong show of support for proposal 4717. While the Terra community celebrated the milestone on Twitter, on-chain metrics tell a different story. 

Development activity for the blockchain has been steadily declining for the past two months, raising concerns about the future of Terra’s growth and adoption. 

As the blockchain world evolves rapidly, can Terra find a way to reverse this trend?

Related Reading: BREAKING: Dogecoin, Starship Launch End In Explosive Losses – Here’s What Happened

Bearish Outlook For LUNA

Terra’s LUNA coin is currently priced at $1.21 on CoinMarketCap, with a 24-hour trading volume of $38,388,955. Unfortunately, the last 24 hours have been very challenging for the cryptocurrency, as it has experienced a 4.29% decrease in value.

Despite the bullish rally of 2023, LUNA failed to regain momentum, and as of the time of writing, the coin has plummeted over 40% on a year-to-date (YTD) basis. Indicators suggest that the outlook for LUNA is bearish. 

Image: Business Today

The Relative Strength Index (RSI) has fallen below the neutral 50 level, indicating that selling pressure is strong. Furthermore, the Moving Average Convergence Divergence (MACD) has shown a bearish crossover, marking the start of a downtrend.

Terra’s Latest Upgrade Brings Alliance Module To Mainnet

Terra’s upgrade to v2.3.1 introduces a host of new features, including the integration of the Alliance module into the Terra mainnet. The open-source Cosmos SDK module facilitates economic alliances among blockchains through interchain staking, enabling chains to add assets from other networks or native applications in a permissionless way. 

🎉 Terra has officially upgraded to v2.3.1 and is producing blocks! This upgrade includes a variety of new additions, including Alliance 🤝

Read the full details of the proposal here 👇https://t.co/C0OZsF0qzx

— Terra 🌍 Powered by LUNA 🌕 (@terra_money) April 20, 2023

Alliance supports staking for various tokens, including stablecoins, LP tokens, and liquid staking derivatives, making it a flexible tool for the ecosystem.

Terra hopes that the integration of Alliance will attract more users, liquidity, and developers to its network. However, on-chain metrics tell a different story. Despite the upgrade, Terra’s development activity has been declining, with the weighted sentiment turning negative. 

Total market cap of cryptocurrencies currently at $1.11 trillion on the weekend chart at TradingView.com
Related Reading: Crypto Scammers Allegedly Used Artificial Intelligence And Actors To Trick Investors

This indicates that investors remain skeptical of LUNA. As the blockchain industry continues to evolve rapidly, Terra may need to work harder to stay competitive.

Despite the drop in development activity and negative investor sentiment towards LUNA, the integration of Alliance module into the Terra mainnet is a step towards a more flexible and inclusive blockchain ecosystem. 

Terra hopes that this upgrade will attract more users, developers, and liquidity to the platform, ultimately leading to growth and large-scale adoption.

Only time will tell if this integration will bring the desired results for Terra and its community.

-Featured image from The Coin Republic

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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