The long-anticipated Terra Classic layer-2 DeFi project has finally been launched on Mainnet. This means more utility for the Terra Classic native token, LUNC.
According to an update shared earlier today, the independent LUNC development team TerraCVita has finally brought project Terraport Finance to life. This strategic DeFi platform built by TerraCVita comes as the development group strives to revitalize the LUNC project.
“It’s finally arrived the day Terra Classic has been waiting for. Terraport launch day. Join us now and make crypto history and help start LUNC recovery,” the announcement read, highlighting the reasons members should support the new project.
The team noted that the success of Terraport will be quite beneficial to LUNC in many ways. As per the update, Terraport’s success will help create new LUNC trading pairs and make it easy to enter the Terra Classic ecosystem. It would also encourage developers to build and launch new decentralized applications (Dapps) on the Terra Classic blockchain.
Very importantly, the Terraport team reiterated that the project will help burn a good percentage of LUNC’s total supply and TERRA, its native token. Recall that the team stated in its whitepaper that Terraport would burn billions of LUNC weekly and subsequently revealed how the massive feat would be achieved.
Rex Harrison, a senior member of TerraCVita affirmed this, labeling the DeFi project a LUNC furnace. Harrison further outlined the major roles Terraport will play in the Terra Classic ecosystem.
It bears noting that the development of the decentralized crypto exchange built on the Terra Classic layer-2 network began in 2022 courtesy of TerraCVita. Its launch is quite strategic as it comes at a time the community needs more utility for the once-broken chain.
Terraport allows users to swap among three tokens — LUNC, TerraClassicUSD (USTC), and TERRA. Equally, users can yield-farm by supplying supported assets to the available liquidity pools.
More so, the platform incorporates a TERRA staking functionality where users can stake Terraport’s native token to end interests ranging from 16% to 60%, based on the chosen staking duration.
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