5 Terra Assets Losing Up to 33% In Value This Week

Things do not look good for the Terra ecosystem, although that won’t surprise anyone. Any tokens issued under this banner continue to face an uphill battle price-wise. In fact, several assets lost between 13.3% and 33% in value in the past week, with little or no chance of recovery. 

Spectrum Protocol (SPEC)

There was some excitement when Spectrum Protocol launched, as it offers an innovative yield optimizer for the Terra ecosystem. Unfortunately, the collapse and ongoing demise of Terra has dragged this project down with it. Its auto-compound and auto-staking features for Mirror, Anchor, and Polygon farm rewards remain available, but no one seems to be willing to risk entering the Terra ecosystem these days. A weekly loss of 33% for SPEC confirms the project is running on its last legs. 

Pylon Protocol (MNE)

The DeFi framework for principal-protected and yield-based products, built by TerraForm Labs, had a lot of appeal initially. Today, anything associated with TFL is now best avoided as the group burned all bridges following the LUNA and UST incident. That also affects Pylon Protocol, as the support for Terra-based stablecoins continues to dwindle. MNE lost 23.2% in value this week and will likely drift lower. 

Nash (NEX)

Managing one’s money on the Terra blockchain is akin to throwing it down the drain these days. Nash had tremendous potential as a wealth management solution prior to Terra imploding, but things look very different today. Moreover, NEX holders earn revenue from the core services under the Nash banner, although that profit potential has also virtually evaporated. As such, it’s not hard to see why the NEX value decreased by over 16% this week. 

TerraClassic USD (USTC)

Is there anything left to say about the “stablecoin of the Terra” ecosystem? It will never get back to the US$1 peg and has been abandoned by Terraform Labs because it remains stuck on the old Terra Classic chain. The name is now TerraClassicUSD with no intention of reviving it on the new blockchain. USTC still trades at $0.0429, but lost another 16% this week. The train wreck is far from over, though.

Astroport Classic (ASTROC)

Astroport aimed to become the next-generation AMM on the Terra blockchain. Users can choose from multiple pools and pool types to swap assets and provide liquidity. Unfortunately, Terra’s demise makes Astroport Classic virtually useless today, and the ASTROC value continues to plummet. A weekly drop of 13.2% is its fate, and it seems lower lows will materialize in the coming weeks. 

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