Twitter user Tweet embed It confirmed that the Terra’s Columbus-5 upgrade was working as it should, after its “maximum” minting of Galactic Punks NFTs.
Columbus-5 successfully [sic] She passed her first real ‘stresstest’ while minting galactic villains. 1000 tx in a block, without any hitches. Milestone for all LUNAtics. “
Strong 2021 saw 6500% year-to-date gains for the original Terra token. Currently, $LUNA is knocking on the top ten doors, looking to dump Dogecoin in the process.
Its market value must grow by 75% to achieve this. But thanks to Columbus-5, some would argue that Terra is on the rise. Especially if we consider the stagnant price action of DOGE as it continues to reject at the $0.2273 resistance.
What is the significance of Terra Columbus-5?
Billed as the most significant development in Terra history to date, Columbus-5 launched at the end of last month to much anticipation.
Columbus-5 includes a variety of upgrades aimed at modernizing its economies, cross-chain compatibility, and setting up other projects via “TeFi”.
“Col-5 unlocks many dimensions of the Terra ecosystem to improve access to value, cross-chain port assets, and lay the foundation for a vibrant TeFi economy.”
Of the three, perhaps the biggest attraction for investors, in terms of boosting the growth of the organic ecosystem, is TeFi, Terra’s decentralized finance company.
With Columbus-5, a large number of projects will be running on Terra. This is expected to bring in many new users with increased demand for its stablecoin UST.
Work on more than 60 projects dubbed “Terra Autumn” is set to begin in the coming months.
This includes the Mars Protocol, which describes itself as a decentralized bank for lenders and borrowers. Astroport, a “community-owned” decentralized exchange. and the Forge Protocol for “reimagining” NFTs with features such as encapsulating an Ethereum-based NFT to port to Terra, and providing a multi-threaded viewing experience over a single gateway.
What are Galactic Punks?
As mentioned Bitcoin SigAfter the upgrade, the first test of the stability of the Terra system came with the mass minting of Galactic Punks NFTs.
Anyone familiar with CryptoPunks will see similarities between the two. Recently, the demand for CryptoPunks has increased, with the minimum price reaching around $400,000.
Hoping to replicate the mania surrounding CryptoPunks, Galactic Punks offers the same 8-bit feel to NFTs, all while parodying the original show.
“After soul-searching in the depths of the universe, it was clear what was needed: a jpeg file for people, specifically the LUNAtics of the Terraverse. Frustrated with the gas wars on Earthereum, they met up on the moon for the Galactic Punks, the first group of Terra NFTs.”
While CryptoPunks offers 10,000 uniquely generated characters based on type, hair, and accessories, Galactic Punks 10921 offers an algorithmically developed character with clothing, eyeglasses, hardware, hair, body, accessory, and background themes, making each one even more unique.
Time will tell if the market responds favorably to Columbus-5 and Galactic Punks.
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