Twitter user @Bitcoin_Sage confirmed that Terra’s Columbus 5 upgrade is working properly after its first “stress test” in imprinting galactic punks NFTs.
“Columbus-5 successful [sic] passed its first real “stress test” during the coining of galactic punks. 1000 tx in one block, with no hiccups. An important milestone for all LUNAtics. “
A strong 2021 brought 6,500% YTD gains for Terra’s native tokens. $ LUNA is currently knocking on the top ten doors to oust Dogecoin.
To achieve this, the market capitalization would have to increase by a whopping 75%. But thanks to Columbus-5, some would argue that Terra is on the rise. Especially given DOGE’s stagnant price action, which continues to be rejected at $ 0.2273 resistance.
What is the significance of Terra Columbus-5?
Hailed as the most significant development in Terra history to date, Columbus-5 was launched with great anticipation at the end of last month.
Columbus-5 contains a variety of upgrades aimed at updating its economy, cross-chain compatibility and the onboarding of other projects via “TeFi”.
“Col-5 opens up numerous dimensions for the Terra ecosystem in order to better capture values, port assets across chains and create the basis for a dynamic TeFi economy.”
Of the three, TeFi, Terra’s own take on decentralized funding, is perhaps the biggest draw for investors in terms of promoting organic ecosystem growth.
With Columbus-5, a significant number of projects will go live on Terra. This is expected to bring a lot of new users on board while also fueling demand for its UST stablecoin.
Under the name “Terra Autumn”, over 60 projects will go live in the coming months.
This includes the Mars Protocol, which calls itself a decentralized bank for lenders and borrowers. Astroport, a decentralized exchange owned by the community. And Forge Protocol to “reimagine” NFTs with features like wrapping Ethereum-based NFTs to port to Terra and delivering a multichain viewing experience through a single portal.
What are Galactic Punks?
As mentioned by Bitcoin Sage, the first test of Terra’s system stability after upgrading came from the mass minting of Galactic Punks NFTs.
Anyone familiar with CryptoPunks will find similarities between the two. Lately, the demand for CryptoPunks has exploded, with the price floor hovering around the $ 400,000 mark.
Hoping to replicate the mania surrounding CryptoPunks, Galactic Punks is offering the same 8-bit feel to their NFTs while poking fun at the original offering.
“After searching for souls in the depths of the cosmos, it was clear what was needed: a JPEG for the people, especially the LUNAtics of the Terraverse. Frustrated with the gas wars down on Earthereum, they met on the moon to mint Galactic Punks, the first collection of Terra NFTs. “
While CryptoPunks offers 10,000 uniquely generated characters based on type, hair and accessories, Galactic Punks offers 10,921 algorithmically developed characters from the characteristics of clothing, glasses, hardware, hair, body, accessories and background that make each one more unique.
Time will tell if the market responds positively to both Columbus-5 and galactic punks.
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