- TerraCVita has raised an additional $2 million to support the development of a DeFi ecosystem.
- The funds were raised between delegators from TerraCVita and the Italian LUNC community.
- Two rounds of public sales have been slated to happen within the next five weeks.
Terra Classic independent development group TerraCVita has raised over $2 million to further its goals. According to a tweet by the group’s official account, these funds were from a Terraport sale reserved for TerraCVita and the Italian LUNC community delegators.
TerraCVita also announced that the fundraising exercise continues with two public sales slated for the next five weeks. Funds raised will be directed toward the development of Terraport. That is a DeFi project that will incorporate building a LUNC decentralized exchange (DEX).
Activities were ramped up by TerraCVita in December 2022 when it released a whitepaper containing details of its development plans. Building and launching a DEX was one of the events included in the whitepaper. Others were issuing a governance token via an initial coin offering (ICO), a Terra Classic fiat on/off ramp, and a launchpad for projects.
Following the whitepaper release, TerraCVita announced to the community that LUNC DEX will launch in Q1 2023. The latest fundraising exercise is part of the program toward achieving this target. Smart contracts are already being rewritten to ensure that the project is compatible with cosmwasm 0.16 and v1.0.0.
The $2 million raised from delegators follows an initial investment acquired in a private sale. On January 9, 2023, TerraCVita tweeted about achieving a $1 million target during the sale. The group did not release further details. However, the community showed excitement and congratulated the team for the work done.
The LUNC community’s excitement has continued with the latest announcement. Santiment’s on-chain data reflects its development activity as high as 15.81. That is a positive development for a community whose confidence was shattered after the Terra crash of 2022.
In terms of price, LUNC is yet to pick up the community’s vibe. As of the time of writing, the token had increased only by 1.3% in 24 hours. That is relatively low, considering the bullish sentiment across the entire crypto market. Otherwise, TerraCVita seems to be moving in a desirable direction, having replaced Terra Rebels as the Terra Station maintainers.