• Terra recently underwent a successful upgrade to v2.3.1, with strong support from the community.
• However, on-chain metrics suggest that development activity for Terra’s blockchain has been steadily declining over the last two months.
• The upgrade includes the integration of the Alliance module into the mainnet, which facilitates economic alliances among blockchains through interchain staking.

Terra’s Successful Upgrade to v2.3.1

Terra recently underwent a successful upgrade to v2.3.1, thanks to a strong show of support for proposal 4717 from the Terra community on Twitter and other social media platforms. This milestone was celebrated by many in the crypto space as it marked another step forward in Terra’s development and adoption journey.

Declining Development Activity

Unfortunately, despite this success, on-chain metrics tell a different story – development activity for Terra’s blockchain has been steadily declining for the past two months, raising concerns about its future growth and adoption prospects. As such, it is important for Terra to find ways to reverse this trend in order to remain competitive in an ever-evolving blockchain world.

LUNA Price Drop Despite Bullish Rally

The LUNA coin – which is currently priced at $1.21 according to CoinMarketCap – experienced a 4.29% decrease in value over the past 24 hours despite a bullish rally earlier this year that saw its price increase by 2023%. On top of that, LUNA has plummeted over 40% YTD (year-to-date). Indicators suggest that its outlook is bearish as evidenced by falling Relative Strength Index (RSI) levels below 50 and bearish Moving Average Convergence Divergence (MACD) crossovers marking the start of a downtrend.

Integration Of Alliance Module Into Mainnet

Terra’s upgrade to v2.3.1 also introduces several new features including integration of the Alliance module into its mainnet which facilitates economic alliances among blockchains through interchain staking and allows users to add assets from other networks or native applications in a permissionless way . By doing so, Terra hopes to attract more users, liquidity and developers onto their network going forward..

Conclusion

Overall ,while there have been some successes with recent upgrades ,there are still challenges ahead for Terra as they work towards increasing their user base ,developer engagement and overall adoption . It remains unclear whether these efforts will be enough to turn around their current downward trajectory but only time will tell .