Terra Luna Classic
$0.00004756
-0.0%(24h)30d
Today
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30 Days
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-0.0%
30 Days
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Price Change (24h)
-$0.0000000116
Price: $0.00004756 · Virtual USD only
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LUNC
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Terra is a blockchain protocol utilizing fiat-pegged stablecoins to power price-stable global payment systems. According to its whitepaper, Terra merges the price stability and widespread adoption of fiat currencies with Bitcoin's censorship-resistance while providing fast, affordable settlements. Development began in January 2018, with the mainnet launching in April 2019. As of September 2021, it offered stablecoins pegged to the U.S. dollar, South Korean won, Mongolian tugrik, and the IMF's Special Drawing Rights basket—with plans for additional options. On May 28, 2022, a new chain's genesis block launched under the Terra (LUNA) name, while the original Terra Chain was rebranded as Terra Classic. The original LUNA token was renamed LUNA Classic (LUNC). All network stablecoins—UST, KRT, EUT—became Terra Classic stablecoins (USTC, KRTC, EUTC). The new chain includes no Terra stablecoins. The term classic possibly references the Ethereum/Ethereum Classic 2017 split. According to CEO Do Kwon, the spring 2022 UST collapse mirrors Ethereum's 2017 DAO hack moment.
LUNC is the first native Terra blockchain token, released in August 2018. $LUNC existed before the new chain launch and operates with the original Terra ecosystem code. Its primary function was absorbing price deviations of the algorithmic stablecoin $UST. UST's dollar peg operated through minting and burning UST tokens balancing supply and demand. In May 2022, UST lost its peg and collapsed. The UST stablecoin algorithm created trillions of LUNA tokens, spiraled hyperinflationary, and reduced original LUNA value by 99%. Both LUNA versions exist through Terra Ecosystem Revival Plan 2 implementation—a blockchain split preserving the prior version. The existing chain became Terra Classic. New LUNA tokens were airdropped to existing LUNA and UST holders before the crash and subsequent collapse.
Daniel Shin and Do Kwon founded Terra in January 2018, designing it to drive rapid blockchain and cryptocurrency adoption emphasizing price stability and usability. Kwon became Terraform Labs CEO. Before Terra, Shin co-founded and headed Ticket Monster (TMON), a major South Korean e-commerce platform, later co-founding Fast Track Asia, a startup incubator. Kwon previously founded and led Anyfi, a decentralized wireless mesh networking startup, and worked as a software engineer at Microsoft and Apple.
Terra differentiates through fiat-pegged stablecoins combining cryptocurrencies' borderless advantages with fiat's day-to-day price stability. It maintains its peg through algorithms automatically adjusting stablecoin supply based on demand by incentivizing LUNA holders to swap LUNA and stablecoins at profitable exchange rates, expanding or contracting stablecoin supply matching demand. Terra established numerous payment platform partnerships, particularly in Asia-Pacific. In July 2019, it partnered with Chai, a South Korea-based mobile payment app, processing purchases on e-commerce platforms via the Terra network at average 2%-3% merchant fees. The Terra Alliance, a business and platform group promoting Terra adoption, announced in February 2019 that e-commerce platforms from 10 countries representing 45 million users and $25 billion merchandise value were members.
As of August 2022, Terra Classic LUNC total supply is 6.9 trillion, with 6.5 trillion LUNC in circulation.
Terra uses a proof-of-stake consensus algorithm based on Tendermint, where LUNA token holders stake tokens as collateral for transaction validation, earning rewards proportional to their staked amount. Token holders may delegate others to validate on their behalf, sharing generated revenue. Terra offers validator nodes best practice guidance for network security. In May 2019, shortly after mainnet launch, CertiK, a blockchain verification and penetration testing firm, completed a network security audit examining economic model resistance to market manipulation, architecture, and coding language. CertiK found the network's modeling and mathematical reasoning sound, though declined commenting on blockchain performance.
Most crypto exchanges previously supporting Terra Luna continue with Terra Classic (LUNC). LUNC is currently available on major platforms: Binance, KuCoin, Kraken, Huobi Global, PancakeSwap (V2), MEXC, and Gate.io. Download CoinMarketCap's mobile app for real-time LUNC tracking. Check CoinMarketCap's glossary for additional information.
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