Terra
$0.0474
-2.4%(24h)30d
Today
-2.4%
30 Days
-9.7%
Price Change (24h)
-$0.001148
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-2.4%
30 Days
-9.7%
Price Change (24h)
-$0.001148
LUNA
0.47
Terra is a public blockchain protocol emerging from Terra Classic, which housed the algorithmic stablecoin TerraClassicUSD (UST). Its now-renamed LUNC token collateralized UST, which crashed during a bank run in May 2022. This devalued LUNA to nearly zero and prompted a new chain launch—resulting in Terra Classic and Terra. The original Terra Classical development began in January 2018 with blockchain launch in April 2019. It attempted merging fiat currency price stability and adoption with Bitcoin's censorship-resistance offering fast, affordable settlements via UST stablecoin. Terra Classic offered stablecoins pegged to the U.S. dollar, South Korean won, Mongolian tugrik, and the IMF's Special Drawing Rights basket. The new Terra blockchain continues Terra Classic's legacy without the UST stablecoin. It develops with the LUNA community, dubbed Lunatics, evolving the world-class UX/UI that drove Terra Classic to second place in total value locked at peak. Hundreds of developers work on diverse decentralized applications, with many DApps committing to Terra migration.
Daniel Shin and Do Kwon founded Terra in January 2018, aiming to drive rapid blockchain and cryptocurrency adoption through price stability and usability focus. Kwon became Terraform Labs CEO. Before Terra, Shin co-founded and headed Ticket Monster (TMON), a major South Korean e-commerce platform, subsequently co-founding Fast Track Asia, a startup incubator. Kwon previously founded and led Anyfi, providing decentralized wireless mesh networking, and worked as a software engineer at Microsoft and Apple. After Terra Classic's collapse, Kwon issued a revival plan eventually leading to Terra Classic's hard fork into Terra. He received criticism from Binance founder Changpeng Zhao and Vitalik Buterin, plus disgruntled UST investors. His proposal passed community vote; Terra Classic hard forked into the new Terra blockchain on May 27, 2022.
Terra continues without the algorithmic stablecoin UST, aiming to preserve the Terra ecosystem with hundreds of developers working on different decentralized applications. LUNA tokens will be airdropped to Luna Classic stakers, holders, residual UST holders, and essential Terra Classic app developers. Terra removed the Terra Foundation Labs wallet for the airdrop, making Terra fully community-owned. Airdrops follow two snapshots: one before the Terra Classic crash (May 7) and one after (May 27).
Terra (LUNA) has a 1 billion token supply distributed as: Developer mining program 8%; Developer alignment program 1.5%; Emergency allocation to app developers 0.5%; Community pool 20%; Pre-attack LUNA holders 35%; Pre-attack aUST holders 10%; Post-attack LUNA holders 10%; Post-attack UST holders 15%. For pre-attack holders: wallets under 10k LUNA unlock 30% at genesis, 70% vesting over 2 years with 6-month cliff; wallets under 1M LUNA have 1-year cliff, 2-year vesting thereafter; wallets over 1M LUNA have 1-year cliff, 4-year vesting thereafter. Pre-attack aUST has 500K whale cap covering 99.7% of holders but only 26.72% of aUST, with 30% unlocked at genesis; 70% vesting over 2 years with 6-month cliff. Post-attack LUNA and UST holders: 30% unlocked at genesis; 70% vesting over 2 years with 6-month cliff. All locked or vesting tokens are staked at genesis, requiring unbonding to become liquid. Pre-attack snapshot: Terra Classic block 7544910 (2022.05.07 22:59:37+08:00). Post-attack snapshot: Terra Classic block 7790000 (2022.05.27 00:38:08+08:00). Terra committed to burning remaining 1B UST from the community pool, reducing ecosystem debt. LUNA airdrop occurred on May 28, 2022, at 06:00 GMT.
Terra uses a proof-of-stake consensus algorithm based on Tendermint, where LUNA token holders stake tokens as collateral for transaction validation, receiving rewards proportional to staked amount. Terra incentivizes network security with 7% annual inflation staking rewards, aligning validator interests with long-term Terra ecosystem success.
Multiple centralized exchanges committed to trading the new LUNA: Huobi, Bitrue, Bitfinex, KuCoin, Gate.io, Bybit, and LBank, with others expected to follow. Those interested in buying LUNA or other cryptocurrencies can find beginner guidance in CoinMarketCap's Alexandria education section teaching crypto and first coin purchases.
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