In the cryptocurrency world, the story of Luna Classic (LUNC) is indeed full of magic and twists and turns.

Many people have become millionaires because of this, and many people have lost their fortunes because of this!

LUNC was originally a core token in the Terra ecosystem. After the collapse of the Terra ecosystem, it has undergone major changes and reorganization.

Here are some key points about LUNC and the story behind it:

Origin and collapse: LUNA was originally a native token in the Terra network, designed to achieve price stability of stablecoins through algorithmic stablecoins (such as UST, anchored to the US dollar). In 2022, UST lost its peg to the US dollar, triggering the collapse of the entire Terra ecosystem, which is also considered one of the worst deleveraging events in the history of cryptocurrency. After the collapse, LUNA was renamed Luna Classic (LUNC) to distinguish the new Terra reorganized token.

Community revival: Despite the collapse, LUNC did not completely disappear. The community and developers worked hard to revive through various means, including burning LUNC through transaction taxes to reduce the total supply, hoping to increase value by reducing supply. There is an interesting strategy here, which is to reduce the number of LUNC in circulation by setting a transaction tax.

0.5% tax rate proposal: In order to burn LUNC more efficiently, the community proposed to increase the transaction tax from 0.2% to 0.5%. The adoption of this proposal is seen as an important step for the community to revive LUNC, although it also caused a debate on whether it would affect trading activity.

Market performance: Despite the violent volatility, LUNC has shown surprising resilience in certain periods of time. Depending on the efforts of the community and market dynamics, LUNC sometimes sees significant price increases, despite very low base prices.

The story of LUNC reflects the extreme volatility and uncertainty of the cryptocurrency market to some extent, but also demonstrates the resilience and innovation of the technology community in the face of extreme failure. This story reminds investors and participants that cryptocurrency is not only a technical and financial game, but also a manifestation of human social organization and faith.