Terra Luna Classic emerged after the infamous collapse of the Terra Luna project in 2022. The coin was part of the Terra ecosystem, which powered the algorithmic stablecoin UST (now $USTC
).
The project suffered a massive blow following the de-pegging of UST from the dollar, leading to a hard fork. Whereas the old chain was called Terra Classic, the token Terra ($LUNA
) came to be rebranded as Terra Luna Classic (#LUNC✅ ), while the new version of Terra kept on working with a token called #LUNA✅ 2.0.
The #TerraLunaClassic blockchain continues the original Terra network goal of building a decentralized financial world. The project uses the PoS consensus algorithm, which permits users to stake tokens and maintain the network as a reward.
The total supply of $LUNC
is approximately 6.77 trillion tokens, with a circulating supply of around 5.72 trillion tokens. With a price of $0.00008973, LUNC boasts a market cap of $514 million, which could grow as token burns become more intensive.
Since the crash, the community has mainly worked toward increasing the LUNC burn rate to shrink the enormous supply and boost demand with an increase in the token’s price. Not deterred by the setback, the community is very strong in working on rebuilding the platform and trying to attract more developers and users into the #TerraClassic ecosystem.