LUNC (Terra Classic) and LUNA (Terra 2.0) are related but distinct cryptocurrencies that emerged from the Terra ecosystem after a major collapse in 2022.
1. Origin and History
$LUNC (Terra Classic):
This is the original token of the Terra ecosystem before its collapse. It was originally known as LUNA but was renamed to LUNC after the Terra network experienced a catastrophic failure in May 2022 due to the de-pegging of the TerraUSD (UST) stablecoin.
The failure led to a dramatic crash in both UST and LUNA's value, which resulted in a hard fork of the network.
$LUNA (Terra 2.0):
After the collapse, a new chain was launched called Terra 2.0. The token of this new chain retained the name LUNA.
It is considered a reboot of the Terra ecosystem, and unlike LUNC, it has no algorithmic stablecoin tied to it.
LUNA is the native token of the Terra 2.0 blockchain.
2. Supply
LUNC (Terra Classic):
The supply of LUNC is massive due to the hyperinflation that occurred during the collapse of the Terra ecosystem.
As of now, the total circulating supply of LUNC is in the trillions, making it much less scarce than its successor.
LUNA (Terra 2.0):
LUNA has a significantly smaller supply compared to LUNC since it was created with a more controlled supply after the reboot.
It also has a much lower market cap and circulating supply compared to the old LUNC.
3. Network and Governance
LUNC (Terra Classic):
It runs on the old Terra Classic network, which is now mostly community-run.
Governance and development decisions are made by a separate group of developers and validators, mostly trying to rebuild or stabilize the old ecosystem.
LUNA (Terra 2.0):
LUNA is part of the new Terra 2.0 network, governed by its own validators and community.
The Terra 2.0 chain is focused on revitalizing the ecosystem without the algorithmic stablecoin that caused the collapse.#lunc#LUNAđ„đ„đ„
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