Terra is a blockchain protocol designed to facilitate global payment systems using fiat-pegged stablecoins.
Terra’s white paper outlines its unique approach, combining the price stability and widespread acceptance of fiat currencies with the censorship-resistant attributes of Bitcoin (BTC), all while offering swift and cost-effective settlement services.
The development of Terra commenced in January 2018, and its mainnet was officially launched in April 2019.
As of September 2021, Terra provides stablecoins pegged to various currencies, including the U.S. dollar, South Korean won, Mongolian tugrik, and the International Monetary Fund’s Special Drawing Rights basket of currencies. The platform also has plans to introduce additional stablecoin options in the future.
On May 28, 2022, a new blockchain’s genesis block was initiated under the name Terra (LUNA), while the original Terra Chain underwent a rebranding to become Terra Classic.
The native token, LUNA, was similarly renamed as LUNA Classic (LUNC). Furthermore, all network stablecoins (UST, KRT, EUT) were relabeled as Terra Classic stablecoins (USTC, KRTC, EUTC).
It’s worth noting that no Terra stablecoins exist on the new blockchain.
There’s a theory that the inclusion of “classic” in the name is reminiscent of the Ethereum/Ethereum Classic split in 2017.
Terra’s CEO, Do Kwon, suggests that the UST’s collapse in the spring of 2022 parallels the significant moment of Ethereum’s DAO hack in 2017.
Luna Classic (LUNC) is the original native token of the Terra blockchain, introduced in August 2018. LUNC existed prior to the launch of the new Terra blockchain (branded as Terra or LUNA) and operates on the original Terra ecosystem code.
Its primary function was to absorb price fluctuations in the algorithmic stablecoin UST. UST’s value was intended to be pegged to the U.S. dollar through the issuance and burning of UST tokens, thus maintaining supply and demand balance.
However, in May 2022, UST lost its peg and experienced a collapse. The algorithm governing UST generated an excessive number of LUNA tokens, leading to hyperinflation, and consequently, the original LUNA token’s value plummeted by 99%.
Price of LUNC today
Terra Classic is currently trading at $0.000057 per unit (LUNC/USD), boasting a current market capitalization of $329.63 million USD. Over the past 24 hours, the trading volume has reached $10.54 million USD, and the LUNC to USD price is continuously updated in real-time.
In the last 24 hours, Terra Classic has shown a positive change of +1.16%, and it currently has a circulating supply of 5,801.88 billion units.
Terra Luna Classic News
Terra Luna Classic Burn Hits 76 Billion Milestone
The Terra Luna Classic burn initiative has successfully reached a significant milestone, with a total of 76 billion LUNC tokens burned.
This achievement has been made possible through the active participation of crypto exchanges, validators, projects, and community members who have contributed to the burn by sending LUNC tokens to a designated burn address.
On average, the community has been burning around 400 million LUNC tokens per week, and notable contributions have come from Binance, which incorporates LUNC burning as part of its monthly mechanism.
Binance, in its 14th batch of the LUNC burn mechanism on October 1, burned over 1 billion LUNC tokens, bringing their total LUNC burn to an impressive 38.81 billion tokens.
Looking ahead, the Terra Classic L1 Task Force (L1TF) developer group and the Quant USTC repeg team have set their sights on reducing the circulating supply of both LUNC and USTC in the fourth quarter.
Their objectives include restoring the peg of USTC to $1 and collaborating with exchanges to achieve a successful implementation.
As for recent price trends, LUNC has experienced a 3% decrease in the past 24 hours, with its current trading price at $0.000056. The 24-hour trading range for LUNC spans from a low of $0.0000556 to a high of $0.0000583.
Terra Luna Classic faced challenges in maintaining support above the $0.000060 level in the previous week and encountered further declines amid market uncertainty.
Simultaneously, the price of USTC is currently at $0.011, reflecting a decline of over 4% in the past 24 hours and a 12% decrease over the course of a week.
Additionally, there has been a notable decrease in trading volume within the past 24 hours.
Terra Luna Classic Price Prediction as LUNC Approaches Lowest Level in 2 Months
The Terra Luna Classic (LUNC) price has experienced a modest 0.5% increase over the past 24 hours. However, its current value of $0.00005632 reflects an 8% decline over the course of the past week.
Furthermore, LUNC has witnessed a 6.5% decrease in value within the past month and a substantial 81% drop over the past year. This clearly indicates that the altcoin is mired in a prolonged period of decline, with recent months characterized by persistent downward trends.
The challenges faced by LUNC primarily stem from the Terra Luna Classic community’s struggles in implementing tangible measures to support both the token’s price and ecosystem.
While efforts to address these issues are ongoing, it appears that a significant development is needed to dispel the growing skepticism surrounding the token.
Consequently, the likelihood is that LUNC will continue its descent rather than experiencing a significant rally, unless a major transformation occurs in the near future.
In contrast, one of the most recent presale coins, TG.Casino (TGC), seems poised to potentially reverse this trend. TG.Casino is a decentralized casino platform that integrates social media with online gambling.
A testament to the potential popularity and success of TG.Casino lies in its presale performance, having raised over $600,000 within just three weeks of being open to investors.
This heightened interest and enthusiasm can be attributed to two key factors: Firstly, TG.Casino has already launched its platform, and secondly, it offers a unique approach to the familiar online casino experience.
What sets TG.Casino apart is its significant presence on Telegram, where it utilizes various channels to actively cultivate a large and engaged community of users and supporters.
Terra Luna Classic FAQs
Should you invest in Terra LUNA 2.0?
LUNA had been a rising star in the DeFi realm before the Terra ecosystem’s unfortunate downturn. In December 2021, Terra surpassed the BNB Smart Chain, establishing itself as the second-largest DeFi protocol, with over $20 billion locked into its network through various applications.
However, the Terra ecosystem crash saw both the algorithmic stablecoin UST and its counterpart LUNA falter, causing a sharp decline in their prices.
This event eroded investor confidence in smart contracts and cryptocurrencies relying on algorithms.
The decision to invest in LUNA 2.0 should be made based on individual preferences and risk assessments. Each investor has unique goals and tolerances for risk when it comes to their investment choices. Consequently, thorough research is essential before considering any investment in digital assets.
How to buy Terra LUNA 2.0 tokens?
For those seeking to acquire Terra LUNA 2.0 tokens, it’s important to note that you’ll need to utilize a cryptocurrency exchange to convert your fiat currency into LUNA.
Following the relaunch of LUNA after the collapse of UST, it was temporarily removed from several exchanges and has not yet been reinstated on all of them.
Nevertheless, numerous exchanges, including Binance, KuCoin, Crypto.com, and eToro, continue to support the trading of LUNA 2.0 tokens.
The process for acquiring LUNA on these exchanges typically involves standard steps such as registration, determining the method for depositing funds, specifying the investment amount, and selecting a wallet to securely store your assets.
Can you stake Terra LUNA 2.0?
Once you’ve acquired LUNA, you have the option to stake it on cryptocurrency exchanges such as Binance. Just ensure that you possess LUNA in your wallet before initiating the staking process.
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