Price Data, Market Cap & News for Terra Luna Classic ($LUNC) Cryptocurrency

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An Overview of Terra Luna Classic

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Overview of Terra Luna Classic

A Brief Introduction to the Coin

Terra Luna Classic is a digital currency that operates on a blockchain protocol. It uses fiat-pegged stablecoins to power a global payment system that is not only price-stable but also resistant to censorship. This unique blend of stability and security makes it a significant player in the cryptocurrency world.

The Creators and Major Contributors

Terra Luna Classic was conceived by Daniel Shin and Do Kwon in January 2018. Shin, a co-founder of South Korean e-commerce platform Ticket Monster, and Kwon, a former software engineer for Microsoft and Apple, envisioned a blockchain technology that would be widely adopted due to its focus on price stability and usability.

Token Supply

The supply of Terra Luna Classic tokens is regulated by an algorithm that automatically adjusts the supply based on demand. This ensures that the value of the tokens remains stable, making it an attractive option for investors and users alike.

Purchase Locations

Terra Luna Classic can be purchased on various cryptocurrency exchanges. Some of the major platforms where you can buy this coin include Binance, KuCoin, Kraken, Huobi Global, PancakeSwap (V2), MEXC, and

Common Uses

One of the primary uses of Terra Luna Classic is for global payments. Its stablecoins are pegged to various fiat currencies, making it a viable option for transactions across borders. It is also used in e-commerce platforms, thanks to partnerships with companies like Chai, a South Korean mobile payments application.

Latest News and Developments

There have been several significant developments in the Terra Luna Classic ecosystem recently. In May 2022, the genesis block of a new chain was launched, rebranding the original Terra Chain as Terra Classic. This move was aimed at conducting future transactions under the new chain, named Terra (LUNA).

Another major development is the renaming of the original native token, LUNA, to LUNA Classic (LUNC). This was done in conjunction with the rebranding of all network stablecoins to Terra Classic stablecoins.

On the technological front, Terra Luna Classic continues to innovate. It uses a proof-of-stake consensus algorithm based on Tendermint, which secures the Terra blockchain. This system allows LUNA token holders to stake their tokens as collateral to validate transactions, earning rewards in the process.

Despite these advancements, it's important to note that the value of LUNA can decrease if its stablecoin, UST, is perceived as unstable. This was evident in May 2022 when a series of liquidations and bank runs led to a significant devaluation of the LUNA Classic token.

Regulatory Scrutiny and Legal Troubles

Recent news about Terra Luna Classic has been dominated by regulatory scrutiny and legal issues. South Korean authorities have launched a full-scale investigation into Terraform Labs, the company behind Terra Luna Classic, following the collapse of its stablecoin, UST. The investigation is looking into potential price manipulation and whether the tokens went through proper listing procedures.

Technological Developments and Market Response

In response to the crisis, Terraform Labs has introduced a new version of the Luna token, which saw a significant price surge following its listing on Binance. However, the Terra Luna Classic price today has experienced a sharp decline, falling by 70% a day after its debut. This has led to a decrease in trading volume and a cooling off of sell-off activity.

Community Response and Future Plans

The Terra community has been active in response to these developments. Dfyn, a decentralized exchange, has announced a liquidity mining program for the Terra community, allocating 1% of its total token supply towards farming rewards. Meanwhile, Terraform Labs has unveiled a controversial plan to fork the Terra blockchain, abandon UST, and create new Luna tokens. This plan has been met with skepticism from the crypto community.

Impact on the Broader Crypto Market

The recent news about Terra Luna Classic has had a significant impact on the broader crypto market. The collapse of Terra has led to a decrease in risk appetite among crypto investors, with a significant amount of capital being locked in stablecoins. This event has also prompted discussions about potential regulatory changes in the crypto space, both in South Korea and internationally.