Terra Luna Classic

Terra Luna Classic is the current name of the original Terra blockchain developed by Terraform Labs. The network's algorithmic stablecoin UST lost its dollar peg in May 2022; because of the minting and burning mechanism between LUNA and UST, the LUNA supply multiplied within a very short time and the price collapsed. After these events a new chain was launched under the name Terra, the old chain was renamed Terra Classic and the old LUNA token was renamed LUNC.

LUNC is the native token of the Cosmos SDK-based Terra Classic chain; it is used for transaction fees, for staking to validators and for on-chain governance votes. Today the chain is largely maintained by volunteer developers and validators. Through governance, the community has introduced a transaction tax and burn measures aimed at reducing supply. The counterpart of UST on the classic chain continues to trade as USTC and has no dollar peg.

On Lzzo.com, the LUNC price is based on the Binance USDT pair and converted to US dollars using the Coinbase USDT/USD rate. This page was prepared to explain the project's history and identity.