Terra was founded in January 2018 by Daniel Shin and Do Kwon. This open-source blockchain hosts a companion decentralized application (dApp) ecosystem and top-of-the-line development tools designed to make its stablecoin available to every developer on every blockchain.
Terra Classic is the original chain of Terra. Due to the impact of decoupling from its pegged asset, LUNA was previously renamed LUNA Classic (LUNC). The Terra protocol uses stablecoins linked to fiat currencies to power a price-stable global payment system and achieves an instant settlement and low-cost services such as fees and seamless cross-border transactions.
Currently, LUNC is officially called Terra 2.0. The community and developers are still enthusiastic. Terra ecosystem is thriving in order to achieve the goal of making it "the new Terra blockchain which is one of the most decentralized blockchains ever created".
How LUNC works
Terra blockchain uses proof-of-stake consensus and technologies such as Mantlemint, Terrain, and Terra Station to provide users with a DeFi experience. As a permissionless, borderless economy, Terra makes the next generation of financial products accessible to anyone with an internet connection.
Terra Protocol is a decentralized public blockchain governed by community members. Allowing users and validators to make changes to the Terra protocol requires only community members to submit, vote, and implement proposals.
Miners (i.e. validators of the Terra blockchain) are responsible for securing the Terra blockchain and ensuring its accuracy. They propose blocks, vote on their validity, and add each new block to the chain in exchange for staking rewards for transaction fees. However, if a block is rejected, a new proposer is chosen and the process starts. Until accepted, the block is signed and added to the chain.
The validator has a copy of all transactions on the chain for the record so that they can be compared in multiple proposed transaction blocks. However, the validators exist independently in the network, so when performing consensus voting, any wrong block is unacceptable, and in this way, validators protect the integrity of the Terra blockchain and ensure the validity of every transaction.
What is LUNC?
The predecessor of LUNC, LUNA coin, is the mining coin of the TerraDPoS blockchain. The full name is Terra Luna. Released on July 26, 2019, the total supply is 1,000,000,000 LUNA. But after the impact of the decoupling event extended, Terra Classic users passed governance proposal 1623 on May 25, 2022, which outlines the origins of the new Terra chain. The proposal also describes a genesis distribution for Terra Luna Classic (LUNC), which will be airdropped to users of the Terra Classic chain based on pre-depeg and post-depeg snapshots. On May 27th, the phoenix-1Terra mainnet was launched, officially opening a new era of Terra community growth and the airdrop of new tokens.
LUNC is a monetary protocol that ensures price stability by algorithmically expanding and contracting supply. Terra believes that this new financial infrastructure for decentralized applications can well address the huge hurdles of cryptocurrency price volatility, thereby transforming the financial landscape and enabling mass adoption of the crypto market.
LUNC Crypto Wallet
In addition to placing LUNA in the Gate.io exchange for easy trading, users can also save LUNC in a crypto wallet.
Terra Station is the official wallet of the Terra blockchain. It uses multi-signature. Investors can use it to buy tokens from, or withdraw from, Terra-backed exchanges, and in their wallets, they can also stake Luna to validators to start earning rewards. Terra Station integrates mobile applications and Chrome browser extensions, which can be supported in multiple scenarios.
Moreover, investors can also use the Chrome browser to connect the Terra Station wallet to the Keplr wallet and use tokens like LUNC and LUNA on the Keplr wallet.
1. What determines the price of Terra Luna Classic?
There are two schools of thought in determining the price of Terra Luna Classic.
By way of intrinsic value: This typically involves on-chain metrics, project metrics and financial metrics of Terra Luna Classic, collectively known as fundamental analysis. The law of supply and demand, tokenomics, use case, project roadmap as well as regulations and governance involved would affect the value of Terra Luna Classic from a long term perspective.
By way of price action: Primarily analyzed via candlestick chart patterns and technical indicators such as MACD, RSI and the bollinger bands, technical analysis forecasts the price of Terra Luna Classic on the basis that history tends to repeat itself. As the candlestick charts are a general representation of the emotion of the market, news announcements and community sentiment can be significant price action drivers for Terra Luna Classic as well.
HODLers tend to prefer the long term nature of fundamental analysis, whereas short term traders tend to rely on technical analysis more. In reality, both analyses may combine and create interesting scenarios for Terra Luna Classic and the cryptocurrency market as a whole.
2. What is the highest price of Terra Luna Classic in history?
Terra Luna Classic achieved the all-time high of €113.47 in 2022-04-05, and is currently trading at €0.00016.
3. What is the lowest price of Terra Luna Classic in history?
In 2022-05-13, Terra Luna Classic reached the all-time low of €0.00000.
4. Should I buy Terra Luna Classic now?
It is important to remember that Terra Luna Classic, like all other cryptocurrencies, are subject to extreme market conditions, legal policies, project team management and other unpredictable factors. As such, cryptocurrencies fluctuate greatly and it is important to manage your own risk level. Users are advised to do your own research when making investment decisions in the crypto market.