Terra

Terra Classic (LUNC) is the original native token of the Terra blockchain, which was launched in August 2018. The Terra blockchain was designed to use fiat-pegged stablecoins to power price-stable global payments systems. The protocol aimed to combine the price stability and wide adoption of fiat currencies with the censorship-resistance of Bitcoin. Originally, the native token was simply called LUNA. However, in May 2022, the Terra ecosystem underwent a major restructuring. The original Terra blockchain was rebranded as Terra Classic, while a new chain was launched under the name Terra, with a new native token also called LUNA. The primary function of the LUNC token was to help maintain the peg of the Terra ecosystem's stablecoins, such as UST, through a process of minting and burning. When the UST stablecoin lost its peg in May 2022, it triggered a collapse that led to a hyperinflationary spiral, drastically reducing the value of the LUNA token. As a result of the Terra collapse, the Terra ecosystem was split into two separate blockchains - Terra Classic and the new Terra chain. The LUNC token continues to exist on the Terra Classic chain, while the new LUNA token was airdropped to pre-existing holders of LUNA and UST. The Terra Classic blockchain and LUNC token are now maintained by the community, independent of the original project founders. While the long-term viability of Terra Classic is uncertain, it continues to be traded and tracked on various cryptocurrency exchanges and platforms.