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Terra Classic is a rebranding of the old Terra chain, a smart contract platform that originally operated using a suite of stablecoins. Luna Classic (LUNC), Terra’s native staking and governance token, absorbs the price volatility of stablecoins on the Terra network.
Following the depegging of Terra’s UST stablecoin in May 2022, the UST sell off increased the circulating supply of LUNC from approximately 340 million tokens to over 6.5 billion, causing LUNC to lose over 99% of its value. Following the Terra Ecosystem Revival Plan 2, LUNC holders voted on a proposal to create a new blockchain, and migrate users and developers over to it, without the original chain’s algorithmic stablecoin UST. It was decided that the old chain would be renamed Terra Classic, and would utilise the LUNA Classic coin (LUNC). Luna Classic (LUNC) is the coin of the original Terra Luna blockchain that migrated to a different chain (Terra 2.0).
Despite their close resemblance, these two assets are distinct. Based on the new governance proposal, the Terra ecosystem migrated to a new chain with a total supply of 1 billion tokens. The new chain - Terra 2.0 - operates using LUNA, the new governance and utility token native to the new chain.
Due to the de-pegging of UST, LUNC is experiencing extreme volatility. Please proceed with caution. Due to the volatility we may only allow you to close out your positions in LUNC only. The Terra blockchain was also halted.
You can track the price of LUNC tokens and other cryptocurrencies on eToro by adding them to your virtual portfolio.
Cryptoassets are highly volatile and unregulated. No consumer protection. Tax on profits may apply. Investing in $LUNC is high-risk, and may include price swings, order pauses and cancellations, blockchain vulnerabilities, low trading volumes, market illiquidity, delisting, suspension of trade, and other factors which may adversely affect your investing and significantly increase the likelihood of losing a substantial amount of your funds (or all of them), even over a short period of time. See responsible-trading.