LUNC/USD (-4.94%)
This is the rebranded version of the old Luna coin. It was created when the UST de-pegged from the US dollar, an event that led to an extreme increase in the supply of Luna. Since it was among the top ten cryptocurrencies before the crash, the coin is being observed closely by investors and crypto enthusiasts. You shouldn’t confuse the rebranded coin with Luna 2.0 as the latter is a new coin that was created after a hard fork of the old Terra chain. This is simply the failed native coin, that still runs on Terra Classic blockchain, while Luna 2.0 runs on the new Terra blockchain.
A Bit About Terra Classic
This altcoin was started by Do Know and Daniel Shin, and their original vision was to drive the rapid adoption of cryptocurrencies and blockchain technology. With its support of algorithmic stable coins, the altcoin was able to combine the benefits of cryptocurrencies with the stability of traditional fiat currencies. The coin is used in the Terra ecosystem and is essential to the functioning of the network.
The original Terra coin with a connection to the failed stablecoin UST.CryptoLists.com
This altcoin was launched towards the end of May 2022, although it has technically existed as Luna since 2018. It still uses the old code and Terra ecosystem, although everything has been rebranded to include the name ‘Classic’. For example, its blockchain is known as Terra Classic, and the UST is now known as Terra Classic USD or USTC. Following the collapse of the cryptocurrency, the community seems to be focusing more on burning the circulating tokens to bring the value back up. A number of crypto exchanges have supported this move and are trying to burn the tokens through transaction fees.
Utility of Terra Classic?
Owners of this altcoin are able to make profits by maintaining the peg of various stable coins, the most important being the USTC. To make a profit, you have to buy USTC when it is trading below $1. You will then exchange the coin for a $1 worth of Luna Classic since the network always ensures that one USTC trades at exactly $1 worth of Luna. You can then exchange your coins for fiat and make a profit.
As a holder of this cryptocurrency, you will also get governance rights on the network. That means your input will be taken into account before any changes are made to the protocol. In the voting process, one staked token will equal one vote, so owning lots of staked coins will give you more voting power. You can also use your governance rights to submit proposals to the community. Most proposals cover changes in the parameters defined in the modules, the funds in the community pool, and major directional changes in the network.
You can also stake your coins by boding them to a validator, and this will entitle you to some rewards. This particular network only allows the top 130 validators to participate in consensus. To stake your tokens, you will first need to go to the Terra Station, where you will click ‘Staking’. From there, you have to choose a Validator and delegate a number of tokens to them.
You will also need to own this coin when transacting on the ecosystem as it is used to pay gas fees.
Terra Classic Price details
ERC20 Contract address: 0x7e43d25EaD96B1058f671F6690ea705BA2C7e5B9
›› Details & Tokenomics
›› LUNC tokenomics and social media
Advantages of Terra Classic
+ Still got quite a few supporters.+ Rather fast transactions.
+ Fairly low transaction costs.
Disadvantages
- The failed Terra (LUNA) was renamed Luna Classic.- Printing too many new LUNC coins.
- Many platforms don't support the classic Luna.
- Barely managed to survive.
- Got lots of negative publicity.
Costs
▪ Rated at 5/10Validators on this network are able to set their own minimum fees, so the transfer costs can vary over time. However, you should note that the payments are not processed based on the transfer fees. Instead, the network queues the transfers based on the order they were received.
Reputation and Buzz
▪ Reputation rated at 1/10▪ Buzz rated at 3/10
Although this cryptocurrency is receiving a lot of support from the community and crypto exchanges, lots of people are still sceptical about the entire project. And you should be too.
Why? Well, this is because of its recent collapse. The CEO of the company, Do Kwon, has been criticized for his poor handling of the project, and many people were disappointed that the official subreddit of the project was shut down when the coin collapsed. The subreddit has since been reactivated and hosts a large community of Luna Classic investors and enthusiasts. You can follow discussions on this altcoin on r/terraluna or Twitter.
FAQ
What is the difference between this coin and Luna 2.0?
This coin is still associated with Luna 2.0, but the two tokens work differently and independently. While LUNC is simply the rebranded version of the old Luna coin, Luna 2.0 works as an entirely new token. It was developed through a hard fork from the original Terra chain. As you can see on the startpage on the official Terra Network, they don't even mention Terra Classic. Why? Well, they probably see it as the failed project that is too expensive and complicated to save.
Who is the founder of this cryptocurrency?
This altcoin was founded by Do Kwon and Daniel Shin in 2018. Do Kwon is known for being the mastermind of the project and is currently the CEO of Terraform Labs.
Where can you buy this altcoin?
As a major altcoin, this cryptocurrency is available for purchase on a wide range of crypto exchanges, including Huobi, Upbit, and Bitfinex. You can buy the coin using fiat currencies, stable coins, and other cryptocurrencies.
What is the supply of this cryptocurrency?
This altcoin has a total supply of over 6.9 trillion tokens, and the circulating supply is around 6.5 trillion. The coin experienced extreme inflation as holders were trying to maintain the peg of UST.
Where can you store these tokens?
You can store these tokens on MetaMask, Ledger, Coinbase Wallet, Assure Wallet, iToken Wallet, and Freewallet. You should choose a wallet based on its security, convenience of use, and level of privacy.
Screenshots from Terra Classic
More sites where to buy/sell/trade Terra Classic
Below you can see some other platforms, exchanges and/or brokers where you can buy, sell or trade this token. Click on the logo to read our review.
Remember to never risk money that you can not afford to loose. Crypto currencies is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.
Terra Classic details and tokenomics
SCRT Contract address: secret1ra7avvjh9fhr7dtr3djutugwj59ptctsrakyyw
