Introducing Terra Classic
Terra Classic was considered one of the most promising cryptocurrencies globally. Terra Classic is an open-source, community-owned blockchain that inevitably hosts a number of different applications. After its collapse in 2022, Terra Classic decided to rebrand its token from Luna to LUNC. Both of these tokens exist now, but the original token, Luna, has very little activity.
The point being, please note that the token that we will discuss in this article is the rebranded version, LUNC. With the new Terra blockchain, the company wishes to continue the work in progress by Terra Classic. Two Terra blockchains are operating simultaneously. One is the first Terra network with Luna Classic (LUNC). The second is the new blockchain with its native token called Luna (Luna).
In this article, our focus will be Luna Classic (LUNC).
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What is Terra Classic (LUNC)?
Luna Classic (LUNC) is a decentralized finance token within the Terra ecosystem. Terra is a decentralized blockchain hosting DApps and developer tools.
You can use LUNC to pay transaction fees on the blockchain when you interact with different applications or to have your say when it comes to important proposals, as well as use it to earn staking rewards. Initially, its purpose was to absorb any price changes of the blockchain’s algorithmic stablecoin, terraUSD (UST). UST was supposed to keep its price pegged to the U.S. dollar by creating (minting) and burning (destroying) UST tokens to keep the demand and supply of stablecoin balanced at one dollar per UST.
When UST collapsed in May 2022, the token fell into a spiral because the algorithm that was intended to back up UST created too many tokens, reducing its value by 99.99%.
The Genesis of Terra Classic (LUNC)
Terra was founded in 2018 by Do Kwon and Daniel Shin. It was not until a year later that its mainnet was finally launched. Kwon and Shin established Terra to provide investors with the stability of fiat currencies by leveraging the power of blockchain technology for faster more economical settlements compared to conventional payment methods.
The Vision Behind Terra Classic
The vision of Terra Classic is to facilitate the adoption of cryptocurrencies at mass levels by establishing digital native coins that are pegged against major fiat currencies.
The Significance of Blockchain Technology
Blockchain technology can speed up financial settlements of fiat currencies with more security. No wonder why it has continued to soar in popularity.
Revolutionary Financial Transactions
One of the main features of LUNC is its fast transaction speed.
It is even faster than other cryptocurrencies like Bitcoin and Ethereum. Not only that, it also has lower transaction fees compared to other crypto exchanges. Settling trades in fiat-pegged cryptos is not only faster but also more affordable than doing it on stand-alone fiat currencies.
Enhancing Security and Transparency
Trading in blockchain tokens is inherently secure and transparent. In the case of LUNC, all transactions on the LUNC network are public and can be viewed by anyone, which helps to prevent fraud and corruption.
Core Features of Terra Classic (LUNC)
Sources say the addition of the term Classic is a reference to the Ethereum Classic and Ethereum split in 2017. The founder of the platform himself said that the collapse of UST on Terra Chain (now Terra Classic) is the equivalent of the hack of DAO on Ethereum in 2017.
How Terra Classic Operates
Stablecoins are the main feature of the Terra protocol.
The network employs a stablecoin protocol to eliminate the volatility that plagues most cryptocurrencies while also allowing users to make fast, inexpensive, and frictionless payments.
Currently, LUNC isn’t pegged to any fiat currency, so it is not a stablecoin anymore. Its peg, UST, was lost last year in a dramatic collapse. On the Terra network, LUNC is a governance and staking token.
The Underlying Algorithms
Terra Core is the full-node software implementation of the Terra blockchain. It is powered by the Cosmos SDK and Tendermint BFT consensus. The Cosmos SDK is a framework for building blockchain applications. It uses IBC, the Inter-Blockchain Communication protocol, enabling you to exchange assets and information across many independent decentralized blockchains. On the other hand, Tendermint Core BFT Consensus defines the base data structures, how they are validated, and how they are communicated over the network.
Comparison with Other Blockchain Projects
Is Terra Classic better than Bitcoin and Ethereum? Read ahead to find out.
Terra Classic vs Bitcoin
Another unique feature of LUNC is its scalability. Unlike Bitcoin, which has a limit on the number of transactions it can process per second, LUNC can handle thousands of transactions per second. This makes it ideal for use in large-scale applications like e-commerce and online gaming.
Terra Classic vs Ethereum
Ethereum is a fairly demanded crypto among dealers, ordinary users, and investors. The crypto is listed on many exchanges and can be purchased with other altcoin. Terra Classic and Ethereum remain very similar. Even though Terra overtook Ethereum as the second-largest crypto exchange in 2022, everything changed after its collapse. Since both coins are unstable, the answer to this question may be different depending on the situation in the crypto market. Hence, you need to verify the current data.
Advantages of Terra Classic (LUNC)
Despite its collapse with the UST, LUNC is still available to buy and carries the same advantages inherent in cryptocurrencies.
Decentralization
If you are familiar with blockchain technology, you must acknowledge how decentralization is evolving finance. Decentralized Finance involves types of financial instruments and protocols that help individuals to manage their wealth. It is a unique system that decreases the reliance on conventional financial institutions, such as banks, platforms, and fiat currencies.
Security Enhancements
Transactions on the Terra Luna blockchain are immutable and cannot be reversed or tampered with. Furthermore, the Terra Luna network is powered by a network of computers, making it difficult for hackers to gain access.
Luna (Luna) vs. Luna Classic (LUNC)
Luna and LUNC both have the right to exist after the passing of Terra Ecosystem Revival Plan 2. Its purpose was to divide the blockchain into two, all the while preserving the previous version of the blockchain. LUNC (Luna Classic) is the original stablecoin which was pegged to the UST.
The LUNC Token
Terra Classic (LUNC) is a decentralized finance token within the Terra ecosystem. Terra is a public, open-source, decentralized blockchain hosting an ecosystem of DApps and developer tools. Terra Classic runs on two tokens: Terra and LUNC.
Token Distribution and Allocation
Validators are the miners of Terra Classic. They make sure that the blockchain is secure and working correctly. Not a single new block is added without being verified by the validators first. Users stake LUNC to validators in exchange for staking rewards. Hence, they play a pivotal role in the governance of the Terra Classic protocol.
Contributing to the Terra Classic Ecosystem
LUNC functions as the governance token. It means that holders of the token can actively take part in the decision-making process of the network by not only suggesting but also voting on any potential additions or subtractions to the Terra ecosystem. Moreover, LUNC functions as a stablecoin. It maintains the value of a traditional financial asset.
How to Buy LUNC Tokens on Binance
Purchasing LUNC on Binance is a simple and easy process. Other exchanges also allow you to buy it, but we will stick to Binance in this article because of its low fees and large size.
Create a Binance Account
The first step is to create your account. Click on the link below, which will take you to Binance’s registration page using a special Coin-Labs referral code. You must register on the Binance platform and log in before going ahead with the account verification. This verification is crucial to account safety and is very common in the registration processes of crypto exchanges.
Funding Your Account
After getting your account verified, go to the “buy crypto” section. You should see a list of acceptable payment methods ranging from fiat currency to cryptocurrencies. Choose whichever works best for you to fund your account.
Access the Spot Market
Good! Now is the time to buy the token. To access the spot market, go to the “buy” button and select LUNC. Alternatively, search LUNC in the search bar at the top of your screen.
Confirm and Execute Your Order
Next comes the moment to adjust the selected value before confirming the purchase. Once you’ve confirmed your purchase, getting your Luna tokens only takes a few seconds.
Transfer to Personal Wallet
Finally, transfer the token to your personal wallet by pasting its address.
Future Trajectories
What is the future of Terra Classic? Will Luna Classic ever recover? Many of the initial projects of the first blockchain have moved to the newer blockchain of Terra, Terra 2.0. They include Astroport, Prism, RandomEarth, Spectrum, and Nebula.
Project Roadmap
In its early days, Terra offered some exciting and innovative features in the blockchain world. Today, the future of the original Terra Classic along with its native token is uncertain. If there is a positive elevation in the market sentiment, then it might appreciate. As innovative as the concept may be, it has been based on a large-scale deception, and in 2023, it’s almost surprising that this cryptocurrency is still available for exchange. The future of (Luna) is highly uncertain, and we’ll have to follow the extradition of its founder to the USA or South Korea to find out whether or not this principle can endure over time.
Terra Classic Price Prediction
Entering 2025 investment analyst will hopefully see a number of improvements to the Terra Classic network, thus increasing its performance. These improvements have projected a bullish run if the coin attracts major attention. Price-wise, we should hopefully see the coin hit $0.0009.
For 2026 we will need to recognize the major resistance levels to see whether the coin will respect these levels or not. If the coin manages to retain its popularity amongst investors then we can potentially see a prediction of $0.0028.
Moving on into 2027 will test the upgrades that will have been implemented and will hopefully rely on the network’s performance to attract more investment, not just from big players but from regular investors too. If investors acknowledge the upgrades and the network brings back positive results, we might see the coin reach $0.004.
2028 might be a little different since you can’t make an omelet without breaking a few eggs. Investors might want to see some return on their investment and may decide to pull out, not due to fear or performance issues, but just because they want realized profits.
Moving into 2029, the stability of Terra Classic might come into question if too many investors pull profits out at once. This will cause some unrest amongst investors, but eyes should be focused on the journey and the project, as well as leadership. If confidence remains the same and investors are still throwing money into the coin, then we could likely hit a price of $0.04.
Finally, in 2030 we are hoping to see some major spikes in price that compliments the coin’s performance, durability, and sustainability. Along with investor confidence and whether Terra Classic can deliver. Some analysts think that Terra Classic could reach $0.1 by 2030.
Community and Ecosystem
The community of Terra Classic burns as many LUNC tokens as possible to revalue its native token LUNC.
To do so, they initially put a 1.2% burn tax on all transactions. Since May 2023 that take is now 0.5%. The burn works by automatically burning tokens whenever there is a transaction on the network. One thing to note is that the number of tokens that are burnt is relative to the number of tokens that are currently in circulation. This upholds the promise to keep the number of tokens decreasing, which will increase their value over time.
Some exciting projects are being built on Terra this year. The latest of these is the Mintscan, added in August this year. It is an inter-chain protocol that has 130 active validators out of a total of 187. It is a testament to its popularity as it has been able to collect them in such a short period. You can stake, earn, and bridge between different blockchains using applications powered by the Cosmostation Validator Node. Another project built on Terra in July this year is called Black Panther. It is an asset management protocol created to assist you in managing returns on your digital assets.
Conclusion
Investing in Luna Classic (LUNC) is risky at present. The Terra Classic project has suffered a devastating locus since May 2022. While its community has shown remarkable energy and determination, its past wounds make it difficult to oversee a long-term future for LUNC. Although there is plenty of upside potential, other cryptos may offer better rewards.
We Coin-Labs.com provides only objective information about Terra Classic.
Therefore, we are not responsible for the investment decision in Terra Classic and the resulting loss.
Terra Classic Basics
Here are some factors that investors should consider before investing in Terra Classic.
| Cryptocurrency Features | Terra Classic () |
|---|---|
| Publisher or Developers | |
| Headquarters (Registration Number) | |
| Symbol | |
| Platform | |
| Published Date (CMC Registration) | 2024-10-02 |
| Max Supply | 958,691,258,152,859 |
Reliability Score of Terra Classic in 2024
These are indexes mesuring the investment reliability of Terra Classic conducted by Coin-Labs.com.
| Investment Reliability Rating Items | Scores and Current Status |
|---|---|
| Company Activation Rate | / 10.0 CAR |
| Communication Rate | / 10.0 CR |
| Technology Transparency Rate | / 10.0 TTR |
| Development Participation Rate | / 10.0 DPR |
| Listing Status on the World's Top 10 Exchanges | Listed on 0 Exchanges |
| Number of Available Pairs Worldwide | 1 Pairs |
| Market Cap of the Cryptocurrency | 6,683,329 USD (Rank #1295) |
The table above shows the result of investment suitability evaluation for Terra Classic.
Check out how we evaluate cryptocurrencies on the crypto rating description page.
Terra Classic Price
Here are the price and recent trading volume of Terra Classic. (Data of 2024-10-03 00:15:00)
| Price Items | Price and Trading Volume of Terra Classic |
|---|---|
| Terra Classic Price | 0.000 USD |
| Price Change 24h | -5.48% |
| Price Change 7d | -4.99% |
| Trading Volume 24h | 11 USD |
| Trading Volume Change 24h | -82.47% |
Cryptocurrency Metadata
You can check the development status and social media information of Terra Classic through the links in the table below.
| Metadata Source | URL |
|---|---|
| 🌎 Official Website | |
| 📖 White Paper | |
| 🛰️ Source Code (GitHub) | |
| 🎺 Message Board |
Where to Buy Terra Classic
Here are the top ten world crypto exchanges where traders can buy Terra Classic in 2024.
| Top10 Exchanges | Listed Status | Page URL |
|---|---|---|
| Binance | Not listed | |
| Coinbase | Not listed | |
| Kraken | Not listed | |
| KuCoin | Not listed | |
| Bitfinex | Not listed | |
| OKX | Not listed | |
| Huobi | Not listed | |
| Bitstamp | Not listed | |
| Bybit | Not listed | |
| Gate.io | Not listed |
Frequently Asked Questions
What is the current price of Terra Classic?
Terra Classic price today is 0.000 USD. Furthermore, the price of Terra Classic has fluctuated by -5.48% from 24 hours ago, and by -4.99% from a week ago.
Where is Terra Classic listed?
Currently, it is listed on a total of 0 among the world top 10 exchanges.
What is the market cap of Terra Classic now?
Currently, Terra Classic has a market cap of 6,683,329 USD, which is ranking 1295 among cryptocurrencies worldwide.
How much is the trade volume of Terra Classic?
Currently, 0 coins are circulating through 1 market pairs. As a result, in the last 24 hours, 11 USD of coins were traded in the market.
