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Terra Classic

Terra Classic priceLUNC

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LUNC
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1 LUNC = 0.0001217 USD
Last updated 2024-02-23 10:14:19(UTC-0)

Terra Classic price live data summary

The live price of Terra Classic is $0.0001217 per (LUNC / USD) today with a current market cap of $702.70M USD. The 24-hour trading volume is $35.19M USD. LUNC to USD price is updated in real time. Terra Classic is -1.49% in the last 24 hours. It has a circulating supply of 5,775,063,000,000 .

What is the highest price of LUNC?

LUNC has an all-time high (ATH) of $119.18, recorded on 2022-04-05.

What is the lowest price of LUNC?

LUNC has an all-time low (ATL) of $0.{4}1675, recorded on 2022-05-13.

Terra Classic price performance in USD

24h7d30d90d1yAll-time
-1.49%-5.19%+24.92%+62.05%-25.68%-99.99%

Terra Classic price history in USD

TimeLowHigh
24h$0.0001194$0.0001243
7d$0.0001167$0.0001357
30d$0.{4}9118$0.0001401
90d$0.{4}7665$0.0002750
1y$0.{4}5455$0.0002750
All-time$0.{4}1675(2022-05-13, 1 years ago )$119.18(2022-04-05, 1 years ago )

Terra Classic market information

Market capCombinedShapeIcon
$702,698,220.14
-1.49%
Fully diluted market capCombinedShapeIcon
$828,411,000.23
-1.49%
Volume (24h)CombinedShapeIcon
$35,188,047.73
-39.32%
Market rankingsCombinedShapeIcon
Circulation rateCombinedShapeIcon
+84.00%
24h volume / market capCombinedShapeIcon
0.05
Circulating supplyCombinedShapeIcon
5,775,063,000,000 LUNC
Total supply / Max supplyCombinedShapeIcon
6.81T LUNC
-- LUNC
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Terra Classic ratings

Average ratings from the community
4.4
100 ratings
This content is for informational purposes only.

Terra Classic Social Data

In the last 24 hours, the social media sentiment score for Terra Classic was 0, and the social media sentiment towards Terra Classic price trend was Bearish. The overall Terra Classic social media score was 6,499, which ranks 100 among all cryptocurrencies.

According to LunarCrush, in the last 24 hours, cryptocurrencies were mentioned on social media a total of 1,240,010 times, with Terra Classic being mentioned with a frequency ratio of 0.03%, ranking 115 among all cryptocurrencies.

In the last 24 hours, there were a total of 0 unique users discussing Terra Classic, with a total of Terra Classic mentions of 362. However, compared to the previous 24-hour period, the number of unique users decrease by 0%, and the total number of mentions has increase by 1%.

On Twitter, there were a total of 5 tweets mentioning Terra Classic in the last 24 hours. Among them, 20% are bullish on Terra Classic, 0% are bearish on Terra Classic, and 80% are neutral on Terra Classic.

On Reddit, there were 0 posts mentioning Terra Classic in the last 24 hours. Compared to the previous 24-hour period, the number of mentions decrease by 0% . Additionally, there were 0 comments mentioning Terra Classic. Compared to the previous 24-hour period, the number of mentions decrease by 0%.

All social overview

Average sentiment(24h)
0
Social score(24h)
6.50K(#100)
Social contributors(24h)
0
0%
Social mentions(24h)
362(#115)
+1%
Social dominance(24h)
0.03%
Twitter
Tweets(24h)
5
+400%
Twitter sentiment(24h)
Bullish
20%
Neutral
80%
Bearish
0%
Reddit
Reddit score(24h)
0
Reddit posts(24h)
0
0%
Reddit comments(24h)
0
0%

About Terra Classic(LUNC)

What is Terra Classic?

Terra Classic originated as Terra (LUNA), a blockchain protocol initiated in January 2018 with the mainnet launching in April 2019. Terra aimed to use fiat-pegged stablecoins for facilitating a globally price-stable payments system. According to its white paper, the project sought to blend the censorship resistance of Bitcoin (BTC) with the price stability and broad adoption of fiat currencies. It even offered various stablecoins tied to the U.S. dollar, South Korean won, Mongolian tugrik, and the International Monetary Fund's Special Drawing Rights basket of currencies.

However, in May 2022, a critical turning point occurred. The U.S. dollar-pegged stablecoin UST collapsed, leading to a crisis within the Terra ecosystem. Drawing parallels to Ethereum's DAO hack in 2017, CEO Do Kwon likened this collapse to a moment that demanded reevaluation and evolution. As a result, the genesis block of a new chain under the name Terra (LUNA) was launched, and the original Terra Chain was renamed Terra Classic. In this transformation, all native tokens and stablecoins also underwent rebranding. The original LUNA token became LUNA Classic (LUNC), and stablecoins like UST, KRT, and EUT were renamed as USTC, KRTC, and EUTC, respectively.

The term "Classic" in Terra Classic may be a nod to the Ethereum/Ethereum Classic split, which was another defining moment in the cryptocurrency space. Much like how Ethereum Classic carried forward the original Ethereum chain, Terra Classic has been adopted and maintained by a community of devoted supporters, serving as a testament to the resilience and adaptability inherent in decentralized systems.

Resources

Official Document: https://docs.terra.money/

Official Website: https://www.terra.money/

How Does Terra Classic Work?

In the Terra Classic ecosystem, LUNC serves as the backup token for the newly rebranded USTC stablecoin. This relationship means that any appreciation in the value of LUNC could potentially help USTC regain its peg to the U.S. dollar. A crucial development in the Terra Classic ecosystem has been the introduction of the 1.2% tax burn proposal by a group known as the Terra Rebels, who are committed to the revival of LUNC. This proposal aims to eliminate 1.2% of each LUNC transaction from the circulating supply, thereby creating a deflationary pressure on the token.

Interestingly, this tax is not applied to swapping activities between USTC and LUNC, allowing for greater fluidity and ease in trading these assets. This new mechanism has gained considerable traction and has been integrated by several centralized exchanges (CEXs).

This tax burn strategy not only serves to decrease the circulating supply of LUNC but also plays a role in stabilizing the USTC stablecoin. By influencing the demand and supply mechanics, it is designed to help USTC attain and maintain its intended peg. The effort illustrates how Terra Classic is continually innovating its mechanisms to ensure stability, backed by a community-driven approach.

What is Terra Classic Token (LUNC)?

LUNC, also known as Luna Classic, is the residual token from the original Terra Luna project, which was rebranded following the collapse of the UST/Luna ecosystem and the initiation of a new Terra chain. Functioning as an ERC-20 token, LUNC has a circulating supply of 5.8 trillion tokens.

The Terra Crash

The Luna-Terra ecosystem, once a shining star in the crypto universe, experienced a catastrophic collapse that has been likened to the infamous Mt. Gox debacle of 2014. At its peak, the native asset of the Terra blockchain, LUNA, was trading at $116, but in a shocking turn of events, it plummeted to under $1 a token, erasing $40 billion in value. The failure of Terra's algorithmic stablecoin, UST, triggered a "death spiral" that led to the LUNA token losing 99% of its value. The stablecoin, which was supposed to be pegged to the U.S. dollar, fell to mere cents, causing a loss of confidence among investors and leading to a mass sell-off.

The core issue that led to Terra's downfall was its lack of transparency and the inherent flaws in its algorithmic stablecoin, UST. According to experts, the project aimed to create a stablecoin infrastructure robust enough to rival Ethereum's dApp ecosystem and compete directly with fiat currencies. However, the algorithmic model of UST was under-collateralized, making it vulnerable to market pressures. The tipping point came when about $2 billion worth of UST was unstaked from the Anchor Protocol and sold off, pushing the price of UST down to $0.91. This was compounded by a broader market crash, leading to a de-pegging of UST from its $1 value. The total value of UST could not be redeemed against the rapidly falling LUNA, causing a loss of faith in both assets.

The disaster has sparked a renewed focus on the need for more robust systems and has caught the attention of policymakers and regulators who are now more motivated to bring stability and consumer protection to the crypto market. Many believe that the collapse of Terra serves as a cautionary tale for the crypto industry, emphasizing the need for transparency, over-collateralization, and robust economic models to withstand extreme market conditions.

The Luna-Terra crash serves as a stark reminder of the risks involved in the crypto space, especially with algorithmic stablecoins. It has prompted industry leaders to vow to learn from its failures, but the event will likely have long-lasting implications, not just for Terra and its investors, but for the broader crypto industry as well.

Conclusion

In conclusion, Terra Classic is a rebranded version of Terra (LUNA), born out of a crisis that collapsed its original stablecoin, UST. With new features like a 1.2% tax burn, it aims for a fresh start and greater stability. The crash serves as a cautionary tale for the crypto industry, highlighting the importance of robust economic models and transparency. Despite past challenges, Terra Classic embodies the resilience and adaptability of decentralized systems.

Related Articles about Terra Classic

The Crypto Burrito (Volume II): Terra’s Fall From Grace

How to buy Terra Classic (LUNC)

Buying Terra Classic on Bitget is fast and simple.
You just have to create an account, complete identity verification, deposit funds, and your trading journey is all set!
For more information, refer to How to buy Terra Classic (LUNC) .

Trade LUNC perpetual futures

After having successfully signed up on Bitget and purchased USDT or LUNC tokens, you can start trading derivatives, including LUNC futures and margin trading to increase your income.

The current price of LUNC is $0.0001217, with a 24h price change of -1.49%. Traders can profit by either going long or short onLUNC futures.

Join LUNC copy trading by following elite traders.

After signing up on Bitget and successfully buying USDT or LUNC tokens, you can also start copy trading by following elite traders.

People are also inquiring about the price of Terra Classic.

What is the current price of Terra Classic?

We update our Terra Classic to USD price in real time. Get the live Price of Terra Classic on Bitget.

What is the 24 hour trading volume of Terra Classic?

Over the last 24 hours, the trading volume of Terra Classic is $35.19M.

What is the all-time high of Terra Classic?

The all-time high of Terra Classic is $119.18. This all-time high is highest price for Terra Classic since it was launched.

Can I buy Terra Classic on Bitget?

Yes, Terra Classic is currently available on Bitget’s centralized exchange. For more detailed instructions, check out our helpful How to buy Terra LUNA Classic guide.

Can I get a steady income from investing in Terra Classic?

Of course, Bitget provides a strategic trading platform, with intelligent trading bots to automate your trades and earn profits.

Where can I buy Terra Classic with the lowest fee?

We're pleased to announce that strategic trading platform is now available on the Bitget exchange. Bitget offers industry-leading trading fees and depth to ensure profitable investments for traders.

Is Terra LUNA Classic's LUNC a Good Investment?

Terra has witnessed robust adoption within the dApp community, particularly in the DeFi landscape. The real test, however, will be observing whether Terra Classic can maintain this momentum. As numerous prominent projects make the shift to Terra 2.0 blockchain, Terra Classic's trajectory might lean towards developing a worldwide cryptocurrency payment network, potentially boosting the LUNC to USD value. This shift might carve a distinctive path for Terra Classic, ushering in a refreshed identity. Post the cyberattack, the dedicated team behind Terra Classic is devising innovative strategies, aiming to position LUNC as a lucrative crypto investment. The unwavering support from its community underscores LUNA Classic's promising future. Despite challenges like the recent attack, the community's faith in LUNA Classic remains unshaken. Terraform Labs' strategic move to introduce the Terra 2.0 blockchain, coupled with the LUNA token airdrop for LUNC holders, is poised to enhance investor trust. This move could provide a positive thrust to LUNA Classic's market valuation in the near term.

What is the use case of LUNA Classic

Stabilizing USTC's Value in the Terra Classic Ecosystem The Terra Classic community is strategizing to burn LUNC and USTC tokens to realign USTC's peg to the US dollar. LUNA Classic, integral to the Terra 1.0 blockchain, aids in mining, governance, and fee payments. Its primary role? Serving as collateral to stabilize Terra's stablecoins. Maximizing Terra Classic's Potential LUNC holders can stake their tokens, enhancing the ecosystem's efficiency. They can also swap LUNC for USTC or other Terra-linked tokens for profits. LUNA Classic's Governance Role Owning LUNA Classic is more than just possession; it's about governance. LUNC holders dictate the introduction of new stablecoins and influence the Terra Classic network's future direction.

What is the relationship between LUNC and USTC

Terra LUNA Classic holders can exchange their tokens for stablecoins within the Terra Classic blockchain, bolstering the protocol's asset stability. When USTC demand surges, burning more LUNC ensures its USD peg, potentially elevating Terra LUNA Classic's market value. Conversely, if USTC's demand dips, minting more LUNC while burning USTC maintains the US dollar peg, ensuring balanced stablecoin market supply.

Is LUNC the new LUNA?

Luna Classic, known as LUNC, represents the legacy LUNA token from the original Terra chain, which has transitioned to the "Terra Classic blockchain". As the indigenous digital asset of Terra Classic, LUNC upholds the stability of stablecoins within this network. Contrastingly, the novel LUNA, labeled LUNA 2.0, epitomizes the refreshed Terra blockchain. Designed ingeniously by Terraform Labs under Do Kwon's visionary leadership, Terra 2.0 emerges from the aftermath of a crippling attack which dislodged the UST stablecoin's peg, leading the old LUNA (LUNC) to plummet, erasing $40 billion in global crypto market value. Do Kwon's blueprint involves the harmonious coexistence of Terra 2.0 with its predecessor, Terra Classic, targeting the recuperation of monumental losses and restoring investor trust. Complementing this recovery strategy, Terra 2.0's debut was heralded with enticing LUNA 2.0 airdrops for LUNC aficionados.

How to transfer LUNC to Terra Station

Terra Station serves as the primary wallet for both the Terra Classic and the upgraded Terra blockchains. For long-term storage, staking, or to be involved in Terra 1.0's governance, you can shift your LUNC assets from Bitget Exchange to Terra Station. Here are the steps to transfer LUNC from Bitget to Terra Station: Set up your Terra Station account if you haven't done so yet. Purchase LUNC under the Spot Trading category on Bitget. Link your external wallet with the Terra Station profile. Toggle the network from the mainnet (Terra 2.0) to its predecessor, Terra Classic, enabling you to manage LUNC tokens on Terra Station. Navigate to your Bitget profile and opt for the Terra LUNA Classic cryptocurrency withdrawal. Specify how much LUNC you intend to move to Terra Station, then input your wallet address into the designated space. Before confirming, double-check all information and be aware of the associated transaction fee. Upon receipt of LUNC in Terra Station, decide to either keep or stake your tokens.

What happened to LUNA Classic?

In 2022, LUNA experienced a catastrophic price plunge. From a peak of $116 on April 6, it plummeted to $0.00008 by June 6. This dramatic fall wiped out billions from its valuation, which once stood at over $60 billion. The primary catalyst behind this decline was hyperinflation in LUNA's supply due to a bank run on UST, the ecosystem's key algorithmic stablecoin.
Cryptocurrency investments, including buying Terra Classic online via Bitget, are subject to market risk. Bitget provides easy and convenient ways for you to buy Terra Classic, and we try our best to fully inform our users about each cryptocurrency we offer on the exchange. However, we are not responsible for the results that may arise from your Terra Classic purchase. This page and any information included are not an endorsement of any particular cryptocurrency.

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LUNC is available for trading on the Bitget Exchange, and can be held in custody on Bitget Wallet. Bitget Exchange is also one of the first CEX platforms to support LUNC trades.
You can trade LUNC on Bitget.

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KUCUKER
insight885/1000
7.35%
ROI
Total profit $1,635.48
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568.62%
ROI
Total profit $3,240.55
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