Terra Luna Classic Price

What Is Terra Classic?

Terra Classic is an open-source proof-of-stake blockchain protocol that uses an algorithmic mechanism to maintain the price of its fiat-pegged stablecoin, TerraUSD (UST).

Terra Classic is the result of the original Terra blockchain hard fork in late May 2022, which split into two chains — the new chain, termed Terra 2.0, and Terra Classic as the old chain.

What Is Luna Classic (LUNC)?

Luna Classic (LUNC) is the reserve currency for the Terra Classic blockchain. Terra Classic relies on LUNC to algorithmically stabilize UST. 

Previously known as LUNA, LUNC is the remnant native token of the original Terra blockchain, which rebranded to Terra Classic after experiencing a massive hyperinflationary drop that almost grounded the project in the second week of May 2022.

Luna Classic (LUNC) Price

While LUNC may have experienced some turbulent price movements in 2022, it hasn’t always been like that. In 2020, Terra Luna’s price was relatively stagnant between $0.20 and $0.60. However, as the market opened up to welcome the bull run of 2021, Terra’s price broke above $1 by the end of January 2021.

In the early months of 2021, Terra made substantial price movements and closed the first quarter by hitting $20 in March. There was a slight retracement in the following months, but in July 2021, Terra started its phenomenal rise to the top.

Terra’s price closed the year on a high note and almost hit $100 ($99.92) in December. After a slight price drop in January 2022, Terra shot up to hit its highest price of $119.18 on April 5, 2022. It was after this milestone that things went south.

In May 2022, Terra’s stablecoin, UST, lost its peg to the U.S. dollar, which sent the price crumbling down to near zero. However, Terra Luna made a comeback a month later as its community decided to retain the project with a rebranding of the LUNA coin to LUNC.

The Terra Luna Classic price has been trying to recover from its phenomenal drop. However, it remains highly volatile with some price swings, particularly in September 2022, due to news such as Do Kwon’s Interpol red notice and Binance’s announcement of its 1.2% LUNC tax burn.

What Is Luna Classic (LUNC) Used For?

LUNC plays an instrumental role in the operation and maintenance of the Terra ecosystem. As the reserve currency, it stabilizes the Terra Classic stablecoin and cushions users against price volatility.

Additionally, Terra uses a proof of stake (PoS) consensus mechanism through which validators need to stake the token to record and verify transactions. In return, they receive LUNC rewards for securing the network.

LUNC holders who have staked their tokens can also vote on the platform’s governance proposals.

Luna Classic (LUNC) Tokenomics

LUNC has a current total and circulating supply of approximately 6.9 trillion tokens. With the implementation of the 1.2% LUNC tax burn, the total supply (slightly greater than the circulating supply) is expected to drop over time.

Who Is the Founder of Terra Luna Classic? 

Terra was launched in January 2018 by Daniel Shin and Do Kwon. Following the launch of Terra 2.0, Do Kwon now runs a blockchain parallel to the original Terra chain.

Read more: What Is Luna Classic: Rise of LUNC With Luna Hard Fork

How to Store Luna Classic (LUNC)

Terra Classic’s official Terra Station Wallet is recommended for storing LUNC. Its features include the ability to stake and bridge tokens. Other wallets which can store LUNC include Trust Wallet and Coin98 Wallet.

Where to Buy Luna Classic (LUNC)

You can buy LUNC from any top crypto exchange, including Bybit. On Bybit, you can trade LUNC as a USDT spot pair (LUNC/USDT) or a USDC spot pair (LUNC/USDC).