A New Terra Chain Has Launched
Terra Classic is the rebranded name for the old Terra blockchain, also known as Terra 1.0. Its native token, formerly known as LUNA, has now been rechristened to LUNA Classic (LUNC coin). LUNC coin has now officially launched after Do Kwon and his Luna recovery plan saw the release of Luna 2.0 to replace the old coin. After the passing of a Terra Luna vote, Terra launched a new chain that it hopes will rescue the ecosystem from the Luna crypto crash of early May. LUNC coin launched on May 28 as the genesis block of the new chain went live.
Kwon's grand plan for recovery introduced a brand new chain to conduct future transactions on. This left the Luna Classic and the Terra Classic chain. The new chain produced carries the Terra name, as does its Luna token - known as Luna 2.0.
What Is LUNC Coin？
LUNC coin is a decentralized, open-source, and public blockchain protocol that employs Proof of Stake consensus to support stablecoins that can enable convenient payments globally. LUNA Classic (LUNC) is the native token of the Terra Classic blockchain and is used to maintain the price stability of the stablecoins within the ecosystem.
Unlike other fiat-pegged stablecoins or cryptocurrency-collateralized stablecoins, the Terra Classic blockchain network employs a unique algorithm to manage the supply of stablecoins and keep its one-to-one peg with fiat currencies based on its demand. The LUNC token is burned or minted based on the changes in demand for the Terra Classic stablecoins to maintain their peg.
The Price Of LUNC Coin
Luna Classic remains heavily down from its original all-time high, as it carries the burden of the original Luna and its crash. It now has a market cap that fluctuates between $700-$800 billion, and is trading at $0.00008. This market cap puts it below the new Luna, but it has closed the gap slightly.
How To Buy LUNC Coin?
As you could already buy Luna on several cryptocurrency exchanges, LUNC Coin is available on many crypto exchanges. These include Binance, Coinbase, FTX, and Fitbinex, for example. Most of the Luna 2.0 crypto exchanges previously supported Luna, so will continue to do so with LUNC coin.