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Terra Classic
About Terra Classic
LUNC, previously Luna, is the original token of the Terra blockchain, renamed Terra Classic after governance proposal 1623 by the Terra community, following the UST depegging event. This original chain, with disabled market swaps (mint/burn function), is represented by LUNC. It serves as the native staking asset in the Terra Classic network, securing its Proof of Stake (PoS) system and facilitating governance participation. Despite the creation of a new Terra chain, LUNC remains functional within the Terra Classic ecosystem, acting as collateral for its stablecoins and earning transaction fee rewards. The development of LUNC, as part of the broader Terra blockchain ecosystem, was heavily influenced by the Terra community, especially post-UST depegging, through key governance decisions and rebranding initiatives. Terra, the ecosystem's founding platform, was co-created by Do Kwon and Daniel Shin, marking a significant collaboration in the cryptocurrency world.
LUNC, formerly known as Luna, is the original token of the Terra blockchain, which was re-branded as Terra Classic following the Terra community's governance proposal 1623. This was in response to the UST depegging incident. The original chain continues to function, albeit with market swaps (mint/burn function) disabled, and LUNC represents this legacy chain.
LUNC serves as the native staking asset of the Terra Classic network. It's used for securing the Proof of Stake (PoS) network and for participating in governance proposals. Despite the depegging incident and creation of a new Terra chain, LUNC maintains its utility in the Terra Classic ecosystem. It acts as collateral for the Terra Classic stablecoins and accrues rewards from transaction fees on the network.