$LUNC

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What Is Terra Classic ($LUNC ) & Why Does It Still Matter?

Terra Classic is the original version of the Terra blockchain. It introduced a special type of stablecoin called TerraClassicUSD (USTC), which used algorithms instead of real money to stay stable. The system ran on a Proof-of-Stake blockchain using Tendermint technology, and for a while, it was doing really well.

But in May 2022, everything collapsed. USTC lost its value, and the entire system crashed. Billions of dollars were lost. To recover, the community created a new version of Terra called Terra 2.0, which no longer used algorithmic stablecoins. People who lost money received some new LUNA tokens through airdrops.

Still, Terra Classic ($LUNC ) didn’t disappear. It’s kept alive by a strong and loyal community. They are still working hard to bring it back, with efforts like burning tokens and planning for the future.