LUNC (Terra Classic) is the native token of the original Terra blockchain, which was rebranded to Terra Classic after the collapse of the UST stablecoin in May 2022. Here’s a detailed overview:
Key Details About LUNC
1. Original Purpose:
LUNC (formerly LUNA) was designed to stabilize Terra's algorithmic stablecoin, UST, by minting/burning LUNA to maintain UST’s peg to $1.
The system failed when UST lost its peg, causing hyperinflation of LUNA (now LUNC).
2. Post-Collapse Changes
The Terra blockchain split into Terra Classic (LUNC) and Terra 2.0 (LUNA) after the crash.
LUNC became a decentralized asset with no direct link to stablecoins, while Terra 2.0 launched with a new token (LUNA).
3.Tokenomics (Post-Crash)
Total Supply ~6.9 trillion LUNC (massive inflation occurred during the crash).
Burn Mechanism: The community introduced a 1.2% tax burnon transactions to reduce supply (though some exchanges opted out).
Staking: Users can stake LUNC to earn rewards and participate in governance.
4. Recent Developments
Community Revival Efforts: Proposals to reduce supply (burns), utility improvements, and exchange support (Binance, KuCoin, etc.).
Binance Burns: Binance periodically burns LUNC trading fees, reducing supply.
Price Volatility: LUNC remains highly speculative, with occasional pumps driven by burn hype.
5. Where to Trade LUNC?
Major exchanges like Binance, KuCoin, Kraken, and MEXC list LUNC.
Trading pairs: LUNC/USDT, LUNC/BTC, etc.
6. Future Outlook
Highly dependent on community efforts, adoption, and continued burns.
No direct backing (unlike the original Terra ecosystem).