New to crypto? This might be a fun start. Here’s a Red Packet filled with $LUNC — no strings attached. 🟡 Just tap and see what you get! #CryptoStarter #RedPacket . . . Terra Classic (LUNC) is the native cryptocurrency of the Terra Classic blockchain, originally launched as Terra (LUNA) in 2018 by Terraform Labs, co-founded by Do Kwon and Daniel Shin. Designed to support a decentralized financial ecosystem, Terra Classic aimed to create price-stable global payment systems using fiat-pegged stablecoins, such as TerraUSD (UST). The protocol utilized a dual-token system, with LUNA serving as a reserve currency to stabilize these stablecoins through an algorithmic mechanism. This innovative approach sought to combine the stability of traditional currencies with the benefits of blockchain technology, driving adoption in e-commerce and decentralized finance (DeFi). However, the ecosystem faced a dramatic turning point in May 2022 when UST depegged from the U.S. dollar, triggering a catastrophic collapse. The algorithmic stabilization failed, causing UST to plummet below $0.05 and LUNA to hyperinflate, dropping from over $100 to fractions of a cent. In response, the Terra community approved a revival plan, forking the network into Terra 2.0 (with a new LUNA token) and rebranding the original chain as Terra Classic, with its token renamed LUNC. This split aimed to preserve the legacy network while allowing a fresh start for the new chain. Despite the crash, LUNC retains a dedicated community and ongoing development. The token serves as a staking asset in the Terra Classic proof-of-stake system, securing the network and rewarding validators. Efforts to revive its value include community-led token burns, with major exchanges like Binance periodically reducing LUNC’s circulating supply to potentially increase its price. As of #BTCUnbound #CFTCCryptoSprint #BinanceHODLerPROVE $BNB $BTC terested in bloc
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