Terra Classic (LUNC): what you need to know about the coin
Terra Classic (LUNC) is a token that became a symbol of one of the loudest collapses in cryptocurrency history. In May 2022, the Terra ecosystem collapsed after the algorithmic stablecoin UST lost its dollar peg, and the price of LUNA (later renamed to LUNC) crashed from levels above $100 to fractions of a cent in just a few days.
What’s happening with the project now
Despite the crash, the community has not abandoned the project. The original chain continues to run under the new name Terra Classic, and its token, LUNC, is still traded on major exchanges, including Binance.
The key idea around which the project’s current life is built is token burning (burn). Due to the collapse, an astronomical amount of LUNC ended up in circulation—over 5.5 trillion coins—and the community, through votes and exchange mechanisms, is trying to reduce this supply. Binance, for example, regularly runs its own buyback and burn programs for LUNC, allocating part of the trading fees from the LUNC pair to this.
Volatility remains high
Terra Classic (LUNC) is a token that became a symbol of one of the loudest collapses in cryptocurrency history. In May 2022, the Terra ecosystem collapsed after the algorithmic stablecoin UST lost its dollar peg, and the price of LUNA (later renamed to LUNC) crashed from levels above $100 to fractions of a cent in just a few days.
What’s happening with the project now
Despite the crash, the community has not abandoned the project. The original chain continues to run under the new name Terra Classic, and its token, LUNC, is still traded on major exchanges, including Binance.
The key idea around which the project’s current life is built is token burning (burn). Due to the collapse, an astronomical amount of LUNC ended up in circulation—over 5.5 trillion coins—and the community, through votes and exchange mechanisms, is trying to reduce this supply. Binance, for example, regularly runs its own buyback and burn programs for LUNC, allocating part of the trading fees from the LUNC pair to this.
Volatility remains high
