Formerly known as Terra, a Public Blockchain based on Tendermint.
June 21st 2022
Terra Classic (LUNC)
Terra Classic is a public blockchain based on Tendermint that has been rebranded from Terra. TerraClassicUSD (USTC) is its algorithmic stablecoin.TerraClassicUSD (USTC).
After the depeg of USTC in May 2022, the community behind Terra Classic decided to create a new blockchain without the algorithmic stablecoins called Terra 2.0The Terra Classic community decided to create a new blockchain without algorithmic stablecoins after USTC depegged in May 2022. Users affected by the depeg event were airdropped the new LUNA tokens.
Users' arbitrage activities are the basis for USTC's stability mechanism. If USTC drops to $0.95 on secondary markets, users can purchase 100 USTC on exchanges for $95 and redeem them for $100 in LUNC tokens on the Terra platform. When USTC prices rise above $1, users can purchase USTC on Terra Classic and sell it on exchanges for a profit.
The native token of the project is LUNC. LUNC has the following current use cases:
Staking: LUNC is staked to validators, who record and verify transactions on the blockchain in exchange for rewards.Users stake LUNC to validators who record and verify transactions on the blockchain in exchange for rewards from transaction fees.
Governance: Stakeholders can participate in proposals and voting, while token holders can take part in Treasury governance.Token holders can participate in treasury governance and stakers can participate in proposals and voting.
Paying Fees: LUNC is used to process transactions and store data.
Major components of the project include:
TerraClassicUSD (USTC): A native stablecoin on the blockchain. Arbitrage activities by users are responsible for its stability mechanism. In May 2022, USTC was severely depegged.
Terra SDK: Provides an SDK that enables developers to integrate and develop Terra's ecosystem.
Terra Station: Terra Station is the official wallet for Terra, which allows you to test smart contracts and interact with them.
Circulating and total supply data.
As at May 31st 2022, the total token supply of LUNC token is 6,906,711,034,142. The current circulating supply is ~6,539,430,000,000 (94.7% of the total token supply).
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