The Terra community continues to support Terra Classic (LUNC) and TerraClassicUSD (USTC) despite the Terra crisis. In fact, Terra ecosystem tokens LUNA, LUNC, and USTC have achieved massive daily trading volumes. The community aims to recover prices through burning, staking, building projects on the network, ecosystem education and governance.
Terra Classic (LUNC) price is trading at $0.0029, up about 19 percent in the last 24 hours. On the other hand, the price of USTC and LUNA are trading up more than 8% and 2%, respectively.
What is Terra Classic “LUNC”?
Terra Classic is the rebranded name for the old Terra blockchain, also known as Terra 1.0. Its native token, formerly known as LUNA, has now been rechristened LUNA Classic (LUNC).
Terra Classic is a decentralized, open-source, and public blockchain protocol that employs Proof of Stake consensus to support stablecoins that can enable convenient payments globally. LUNA Classic (LUNC) is the native token of the Terra Classic blockchain and is used to maintain the price stability of the stablecoins within the ecosystem.
Unlike other fiat-pegged stablecoins or cryptocurrency-collateralized stablecoins, the Terra Classic blockchain network employs a unique algorithm to manage the supply of stablecoins and keep its one-to-one peg with fiat currencies based on its demand. The LUNC token is burned or minted based on the changes in demand for the Terra Classic stablecoins to maintain their peg.
Terraform Labs – the firm behind the development of the Terra Classic network, has partnered with numerous payment platforms and enjoys a healthy level of adoption among businesses in the Asia Pacific. It has helped the Terra 1.0 protocol establish itself as an attractive solution to process payments and further the rapid adoption of blockchain technology and cryptocurrencies among mainstream businesses.