Terra Luna Classic(LUNC)

Overview

Terra Luna Classic (LUNC) is the native token of Terra Classic, the original Terra blockchain launched in 2019. Terra was designed to rebuild a payment stack on a blockchain, and Luna served as the network's reserve currency with three core functions: validating transactions through staking, maintaining the price stability of Terra stablecoins, and providing incentives for network validators.

In May 2022 the algorithmic stablecoin UST lost its one-dollar peg, which led to a rapid expansion of the Luna supply. The network was subsequently split, with the token on the new chain named LUNA and the token on the original chain renamed Terra Luna Classic (LUNC). LUNC is now maintained by its community, and on-chain measures such as burning a portion of transaction fees have been adopted through governance voting.