Terra LUNA Classic Price
LUNC

About Terra LUNA Classic

Terra LUNA Classic is the original LUNA cryptocurrency from the Terra Money blockchain. The LUNA token was renamed to LUNC after it famously crashed in May 2021. The blockchain was attacked and suffered from a bank run, losing 99.99% of its value in a matter of days due to hyperinflation. The total supply of the original LUNA token went from several hundred million to nearly 7 Trillion. The current supply of LUNC is 6,499,092,982,865, with 6,489,996,300,482 LUNA Classic tokens in circulation. This hyperinflation completely debased the currency system and broke algorithm managing UST, the Terra Money’s primary decentralized stablecoin. UST lost more than 98% of it’s value.

The Future of LUNA Classic

Today, the LUNC blockchain carries significant debt in the form of USTC (UST Classic), which compared to it’s valuation prior to the crash, keeps it’s price suppressed to very low levels.

Many efforts are in progress to restore the blockchain to its former glory. To raise the price of LUNC, the bad USTC debt must be offset. Since the crash, the LUNC communities primary focus has been burning the excess LUNC, which removes it from the LUNC supply forever. Burning comes from two sources: on-chain taxation and donations from the community. To date, the LUNC community has been able to burn a total of 408,283,890,849 LUNC.

Another Terra community group devising ways to repeg USTC to $1. This is a major effort that requires retooling the capital controls of Terra LUNC system, and developing the right market incentives to encourage participants to trade assets more actively. Subscribe to our newsletter if you want to receive updates on this and more community news.

Data above is aggregated from LUNC Metrics and CoinGecko