Introduction of Terra classic(LUNC)

Terra Luna Classic is a public blockchain system. Terra Classic supported UST, Terra’s Algorithmic Stable Coin (TUST), which unfortunately collapsed and fell into what seemed to be its demise due to volatile market conditions resulting from the 2022 crypto-refund strength. In May, Classic Luna collapsed causing Classic Terra to launch two separate branches of the Terra Luna pricing strategy and Terra Channel.

Terra is an open blockchain. Certik confirmed the network’s design and computation as solid in 2019, shortly after the launch of the classic Terra mainnet.

The Terra classic has been shaken off the head of death left what seems to be the sudden death of the UST to put in motion the process that will push the cryptocurrency to reach its goal, even without the UST.

Although the new Terra channel will focus on creating the highest UX-UI design of the classic Terra pioneered by the support of the Luna community (Lunatics) and hopes to surpass and exceed the success of Terra classic, which has a second season. and Defi’s list of the top coins by total value locked (TVL)

Terra classic (LUC) will continue to evolve its network to support the development of decentralized applications. The Proof-of-Stake contract algorithm powers Terra.

This algorithm is based on the Tendermint technology, which allows its holders to put their LUNC assets as collateral for the opportunity to support transactions on the Terra network and receive a reward corresponding to the value of their assets.

The benchmark of the classic Terra network is LUNC, used for system management and mining. Supporters also agree that this will have the opportunity to participate in business support systems and networks.

Terra classic makes payments transparent by creating hidden payment methods for members. It has integrated with Korean mobile payment systems to provide payment services on e-commerce platforms. This partnership gives Terra a small portion of each transaction to cover transaction costs.

Classic Terra Price History

Although past performance should not be taken as an indication of future results, knowing the LUNC price history can give us a useful position when it comes to interpreting the terra price forecast that already exists or create one.

We will focus on the LUNC coin as it exists since May 2022,

but it is worth noting the important aspects of its previous incarnation. When Terra hit the open market in July 2019, it was worth about $1.30. This price quickly became very expensive and fell below one dollar, where it remained until the beginning of 2021, when the mark broke above $ 1 in January and reached the limit of $ 22.33 on March 21. There was a decline in the following months and a rebound later in the year, reaching a high of $103.33 on December 27.

What was then known as LUNA saw outstanding price action in early 2022, hitting a high of $119.18 on April 5. After the crash, it dropped to a low of $0.00001675 on May 13.

On May 28, the day the new LUNA appeared and the old one became LUNC, the coin closed at $0.00009566. The news that the crypto-lending platform Celsius (CEL) has canceled the monetary policy indicated a bear market, sending LUNC to a low of $ 0.0000517 on June 18. At the end of August, the price rose to close the month at $ 0.0002252.

The announcement of the policy to introduce a 1.2% tax on blockchain transactions saw Terra Classic hit a high of $0.0005888 on September 8, 2022. The plan passed on September 21, but the price of LUNC fell to around $0.000185 on the morning of September 26. 2022. In the afternoon of that day, however – after it was said that the South Korean authorities contacted Interpol about Kwon and, perhaps more, when Binance (BNB) announced that it would fix a 1.2% fire in the LUNC market – the price spiked. rises, and the crypto trades at around $0.00031.

On October 2, 2022, it reached a high of $0.0003613, before trading around $0.00029 on October 12. Following the collapse and bankruptcy of the FTX (FTT) exchange, LUNC fell to a low of $0.000148 on November 22 before rising to $0.0001658 on November 30.

The next day, it appeared that Binance had sold more than six billion LUNC, raising the price significantly, and as of December 2, 2022, it reached $0.0001805. With 5.9 trillion LUNCs distributed among a total of over 6.8 trillion, it has a market capitalization of over $1 billion, making it the 39th largest crypto according to this metric.

How does Terra Classic work?

Terra Classic is no different than its second division. It is basically a smart contract network that serves as a testing ground for dApps and other decentralized ecosystems.

How does a stablecoin and its token interact with each other? As mentioned earlier, TerraUSD is an algorithmic stablecoin that requires a second token to maintain its peg. This is done by generating and burning LUNA tokens using an arbitration system.

To buy UST, the investor must deposit it, the purchase rate is added to the LUNA token. Terra Classic blockchain burns or removes ads completely. This repeated burning of LUNA reduces the amount available in the open market, causing its price to rise.

To buy or mint LUNA, a user must first convert UST stablecoin. This creates a replacement for both digital assets.

Arbitrators, or traders who use small price changes, are essential to Terra Classic network operations. They ensure that balance is maintained. If the price of UST falls below $1, they sell LUNA for coins, and if it exceeds $1, they buy UST for LUNA. They thus introduced a form of forced scarcity of crypto-currency.

The cost of LUNC

when LUNC was born, LUNC had a market value of more than 0.1 thousand dollars, almost 100% less than the all-time high reached in April 2022 at almost $120. Over the past months, the price has increased significantly since May 28, although it remains well below the April figure. Now it has moved up 0.4 mils, or +300% from the decrease in late May.

The large distribution means that, despite the low price, it still has a large market capitalization of more than $ 3 billion, which, despite the May implosion, puts it in 28th place in the crypto market.

Before CRO of Crypto.com, Monero, Stellar, Bitcoin Cash and Algorand. However, it should be noted that the majority of existing LUNC tokens are actually locked, so this calculation does not reflect the actual distribution, only the total.

The USTC, on the other hand, after imploding as low as 0.6 cents, now back almost 4 cents, or + 695%, not nearly to try a rally back towards $1 .