Terra Luna Classic
Terra Luna Classic
LUNC
Terra Luna Classic Timeline
Terra Luna Classic Token allocation
Terra Luna Classic BasicReport a Data Error
- Apr,2023South Korean authorities indicated that Do Kwon had retained a law firm prior to Terra's collapse, suggesting foreknowledge of potential legal issues.
- Mar,2023Do Kwon, co-founder of Terraform Labs, was arrested in Montenegro and charged with fraud by U.S. prosecutors, highlighting the legal challenges facing the project's leadership.
- May,2022Terra faced a catastrophic collapse when UST lost its peg to the U.S. Dollar, leading to LUNA's value plummeting to near zero. This event wiped out approximately $45 billion in market capitalization within a week.
- May 24,2022A proposal was approved to reissue a new LUNA cryptocurrency, decoupling from the devalued UST stablecoin. The original blockchain was renamed Terra Classic, and the original LUNA token became LUNA Classic (LUNC). The new LUNA coin, referred to as "Terra 2.0," was launched but experienced significant volatility in its initial days.
- Aug,2021The Columbus-5 upgrade was implemented, enhancing network efficiency and enabling seamless integration with other blockchain ecosystems.
Terra Luna Classic Info
- Apr,2023South Korean authorities indicated that Do Kwon had retained a law firm prior to Terra's collapse, suggesting foreknowledge of potential legal issues.
- Mar,2023Do Kwon, co-founder of Terraform Labs, was arrested in Montenegro and charged with fraud by U.S. prosecutors, highlighting the legal challenges facing the project's leadership.
- May,2022Terra faced a catastrophic collapse when UST lost its peg to the U.S. Dollar, leading to LUNA's value plummeting to near zero. This event wiped out approximately $45 billion in market capitalization within a week.
- May 24,2022A proposal was approved to reissue a new LUNA cryptocurrency, decoupling from the devalued UST stablecoin. The original blockchain was renamed Terra Classic, and the original LUNA token became LUNA Classic (LUNC). The new LUNA coin, referred to as "Terra 2.0," was launched but experienced significant volatility in its initial days.
- Aug,2021The Columbus-5 upgrade was implemented, enhancing network efficiency and enabling seamless integration with other blockchain ecosystems.
Terra Luna Classic Team
OrganizationsTerra Luna Classic Intro
LUNC, originally known as Terra Luna, is a cryptocurrency that was part of the Terra ecosystem. This ecosystem aimed to create a stable and efficient blockchain network, with Terra Luna playing a pivotal role in stabilizing the price of the network's stablecoins through an algorithmic design. The Terra platform sought to combine the price stability and wide adoption of fiat currencies with the censorship-resistance of Bitcoin and offered fast and affordable settlements.
However, in May 2021, LUNC (then known as Terra Luna) experienced one of the most dramatic crashes in the history of cryptocurrencies. This event was triggered by the de-pegging of its sister stablecoin, UST, which was supposed to maintain a stable value of $1 USD. The algorithmic mechanism that maintained the peg failed under extreme market conditions, leading to a death spiral where the value of UST and LUNC plummeted almost to zero. This event wiped out billions of dollars in market value, leading to significant financial losses for investors and shaking the confidence in algorithmic stablecoins and the broader crypto market.
Following the crash, the Terra ecosystem was split into two distinct blockchains in an attempt to salvage the project: Terra (LUNA) and Terra Classic (LUNC), with the latter representing the original blockchain where the crash occurred. The Terra community and its developers have been working on recovery plans and strategies to restore value and trust in LUNC. Efforts have included token burns and proposals to revive the ecosystem, but the path to recovery remains challenging. The LUNC episode serves as a cautionary tale in the cryptocurrency space, highlighting the risks associated with complex algorithmic financial products and the importance of robustness in financial and operational designs.
People also watchReport a Data Error
Terra Luna Classic Price Live DataReport a Data Error
LUNC, originally known as Terra Luna, is a cryptocurrency that was part of the Terra ecosystem. This ecosystem aimed to create a stable and efficient blockchain network, with Terra Luna playing a pivotal role in stabilizing the price of the network's stablecoins through an algorithmic design. The Terra platform sought to combine the price stability and wide adoption of fiat currencies with the censorship-resistance of Bitcoin and offered fast and affordable settlements.
However, in May 2021, LUNC (then known as Terra Luna) experienced one of the most dramatic crashes in the history of cryptocurrencies. This event was triggered by the de-pegging of its sister stablecoin, UST, which was supposed to maintain a stable value of $1 USD. The algorithmic mechanism that maintained the peg failed under extreme market conditions, leading to a death spiral where the value of UST and LUNC plummeted almost to zero. This event wiped out billions of dollars in market value, leading to significant financial losses for investors and shaking the confidence in algorithmic stablecoins and the broader crypto market.
Following the crash, the Terra ecosystem was split into two distinct blockchains in an attempt to salvage the project: Terra (LUNA) and Terra Classic (LUNC), with the latter representing the original blockchain where the crash occurred. The Terra community and its developers have been working on recovery plans and strategies to restore value and trust in LUNC. Efforts have included token burns and proposals to revive the ecosystem, but the path to recovery remains challenging. The LUNC episode serves as a cautionary tale in the cryptocurrency space, highlighting the risks associated with complex algorithmic financial products and the importance of robustness in financial and operational designs.