What Is Terra Luna Classic? Part 2 – Altcoin Projects – Altcoin Buzz


What Is Terra Luna Classic? Part 2

A few months ago, the Terra LUNA network abruptly collapsed. Billions of dollars were lost by investors. Also, the collapse sparked a chain reaction that resulted in the failure of a number of crypto titans. One could even argue the Luna collapse accelerated the advent of the crypto winter.

Following a post-collapse split in the blockchain, Terra Classic (LUNC), the original Terra, was relaunched. This is the second part of the article series, and you can find the first part here.

Now, let’s look at the investment opportunities of Luna Classic and how to buy it.

Where Do You Buy Terra Luna Classic?

Terra Classic (LUNC) is the original blockchain, while Luna Classic ($LUNC) is its original Luna currency. So how do you get your hands on Luna Classic?

Many exchanges temporarily delisted Luna following the crash. Though they later revoked their decision after the launch of Terra 2.0. Now, Luna Classic is live on many prominent crypto exchanges on the market. You can trade $LUNC on Binance, KuCoin, FTX, and Kraken, to name a few.

Most crypto exchanges that sponsored Luna 2.0 will continue to support LUNC. Some owners increased their purchases of Luna Classic in the run-up to the new chain. Existing Luna holders received a share of the new tokens that were part of the airdrop for Luna 2.0. As a result, everyone who owned a Luna Classic also owns a Luna 2.0.

Is Terra Luna Classic a Good Investment?

The Luna crash had a far-reaching impact on the entire cryptocurrency market, which was already on shaky grounds. Following the meltdown of UST and Luna, the cryptocurrency market had a complete liquidity crunch, which resulted in an even more devastating price fall. The cryptocurrency community has yet to recover. While many lost their life savings and suffered financial misery, many industry titans had no choice but to file for bankruptcy.

There is no disputing that the first Terra implosion in May 2022 left many investors and cryptocurrency enthusiasts feeling insecure. People immediately labeled Do Kwon, the co-founder of Terraform Labs, a con artist and expressed doubt about Terra ever making a comeback.

Burning the supply is a focus of emphasis for the chain’s supporters, developers, and community. The supply must be decreased for the price to have any chance of rising.

After the LUNC community supported proposals 3568 and 4159, the supply burn was agreed to be 1.2%. These proposals imposed a 1.2% tax burn on all LUNC on-chain transactions on the Terra Classic network. Shortly after, the same LUNC community had a change of heart and voted in favor of Proposal 5234, which reduced the 1.2% tax burn to 0.2%.

Currently, 35 billion units, or 0.5% of the supply, have been burned. Much of this quantity was burned with the aid and assistance of Binance. They alone had burned almost 20 billion LUNC.

According to Lunc.tech, it will take 57 years to reach the target goal of 10 billion LUNC supply at the current rate. But the 10 billion LUNC supply goal will realistically take several decades to achieve based on existing burn metrics.

There isn’t much happening in terms of developments to make the Terra Classic project stand out from the crowded smart contract blockchain field, except for the tax burn, a strategy that hasn’t been viable.

Again, the algorithmic stablecoin mechanism that first took the Terra Classic chain down is still present.

How Do You Buy Terra Luna Classic?

Buying $LUNC is as simple as buying any other popular cryptocurrency. Take a look at the step-by-step guide to buying it:

  1. Start by creating an account on an exchange. Link your bank account and deposit fiat.
  2. Buy USDT with the fiat currency.
  3. Search for LUNA/USDT pair or LUNC/USDT pair.
  4. Confirm your order details by entering the order price and quantity.
  5. Select Buy LUNA or Buy LUNC to finish your trade.
  6. You can withdraw this to your private wallet.

Nevertheless, INTERPOL has asked law enforcement agencies across the globe to find and detain Do Kwon. Terraform Labs, the company behind Terra, is also facing charges of operating a Ponzi scheme. So it’s difficult to predict whether $LUNC will rise from the ashes or fizzle out.

Investing in either Luna Classic (LUNC) or Luna (LUNA) is extremely risky. It’s like paying cash to buy a burnt-down house. The old Terra blockchain, along with its LUNC and UST coins, has an uncertain future. The success and value of Luna will ultimately depend on the activity and use cases on the new blockchain.

⬆️ For more cryptocurrency news, check out the Altcoin Buzz YouTube channel.

⬆️ Our popular Altcoin Buzz Access group generates tons of alpha for our subscribers. And for a limited time, it’s Free. Click the link and join the conversation today.

You May Also Like

About the Author: Kate