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Luna Classic (LUNC) is the native coin of the original Terra blockchain, introduced in 2018 under the name LUNA. Its primary function was to maintain the stability of the TerraUSD (UST) stablecoin through an algorithmic mechanism. This mechanism involved the creation (minting) and destruction (burning) of LUNC coins to balance UST's supply and demand, aiming to keep its price pegged to the US dollar.
However, in May 2022, UST decoupled from its dollar peg and experienced a catastrophic collapse. This event triggered a hyperinflationary crisis within the LUNC tokenomics. The algorithmic mechanism designed to stabilize UST inadvertently led to the creation of trillions of LUNC coins, causing its value to plummet by nearly 100%. As a result, LUNC, once valued at over $100, depreciated to less than a cent within a matter of weeks.
The Terra Classic community has embarked on a series of initiatives aimed at revitalizing the ecosystem following the catastrophic collapse of TerraUSD (UST). These efforts primarily focus on governance proposals designed to introduce significant changes to the Terra Classic blockchain.
The potential impact of these proposals has generated considerable optimism within the community, as evidenced by a notable increase in the price of LUNC, the native coin of Terra Classic. The outcome of the ongoing governance votes will be instrumental in determining the future trajectory of the project.
Luncscan.com is a blockchain explorer specifically designed for the Terra Classic blockchain and its native token, Luna Classic (LUNC). In the context of the ongoing revival efforts for Terra Classic, Luncscan.com plays a crucial role by providing the community with essential tools for monitoring, research, and overall transparency within the Terra Classic blockchain. This can contribute to a more informed user base and potentially bolster confidence in the project's potential for recovery.
